topic Re: I'm really bored, let's talk. in SmorgasBoard

I'm really bored, let's talk.

Anonymous — Wed, 23 Apr 2014 01:50:44 GMT

I'm not sure if a "general" topic is allowed, but I'm bored and like talking about different stuff.

Mainly focused on hearing about..

1. Crappy CCC's that went under or defunct that had really bad terms for low credit people (such as Horizon Hold Card, FPB, etc).

2. How easy it was to get a credit card before the new regulations of the 2000's.

3. Really nice rewarding credit cards that no longer exist.

4. Collection agencies with really bad practices/ lying that now no longer exist.

5. Collection agencies that actually send people to collect (although I don't think they have done that since the 70s, no?). Not talking about car repo or house foreclosure.

Re: I'm really bored, let's talk.

-Wade- — Wed, 23 Apr 2014 01:54:13 GMT

@Anonymous wrote:
I'm not sure if a "general" topic is allowed, but I'm bored and like talking about different stuff.

Mainly focused on hearing about..

1. