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Bank fees
Posted on 9/19/11 at 4:19 pm
Posted on 9/19/11 at 4:19 pm
I bank with Regions and according to a recent letter in the mail, they will begin charging monthly fees($4 a month) for use of their debit card. Also a $8 a month fee if you don't have a minumum of $500 direct deposited to your checking account. Is this a growing practice or is it just Regions. I have been with them a long time, but I am not opposed to change if necessary.
Posted on 9/19/11 at 4:29 pm to JBM210
I'm with Regions and got the same letter. If Chase doesn't implement the same fee, I'll switch over and also get the $200 for opening up a new account. I think this is all related to the costs of compliance with the Dodd-Frank act. Government never seems to realize that the cost of taxes and regulations will just get pushed onto the consumer!
This post was edited on 9/19/11 at 4:30 pm
Posted on 9/19/11 at 4:33 pm to GeneralLee
quote:
I'll switch over and also get the $200 for opening up a new account.
i've been looking at this... you think if i go and threaten to pull my account they'll offer me the $200 to stick around?
chase kinda sucks imo anyway, but it's not worth switching and i could use the $200
Posted on 9/19/11 at 4:40 pm to JBM210
I bank with Schwab and I have not received such a letter.
Posted on 9/19/11 at 4:40 pm to JBM210
Happened to my wife. Im having her close her Regions account and move everything to her Neighbors account. Not even sure why she has a Regions account other than she claims to have more ATMs (yet she never carries cash anyways)
Posted on 9/19/11 at 4:42 pm to Catman88
Suntrust is doing it starting in March 2012. Although I have my mortgage with them so they'll waive the $4 if I pay for my mortgage from that checking account.
Posted on 9/19/11 at 4:48 pm to GeneralLee
quote:
I think this is all related to the costs of compliance with the Dodd-Frank act
This.
Which I predicted on this board back when D/F was being debated and several posters were chirping about what a good thing for consumers the D/F bill would be. I wrote to the effect that banks were not going to give up major portions of their revenue streams without replacing them via higher fees elsewhere.
Posted on 9/19/11 at 5:19 pm to GeneralLee
quote:
I'll switch over and also get the $200 for opening up a new account.
I did this about two years ago when the Chase offer was $100... a few months ago they changed the account minimums similar to Regions' described in the OP. Seems like they're all moving towards this.
Posted on 9/19/11 at 5:22 pm to LSURussian
Lee--I have my home mortgage through Chase also, so this might not be a bad idea. I never use an ATM, but use my debit card almost daily. I have multiple accounts also("Christmas Club" savings, emergency savings account, regular checking, and a joint checking with my fiance'). Ain't know way I'm gonna start paying all these fees.
Posted on 9/19/11 at 6:05 pm to JBM210
I haven't received anything from usaa about this. I think it is just regions right now.
Posted on 9/19/11 at 6:10 pm to JBM210
I just signed on specifically to start a thread on this matter.
I'm moving our joint accounts to a credit union but still need something for my "fun" account.
I was considering ING or Virtual bank, as I don't need checks.
I'm moving our joint accounts to a credit union but still need something for my "fun" account.
I was considering ING or Virtual bank, as I don't need checks.
Posted on 9/19/11 at 6:18 pm to Asgard Device
I bank with Hancock-
No minimum balance, no debit card fee, ATM card can be used with no fee at Hancock and Whitney locations. I've never incurred a fee in the 7 years I've banked with them.
Overdraft line of credit is also very handy.
Hancock is one of the more underrated banks in the Baton Rouge area. When they finish their merger with Whitney there should be 40+ Hancocks (Read: Whitneys) in the BR metro area.
No minimum balance, no debit card fee, ATM card can be used with no fee at Hancock and Whitney locations. I've never incurred a fee in the 7 years I've banked with them.
Overdraft line of credit is also very handy.
Hancock is one of the more underrated banks in the Baton Rouge area. When they finish their merger with Whitney there should be 40+ Hancocks (Read: Whitneys) in the BR metro area.
Posted on 9/19/11 at 6:22 pm to JBM210
I bank with Regions as well...Apparently even my student account will be charged these fee's. I have the money to stay with them, but I think I am going to shop around for another bank that will give me a free student checking account..
Posted on 9/19/11 at 6:59 pm to JBM210
I work for Chase. No plans to implement a debit card fee. Total checking does require $500 direct deposit, or meet min balance requirements, or get charged $12 fee
Posted on 9/19/11 at 7:39 pm to LSU6262
6262 Thanks for the info. If Regions don't agree to wave those fees for me, you guys got my business.
Posted on 9/19/11 at 7:41 pm to LSU6262
6262 Do you guys have a savings type of account where you auto draft my checking account XXX amount a month and deposit to savings account like a Christmas club?
Posted on 9/19/11 at 7:48 pm to JBM210
you can set up a pre authorized transfer from checking to savings. The banker will ask you if you want to do this when they open your accounts.
Posted on 9/19/11 at 8:41 pm to LSU6262
I work for a professional consulting firms for financial institutions and can tell you these fees are going to increase over the next few years.
The govt has increased regulation over the amount bank's can charge for card interchange fees to merchants. These fees paid for the expensive fraud monitoring regulations that the goverment regulates.
The Bank's have to cover for the expensive fraud monitoring and provisional practices, so free checking accounts will soon be a thing of the past. Right now it is only affecting Banks greater than $10bil in assets.
The govt has increased regulation over the amount bank's can charge for card interchange fees to merchants. These fees paid for the expensive fraud monitoring regulations that the goverment regulates.
The Bank's have to cover for the expensive fraud monitoring and provisional practices, so free checking accounts will soon be a thing of the past. Right now it is only affecting Banks greater than $10bil in assets.
Posted on 9/20/11 at 7:17 am to schexyoung
The reduced transaction fees will be much welcomed by merchants,and savings will be passed on, but there will be a scramble to see which banks make the best adjustment. I wonder how much of a run people are making on Regions right now?
Will Federal Credit unions be able to handle it without straying from free checking?
Id personally rather do away with free paper check processing. this is a service that everyone else subsidizes.
Will Federal Credit unions be able to handle it without straying from free checking?
Id personally rather do away with free paper check processing. this is a service that everyone else subsidizes.
This post was edited on 9/20/11 at 7:18 am
Posted on 9/20/11 at 8:47 am to JBM210
I opened an account with Britton and Koontz last year because they were paying 5.25% interest on checking account balances. The rate has since dropped to 2.25% but it's still equal to what a lot of people are getting on their CD's. I also kept my checking account with Capital One because I've got my safe deposit box there and B&K doesn't offer them. There are no fees with either account and I haven't heard of any fee increases in the works.
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