How many are you are paying monthly bank fees

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills

Are you paying your monthly bank fees (maintenance fees)?

ja, yes
8
4%
nein, no
194
96%
 
Total votes: 202

User avatar
Cernel
Posts: 273
Joined: Sun May 04, 2008 11:06 am

Re: How many are you are paying monthly bank fees

Post by Cernel » Sun Jan 22, 2012 1:20 pm

Cash wrote:
Cernel wrote:I marked "Yes," given the only Bank fee I pay is for my HSA account. I pay a $2/month fee. I hate paying this fee, does anyone know of an institution that does not charge for an HSA account given a $7K balance?
Alliant Credit Union. They pay comparatively high rates too. Their checking and savings accounts are also excellent and also come with a history of earning comparatively high interest rates.
Cash, thanks for the recommendation. Yes, the rates look good (in today's environment) without the fees. Unfortunately, it doesn't look like I can qualify for membership since I am retired and never belonged to any of that long list of companies and/or organizations.

Cash
Posts: 1322
Joined: Wed Mar 10, 2010 10:52 am

Re: How many are you are paying monthly bank fees

Post by Cash » Sun Jan 22, 2012 1:24 pm

Cernel wrote:
Cash wrote:
Cernel wrote:I marked "Yes," given the only Bank fee I pay is for my HSA account. I pay a $2/month fee. I hate paying this fee, does anyone know of an institution that does not charge for an HSA account given a $7K balance?
Alliant Credit Union. They pay comparatively high rates too. Their checking and savings accounts are also excellent and also come with a history of earning comparatively high interest rates.
Cash, thanks for the recommendation. Yes, the rates look good (in today's environment) without the fees. Unfortunately, it doesn't look like I can qualify for membership since I am retired and never belonged to any of that long list of companies and/or organizations.
Most people just make a small donation to the PTA at a local school. I believe some schools (and the national organization) allow you to do so online. Not that Alliant actually checks to see that you've done so, but it's still a nice gesture to make.

User avatar
Cernel
Posts: 273
Joined: Sun May 04, 2008 11:06 am

Re: How many are you are paying monthly bank fees

Post by Cernel » Sun Jan 22, 2012 1:30 pm

Cash, in reference to: "Most people just make a small donation to the PTA at a local school. I believe some schools (and the national organization) allow you to do so online. Not that Alliant actually checks to see that you've done so, but it's still a nice gesture to make."

I was thinking of calling them tomorrow, given I had been on a PTA for many years, actually serving as Treasurer, hoping that this would qualify me. I appreciate you giving me the insight.

grok87
Posts: 8387
Joined: Tue Feb 27, 2007 9:00 pm

Re: How many are you are paying monthly bank fees

Post by grok87 » Sun Jan 22, 2012 1:48 pm

I'm paying like a $2 a month check image fee to wells fargo. Not at all happy about it. Looking to leave...
Keep calm and Boglehead on. KCBO.

Startled Cat
Posts: 358
Joined: Thu Apr 03, 2008 8:54 pm

Re: How many are you are paying monthly bank fees

Post by Startled Cat » Sun Jan 22, 2012 3:31 pm

Paying $12/month to BankDirect for the AA miles. It's still worth it, though I'm not pleased about the new fee.

ilisira
Posts: 75
Joined: Tue Mar 11, 2008 3:04 pm

Re: How many are you are paying monthly bank fees

Post by ilisira » Sun Jan 22, 2012 3:39 pm

Between the big bank that we have our mortgage account, and the credit union, none for checking/savings.

A lot for credit cards (depending on the card perks, we get our money back pretty easily)

livesoft
Posts: 62715
Joined: Thu Mar 01, 2007 8:00 pm

Re: How many are you are paying monthly bank fees

Post by livesoft » Sun Jan 22, 2012 4:16 pm

grok87 wrote:I'm paying like a $2 a month check image fee to wells fargo. Not at all happy about it. Looking to leave...
I'm not paying that. You should leave or upgrade your account to the one that has everything for free.
Wiki This signature message sponsored by sscritic: Learn to fish.

