Why do all banks suck and require $10-20k in deposits to avoid fees?

[Matthiasa]

Eh I think the account I have now has 10k min but it also provides other benefits...
I've personally never had problems with it and can switch up or down accounts depending on available funds.

 

[KentState]

Went to a CU after Wells Fargo decided to nickel and dime for everything. Not only did the fees go away, but the banking experience has improved dramatically. Never realized how eager CU's are with lending money either.

 

[kranky]

I have co-workers who complain about the fees on their megabank checking accounts, but won't change to a credit union because they "need" the massive ATM network the megabank has. I don't get it.

We have an ATM in our office that charges no fees at all. I get cash from that ATM on payday to last two weeks, my credit union gives me 4 fee-free foreign ATM transactions a month, so I pay no fees.

Why would someone feel they "need" to be with a bank with a large number of ATMs? Can't you just get enough cash to carry you for a week or two when you are conveniently near one?

 

[soulcougher73]

Fees? What are those? USAA member

 

[Capt Caveman]

BoA, no fees with direct deposit.

 

[TheSlamma]

I just don't see the appeal of using a Bank over a CU, maybe it's like being raised on religion? All you know so you stick that BS out?

 

[ultimatebob]

My local community bank doesn't require a direct deposit or minimum balance, but they do charge for ATM withdrawals that are not at their branches. That sucks when you're traveling!

 

[Atomic Playboy]

My local community bank doesn't require a direct deposit or minimum balance, but they do charge for ATM withdrawals that are not at their branches. That sucks when you're traveling!

Mine is the same, but you can get around that restriction by going to most grocery stores, buying a pack of gum and getting cash back; it's like having a $0.50 ATM fee and getting some free gum.

 

[Ken g6]

Wait, why is ATOT complaining about minimum balance fees? Doesn't everybody around here make like a million bucks a year?

If you can't save at least a little, you're going to be very unhappy when you retire!

 

[boomerang]

I just don't see the appeal of using a Bank over a CU, maybe it's like being raised on religion? All you know so you stick that BS out?

There is an advantage to using a national bank that may or may not be important to some people. One example is people with a primary residence and a vacation home. Especially if that vacation home is in another state.

Another example would be if a disaster of huge proportions occurs. A hurricane is probably the best example. A situation where your neighborhood and the surrounding area is not just destroyed but inaccessible. Bill's Bank & Trust and the GoodGuys CU may not be accessible. But with accounts in a national bank, walking into a branch in Iowa is the same as walking into the branch near the Gulf in Mississippi.

 

[MongGrel]

Fifth Third pretty good locally here IMHO.

 

[Engineer]

BoA, no fees with direct deposit.

BoA has sucked for decades and is getting worse. Worst bank that I've ever dealt with.

 

[Exterous]

Our bank (not CU) has a $250 minimum for a checking and $100 for a savings although we went with a higher minimum to get the interest bearing checking account. It was there anyway so why not enjoy an extra $5 a year right?

I have co-workers who complain about the fees on their megabank checking accounts, but won't change to a credit union because they "need" the massive ATM network the megabank has. I don't get it.

They could always open an account with an institution like Fidelity or Schwab that offer unlimited ATM fee reimbursements...

 

[CZroe]

Never had to pay such fees with BofA or Chase as long as I had an auto-deposit. Chase was out-right free for years and suddenly started charging me in 2011, prompting me to drop them. They wanted an auto-deposit for it to remain free but my auto deposit was for BofA.