Banks are failing me

I am a college student and just found out my bank is going to charge me $9.99 for my personal checking account if I go and see a teller. I like the friendly service of my bank, but this is ridiculous! It is there new policy. Now the other main issue is that I have to submit everything electronically and keep a minimum balance of $25 in my checking account. The reason for that is so they can switch the $25 in my checking account and put it into savings, and then they said in order to not get the monthly fee charged, I would just have to put the $25 in from savings that was just transferred back into checking.

After that it's rinse and repeat. Currently I bank with Bank of America and have had no problems with them what so ever. I have had two accounts open because I like to make sure that my entertainment money is separated from my school money so I know how much I have to spend.

I want free checking! Why are banks getting to be a pain in the ass lately!!! I looked into BECU and thought that would be a good bank, but I here they have horrible customer service. Now with Bank of America, I feel they have excellent customer service and take care of all my problems. Not sure what I should do. I am a college student and only has money saved up from working summer jobs.

I am thinking the easiest thing for me to do is to keep the $25 in the checking and transfer it back and forth until a bank totally comes up with free everything. I would also cancel one of my accounts.

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Comments

Essendon

$10 to see a teller?!?! That's a fair dinkum rip-off man! My bank, ANZ, gives me 3 free staff-assisted transactions and $2.50 thereafter. First time that $2.50 fee appeared on my account, though a small amount it pissed me off. But the bank's customer service isnt too bad, actually better than I've had elsewhere, so I'll stay with them. I do however pay a $5 monthly account-keeping fee.

MrRyte

How bout a credit union?
Bank vs. Credit Union - Which One’s Best?
Big Banks vs. Community Banks and Credit Unions
Banks vs. Credit Unions-Does it Matter?

(note: the links aren't to promote one or the other. They are simply to give a little more insight into the banks vs credit union discussion)

the_Grinch

I use Wells Fargo and can honestly say in the 7 years I've had the account I stepped into the bank 10 times. I do everything electronically so no real need, though I don't believe they are charging to see the tellers. I also have an ING Checking and Savings account that I have been very happy with. Though no local branches (all electronic) so that might not do you too much good, give them a look!

qcomer

I go through BofA also. I'd like to switch to USAA but the wife won't budge lol.

mog27

Use Ally ( CDs, Money Market, Savings & Checking | Ally Financial ). That's what I use. They have no fees, no minimum balances, some of the best interest rates, interest checking, and maybe best of all, they reimburse you for any ATM fees you get from other banks.

Big banks are evil and are getting worse and worse. We all need to support the internet banks. INGdirect is also good.

jibbajabba

You guys in the US have to pay to see the teller ?!? Blimey ....

Armymanis

mog27 wrote: »

Use Ally ( CDs, Money Market, Savings & Checking | Ally Financial ). That's what I use. They have no fees, no minimum balances, some of the best interest rates, interest checking, and maybe best of all, they reimburse you for any ATM fees you get from other banks.

Big banks are evil and are getting worse and worse. We all need to support the internet banks. INGdirect is also good.

I am all for online banking, I just like to see a real person once in awhile. Makes the banking concept more real for me. I better step it up though and upgrade to totally online. Do you think transferring $25 from checking to savings back and forth each month would be a hassle?

SteveLord

We are now. You can thank those "fairness to consumer credit" bills congress passed within the last few years. What? You didn't think the banks would recoup the money from less overdraft fees and not being able to nail debtors as much? That's also why CC interest rates have gone up and the "pay no money until 2015!" type of deals are far and few nowadays.

Tackle

Armymanis wrote: »

I am all for online banking, I just like to see a real person once in awhile. Makes the banking concept more real for me. I better step it up though and upgrade to totally online. Do you think transferring $25 from checking to savings back and forth each month would be a hassle?

It shouldn't be much of a hassle. Maybe you need to get used to it. I've been using solely online banking for 3+ years. I'm on my bank account probably once a week looknig over everything/transferring money. I would bet that logging online and swapping 25$ will take less time than driving to any bank.

Armymanis

LucasMN wrote: »

It shouldn't be much of a hassle. Maybe you need to get used to it. I've been using solely online banking for 3+ years. I'm on my bank account probably once a week looknig over everything/transferring money. I would bet that logging online and swapping 25$ will take less time than driving to any bank.

Yeah I guess so. Kind of was mean to one of my tellers though when I found out I could not keep both accounts that I have because I like to have an entertainment account and a school account. I will probably close one out and just keep one. Need to start learning to adapt to situations.

Rappeller

Due to circumstances I have more than 1 bank - First Bank of Kansas (no charge for teller) - USAA ( reimbursement for ATM fees - Direct Deposit - no tellers) - and Intrust ( Free Checking - Limited Teller Access) - all of these accounts are free, but I had to change my account w/ Intrust to an electronic account where I would only use less than 3 physical checks a month which is fine as it is free online bill pay.

ehnde

Fire your bank!

I have USAA and never get charged any fees for anything. There are good banks out there. If you are getting charged a fee to see a teller they deserve to lose your business.

Everyone

+1 for switching to a local bank or credit union. The only time I go into the bank is when I have a check to deposit, which is rare, because my incoming money is usually direct deposit. If my bank started charging me for talking to a teller when I go in to deposit those checks, I'd switch.

Devilsbane

My local bank sucks, but I like the idea that it is accessible. I have a checking and savings account there. $500 in the checking and a couple thousand in the savings (which gets .55% interest) that can be instantly transferred over.

Everything else is kept at www.discoverbank.com. They had the highest interest rate that I could find (1.15% when I signed up but it has dropped a bit since). Only catch is that it takes 3 days to add or remove money which is why I keep some in my other savings account. They also add the interest into my account monthly rather than quarterly which is how my other bank runs.

MrRyte

Armymanis wrote: »

I am a college student and just found out my bank is going to charge me $9.99 for my personal checking account if I go and see a teller......

I'm STILL trying to get over this part: being charged $10 for "customer service". It just amazes me how some companies brazenly try to screw over their customers with some asinine fees.....

whatthehell

Credit unions and online banks are the best IMHO

higherho

I'm with PSECU credit union and I have to say that I will never go to a bank again

amazing rates, great deals, etc.

SteveLord

I've been meaning to switch to USAA for years now. Still stuck on BoFA because of all the work involved switching checking accounts. I never go into my banks for anything really.

Note: USAA is for military only. In case anyone here was curious about them. Lifetime perk.

NetworkingStudent

MrRyte wrote: »

I'm STILL trying to get over this part: being charged $10 for "customer service". It just amazes me how some companies brazenly try to screw over their customers with some asinine fees.....

+1
Really….. $10.00 to see a teller? WOW………Is this an exotic bank? What kind of transactions go on at that so called “bank”? Are they legal? Kidding… Man get out as fast as you can. That just sounds shady to me. You're a customer, you shouldn’t have to pay all these silly fees to use their bank. Try to get an account at a credit union. If you can’t get an account at a credit union try wells fargo, I haven’t heard nothing but good things about them.
Good Luck

I use a credit union, and I love using them!!! I don’t have to pay to use a teller, and I have no minimum that needs to be left in my bank account except a certain amount needs to be in my savings. Here’s a good video on credit unions that explains the reasons why you should make the switch.
Banks vs. Credit Unions - YouTube

Best Student Savings Accounts for Fall 2011

Armymanis

This afternoon I made the switch to BECU! I love all the free stuff they give you!!!!

MrSwissCheese

+1 for Credit Unions. I had been with one for over 10 years and moved to another state and wasn't able to keep the account. I opened up a bank account during the move - wife was still back in the old town after I had moved to the new city, so it made getting money back and forth much easier. Once we were able to get back together the first thing we did was close the bank account and move to a credit union. I've had nothing but great service from the credit unions I've been at and had nothing but an attitude of the bank doing ME a favor by even talking to me - not the "valuable customer" I should have been considered.

NewManSoon

PC Financial ... no tellers, no fee's. Love it.

CodeBlox

9.99 is ridiculous just to see a teller who is doing the job they should for free. I have a suntrust checking account and get free checking and free service from the teller.