User avatar
Kevin M
Posts: 10104
Joined: Mon Jun 29, 2009 3:24 pm
Contact:

Re: How many are you are paying monthly bank fees

Post by Kevin M » Sun Jan 22, 2012 6:10 pm

I have 2 checking accounts that pay me (reward checking accounts). I can't remember the last time I paid a monthly fee for any account--maybe never.

I kept $100 in a local bank account just so I could have a safe deposit box there. They recently increased the minimum no-fee balance to $1,500, so I closed the account, walked a few blocks to another local bank, and got paid $150 to open a checking account there and get a new safe deposit box. New bank also has the $1,500 minimum, but I figured the $150 bonus subsidized the small amount of interest I'm losing. I have to pay income tax on the bonus, so it's really more like $100 after-tax.

When I step back a bit, and note now much my net worth can change in one day, doing things to make or save a few bucks a month is quite silly, but it's a lifelong habit.

Kevin
Wiki ||.......|| Suggested format for Asking Portfolio Questions (edit original post)

User avatar
Kevin M
Posts: 10104
Joined: Mon Jun 29, 2009 3:24 pm
Contact:

Re: How many are you are paying monthly bank fees

Post by Kevin M » Sun Jan 22, 2012 6:12 pm

livesoft wrote:
grok87 wrote:I'm paying like a $2 a month check image fee to wells fargo. Not at all happy about it. Looking to leave...
I'm not paying that. You should leave or upgrade your account to the one that has everything for free.
I have the one that has everything for free, but they don't have any safe deposit boxes available :(
Wiki ||.......|| Suggested format for Asking Portfolio Questions (edit original post)

grok87
Posts: 8387
Joined: Tue Feb 27, 2007 9:00 pm

Re: How many are you are paying monthly bank fees

Post by grok87 » Sun Jan 22, 2012 6:25 pm

livesoft wrote:
grok87 wrote:I'm paying like a $2 a month check image fee to wells fargo. Not at all happy about it. Looking to leave...
I'm not paying that. You should leave or upgrade your account to the one that has everything for free.
It may indeed be partly my fault. Here is my experience...

I had an account I really liked at Wachovia:
1) free safety deposit box
2) free checks
3) 2 free non-wachovia atm withdrawals per monthly cycle
4) Low minimum deposit (maybe $10k)

then the evil empire of wells fargo came in. the fee onslaught began. Paying for checks, no free non wells fargo atm withdrawals, charge for safety deposit box, charge for check images, etc. As I understand it wells fargo's big thing is cross selling. They apparently want to sell me at least 8 of their products
http://en.wikipedia.org/wiki/Wells_Fargo

If I agree to that I guess I'll get a break on fees. But I don't want that. I just want my bank to be my checking account.

I use Fidelity for my Brokerage and credit cards and bill pay
Vanguard and PenFed for my retirment accounts (also fido and tiaa cref)
metlife for my insurance

i like it the way it is. I don't want to move everything to Wells fargo to save on fees. I just want them to stop fee-ing me to death!
I think the solution is to say to goodbye to Wells fargo. Not sure where to go though...
cheers,
Keep calm and Boglehead on. KCBO.

sscritic
Posts: 21858
Joined: Thu Sep 06, 2007 8:36 am

Re: How many are you are paying monthly bank fees

Post by sscritic » Sun Jan 22, 2012 6:39 pm

grok87 wrote: I had an account I really liked at Wachovia:
1) free safety deposit box
2) free checks
3) 2 free non-wachovia atm withdrawals per monthly cycle
4) Low minimum deposit (maybe $10k)

then the evil empire of wells fargo came in. the fee onslaught began.
I don't know what happened in your case, but when Wells Fargo took over Wachovia, I got two 8 1/2 by 11 "booklets" each about 80 pages long describing the transfer. All of the Wachovia accounts were transferred to special Well Fargo Wachovia legacy accounts with very similar terms. My monthly statement says "Crown Classic Banking" (the name of my Wachovia account) across the top. I still get the free safety deposit box and whatever for the senior advantage minimum balance of $1000. I pay nothing.
From the transfer FAQ:
In most cases we will honor your existing fee waivers or discounts, as long as they are in place at the time your account transitions. Before your account or safe deposit box moves to Wells Fargo, we will notify you of any fee changes.

Cash
Posts: 1322
Joined: Wed Mar 10, 2010 10:52 am

Re: How many are you are paying monthly bank fees

Post by Cash » Sun Jan 22, 2012 6:44 pm

I've seen safe deposit boxes mentioned several times in this thread. It hadn't occurred to me that I might need one. My dad keeps his coin collection in one along with some insurance papers. But what's the advantage of a safe deposit box over insurance + a well-hidden, fireproof home safe?

livesoft
Posts: 62715
Joined: Thu Mar 01, 2007 8:00 pm

Re: How many are you are paying monthly bank fees

Post by livesoft » Sun Jan 22, 2012 6:48 pm

We've never had a safety deposit box. Just never needed it. We have nothing of value to keep in one. We do not have a safe at home either. Nothing to put in it of value. We do have a fireproof box, but it is obvious and we leave the key right on top of it. Any thief would not want to carry it because it is too heavy. They could look inside and see nothing of value.

I will say this for having more than one financial institution: If one of your places decides to start charging fees or otherwise pisses you off, etc, then you simply move your assets to a place you already have an account at via an ACH transfer. This idea that you have to have everything at one place for "simplicity" and "ease-of-use" is just a bunch of baloney in my opinion. You really don't need a single point of failure in your life.

Sure, if I had to have everything at one place, I know which place I would pick. But I am not required to do that, so I have more than one relationship. It's easy to do since there are so many totally free options nowadays provided you meet some minimal requirement.
Wiki This signature message sponsored by sscritic: Learn to fish.

sscritic
Posts: 21858
Joined: Thu Sep 06, 2007 8:36 am

Re: How many are you are paying monthly bank fees

Post by sscritic » Sun Jan 22, 2012 6:59 pm

livesoft wrote: I will say this for having more than one financial institution: If one of your places decides to start charging fees or otherwise pisses you off, etc, then you simply move your assets to a place you already have an account at via an ACH transfer. This idea that you have to have everything at one place for "simplicity" and "ease-of-use" is just a bunch of baloney in my opinion. You really don't need a single point of failure in your life.
I have four checking accounts. When I need an ATM, I usually go to the one across the street (institution 1). When I walk to my favorite Mexican bakery, I sometimes stop along the way (institution 2). When I am out and about, like visiting my children, I stop at the World's Largest ATM Network (institution 3). I don't think I've had the need to stop at institution 4 any time in the last 8 years, ever since I retired and moved away from the ATM outside the one local office I was familiar with. Sure, they are in a network, but that would require me to go on the web and look up which institutions were in their network, and that's just too much hassle, given that I can walk across the street or go get some "pan." I never have to go out-of-network, so I never worry about getting reimbursed for being out-of-network.
estilo casero: nuestras raíces son mexicanas y tan son nuestro pan, pero hamos hecho nuestra selección tan diverso como esta ciudad.
http://gourmetlabakery.com/pan.aspx

grok87
Posts: 8387
Joined: Tue Feb 27, 2007 9:00 pm

Re: How many are you are paying monthly bank fees

Post by grok87 » Sun Jan 22, 2012 8:11 pm

sscritic wrote:
grok87 wrote: I had an account I really liked at Wachovia:
1) free safety deposit box
2) free checks
3) 2 free non-wachovia atm withdrawals per monthly cycle
4) Low minimum deposit (maybe $10k)

then the evil empire of wells fargo came in. the fee onslaught began.
I don't know what happened in your case, but when Wells Fargo took over Wachovia, I got two 8 1/2 by 11 "booklets" each about 80 pages long describing the transfer. All of the Wachovia accounts were transferred to special Well Fargo Wachovia legacy accounts with very similar terms. My monthly statement says "Crown Classic Banking" (the name of my Wachovia account) across the top. I still get the free safety deposit box and whatever for the senior advantage minimum balance of $1000. I pay nothing.
From the transfer FAQ:
In most cases we will honor your existing fee waivers or discounts, as long as they are in place at the time your account transitions. Before your account or safe deposit box moves to Wells Fargo, we will notify you of any fee changes.
Does it vary by state? I'm in NJ...
Keep calm and Boglehead on. KCBO.

