Checking Account Fees Reach Record Highs

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Go to a Credit Union. Why pay cat and mouse with banks? They deserve nothing.

Bill Oberlein of NH 3:54PM June 19, 2010

Barb, my husband and I did the same thing. As we didn't have the $25K on hand to pay them immediately, we borrowed against our 401K at an extremely low interest rate and paid them off, then within 3 months, saved the money to pay the 401K back. We wouldn't recommend it for everyone, because I believe retirement should not be touched, but once the rates jumped it seemed logical, especially since we could pay off the loan within a short period of time, and simultaneously save thousands on interest fees. Now, we charge nothing except those items we can pay in full BEFORE interest incurs. And we do this to earn points, which we can then redeem for cash. Everything else is cash. And we did make the move to the credit union and it's great! All in all...it's great to be debt free.

Mar of CA 4:20PM October 23, 2009

I agree with everyone here. ,

Merlin88 of KY 7:33PM October 22, 2009

Now, the men and their wives raised a great outcry accusing the officials, "We and our sons and daughters are numerous; in order for us to eat and stay alive, we must get grain. We are mortgaging our fields, our vineyards and our homes to get grain during the famine. We have had to borrow money to pay the king's tax on our fields and vineyards. Although we are of the same flesh and blood as our countrymen and though our sons are as good as theirs, but we are powerless, because our fields and our vineyards belong to others." When I heard their outcry and these charges, I was very angry. I told the officials, "You are exacting usury from your own countrymen! What you are doing is not right. Shouldn't you walk in the fear of our God to avoid the reproach of our Gentile enemies? I and my brothers and my men are also lending the people money and grain. But let the exacting of usury stop! Give back to them immediately their fields, vineyards, olive groves and houses, and also the usury you are charging them—the hundredth part of the money, grain, new wine and oil." Amen.

Nothing left to lose... of CA 9:22PM October 21, 2009

I'm with Randall. I paid off all credit cards when the interest rates first jumped through the roof about 2 years ago. I have a FICO score just under 800...so this was quite a shock to me. I bit the bullet and spent every extra cent and then some and paid off all outstanding balanced. Even those on 0 interest cards. I only use ATM now and I laugh all the way to the bank with the extra dollars I have. Savings has grown into six figures. I haven't moved to the credit union yet, but think that may be the next step. I work too hard for my money to give it to anyone my myself and my family. At the age of 54 I'm scared to death of what my retirement may look like regardless of what I save now. But as long as I carry on without a debt load I feel like I'll be OK somehow.

Barb of CA 8:27AM October 20, 2009

You are doing the bank A FAVOR by LOANING them YOUR MONEY, which they then lend to others, CHARGING INTEREST. The bank makes money by lending YOUR money to others, and sometimes BACK TO YOU (got a savings or checking at the same bank you have a credit card with and use the plastic BEFORE you spend YOUR OWN CASH?)
They are not doing you a favor by holding your money and paying merchants where you buy stuff either. The merchants have to pay fees to for the processing of your card. Those fees go partly back to the banks for the costs of the transaction.
"Free Checking"? What a joke! How can you spend more than you have when they know exactly how much you have and could simply decline the transaction? It's called LEGAL THEFT. They charge you to use your own money.
Now, did you find that subtle hint yet?

Randall V of WA 1:42AM October 20, 2009

The bank doesn't' have to clear the payment, then charge overdraft fees. As noted in the article, another option is to just decline the transaction. This should be up to the consumer.

Matthew Flaschen of GA 1:28AM October 20, 2009

If ya dance with the devil... goes the old saying.
It's always been the poor man who pays the band.
Shift your debt load over to a Community-Based, Non-Profit Credit Union and tell the Big Banks to find their suckers (and dollars) elsewhere.
First they suckled at the teat of the Bailout, now they want to bite off the nipple!
I have already Opted-Out of all my C.C's, have one debit card (JPMC) and am in the process of moving all my accounts to a local Thrift C.U. after which I will move all my paper assets into tangible commodities. Let 'em buy and sell more bad mortgages and debt, put more Americans out on the street and out of a job, then watch The Fed print more worthless green paper and the cycle repeat again and again until everything in this nation is owned by some foreign company or an "American" company with an offshore tax haven.

Randall of WA 1:25AM October 20, 2009

What does your commet have to do with a bank????

Rudy of CA 1:19AM October 20, 2009

Many people get mad at banks for charging overdraft fees, but many of these people do not keep track of their balance and then expect the bank to just cover the difference without charging them anything. Most banks offer overdraft protection and other services. I have accidentally overdrawn my account once or twice in the last several years. Each time it was on one account that I do not have overdraft protection set up on. Each time the bank waived the charge because I was reasonable and asked nicely instead of going off on a rant. Are banks perfect? No way, but people need to be responsible. Any other business would not give you a product without you paying for it up front. Try going to the store and buying $100 of food and just telling Walmart to charge you for the food and a $20 fee and you will get around to paying them later. Won't happen.
Quit whining and take care of your finances.

spangler of UT 1:08AM October 20, 2009