no_name
Posts: 572
Joined: Sat Apr 24, 2010 12:55 pm

Re: How many are you are paying monthly bank fees

Post by no_name » Sun Jan 22, 2012 8:14 pm

grok87 wrote:
sscritic wrote:
grok87 wrote: I had an account I really liked at Wachovia:
1) free safety deposit box
2) free checks
3) 2 free non-wachovia atm withdrawals per monthly cycle
4) Low minimum deposit (maybe $10k)

then the evil empire of wells fargo came in. the fee onslaught began.
I don't know what happened in your case, but when Wells Fargo took over Wachovia, I got two 8 1/2 by 11 "booklets" each about 80 pages long describing the transfer. All of the Wachovia accounts were transferred to special Well Fargo Wachovia legacy accounts with very similar terms. My monthly statement says "Crown Classic Banking" (the name of my Wachovia account) across the top. I still get the free safety deposit box and whatever for the senior advantage minimum balance of $1000. I pay nothing.
From the transfer FAQ:
In most cases we will honor your existing fee waivers or discounts, as long as they are in place at the time your account transitions. Before your account or safe deposit box moves to Wells Fargo, we will notify you of any fee changes.
Does it vary by state? I'm in NJ...
I hope it's not "Jersey Shore."

User avatar
interplanetjanet
Posts: 2226
Joined: Mon Jan 24, 2011 4:52 pm
Location: the wilds of central California

Re: How many are you are paying monthly bank fees

Post by interplanetjanet » Sun Jan 22, 2012 9:27 pm

sscritic wrote:I have four checking accounts. When I need an ATM, I usually go to the one across the street (institution 1). When I walk to my favorite Mexican bakery, I sometimes stop along the way (institution 2). When I am out and about, like visiting my children, I stop at the World's Largest ATM Network (institution 3). I don't think I've had the need to stop at institution 4 any time in the last 8 years, ever since I retired and moved away from the ATM outside the one local office I was familiar with. Sure, they are in a network, but that would require me to go on the web and look up which institutions were in their network, and that's just too much hassle, given that I can walk across the street or go get some "pan." I never have to go out-of-network, so I never worry about getting reimbursed for being out-of-network.
Thinking about it, I have accounts at multiple institutions but most of them are dedicated to a specific purpose. For consumer banking (ATM/checks/"normal stuff") I've sort of adopted the "single point of success" approach with USAA - their ATM reimbursement works so flawlessly I never have to worry about it, and their phone support has gone above and beyond for me in suggesting how to solve problems (making a large cash transaction through a zero-cost debit card cash advance was one).

That said, if they ever did something I wouldn't be able to tolerate I'd not have much trouble shifting banks. Very few external places ACH directly against my accounts since I moved as much payment activity as possible to credit cards - this was a nice benefit of doing so.
mmm.

-janet

User avatar
leonidas
Posts: 411
Joined: Sun Jul 10, 2011 8:58 am
Location: Mansfield Township, NJ

Re: How many are you are paying monthly bank fees

Post by leonidas » Sun Jan 22, 2012 9:37 pm

I use Schwab Investor checking and it gives free everything that matters to me like checks, billpay and refunds all ATM charges. I also use wells Fargo for the 100 free trades. So pretty much fee free.

phoebus
Posts: 38
Joined: Mon May 30, 2011 10:35 pm

Re: How many are you are paying monthly bank fees

Post by phoebus » Sun Jan 22, 2012 9:44 pm

Cernel wrote:Cash, in reference to: "Most people just make a small donation to the PTA at a local school. I believe some schools (and the national organization) allow you to do so online. Not that Alliant actually checks to see that you've done so, but it's still a nice gesture to make."

I was thinking of calling them tomorrow, given I had been on a PTA for many years, actually serving as Treasurer, hoping that this would qualify me. I appreciate you giving me the insight.
Just make a $10 donation to Foster Care to Success, which can be done online, then use the online application to join Alliant. Anyone qualifies as soon as they make the donation.

bluelight
Posts: 257
Joined: Sun Jul 10, 2011 12:08 am

Re: How many are you are paying monthly bank fees

Post by bluelight » Mon Jan 23, 2012 12:42 am

My bank charges a $9.00 fee if my checking balance falls below 1K. I make sure it never does, so I don't have to pay the fee. My mortgage is through the same bank and I get 1/4% off the interest rate as long as I have this type of checking acct. When I payoff my mortgage, I'll switch to one of their free accts.

User avatar
SSSS
Posts: 1890
Joined: Fri Jun 18, 2010 11:50 am

Re: How many are you are paying monthly bank fees

Post by SSSS » Tue Jan 24, 2012 1:17 pm

I have a local band account that I basically only use for ATM deposits.

Today I got an e-mail from them offering to "upgrade" my free checking to a $6/month "MyBlue" account. I'm a little insulted as it's basically a terrible deal.

Features
Free debit card (Already have this)
Includes $10,000 Individual Account Holder AD&D Insurance coverage (Basically worthless)
Includes Family IDProtect™ (Basically worthless)
Free Online Banking & Mobile Banking (Already have this)
Free unlimited Online BillPay (I think I already have this? Don't use it on this account.)
$600 overdraft coverage Regular overdraft/NSF fees will apply. (Does anyone consider this a "feature"?)
Choice of paper account statements or e.Statements with images. (Already have this)
Free checks for customers ages 62 and older* (N/A)
$6 monthly service charge. (Not a "feature")

leod
Posts: 595
Joined: Tue Sep 22, 2009 2:54 pm

Re: How many are you are paying monthly bank fees

Post by leod » Tue Jan 24, 2012 1:32 pm

I don't pay bank fee, I have a CD in there with the bank minimum. it just convenient for me to have Bank of America with good bill pay service plus locations and ATMs mostly everywhere.

guitarguy
Posts: 1761
Joined: Mon Dec 20, 2010 4:10 pm

Re: How many are you are paying monthly bank fees

Post by guitarguy » Tue Jan 24, 2012 1:50 pm

I bank with Chase and Ally.

No fees for Ally at all.

No fees from Chase if we have a direct deposit of at least $500 every billing cycle (once a month) which we almost always do. I just got charged a $6 fee because the way my paydates worked out over the Christmas break, I didn't get paid in the billing cycle, so no direct deposit and therefore...a fee. Bummer, but it will only happen once every 6-7 years the way the dates fall. I can live with that.

User avatar
Aptenodytes
Posts: 3751
Joined: Tue Feb 08, 2011 8:39 pm

Re: How many are you are paying monthly bank fees

Post by Aptenodytes » Tue Jan 24, 2012 2:35 pm

I first voted "yes" because although we don't pay a literal monthly fee I was under the impression that to avoid such a fee we had to keep a large balance, which represents an opportunity cost (admittedly not high right now). However, I got curious and looked up the details. I was pleasantly surprised to see that with payroll direct deposit there are no fees, regardless of balance.

I also noticed many varieties of "premium" services that are available at no fee if various conditions are met. Seems like retail banking might be a bit more competitive than I had thought.

What I'd really like is a bank that will waive wire transfer fees. Some of my business travel is reimbursed only through this means.

User avatar
prudent
Moderator
Posts: 5672
Joined: Fri May 20, 2011 2:50 pm

Re: How many are you are paying monthly bank fees

Post by prudent » Tue Jan 24, 2012 2:51 pm

Aptenodytes wrote:What I'd really like is a bank that will waive wire transfer fees. Some of my business travel is reimbursed only through this means.
One bank I use, First Niagara, does not charge for domestic wire transfers (in or out) if you take their top level checking account.

AndroAsc
Posts: 1119
Joined: Sat Nov 21, 2009 7:39 am

Re: How many are you are paying monthly bank fees

Post by AndroAsc » Tue Jan 24, 2012 9:10 pm

I'm surprised there are so many big bank customers amongst Bogleheads...

Anyway, I think the hassle of moving opening a new account is probably overrated. I use Alliant CU as my main banking hub and have a Capital One account as my "shadow banking hub". My shadow banking hub is basically an account that has all the online billpay and ACH links as the main hub, so that if I ever want to quit Alliant, I can do so without any major financial disruption.

Post Reply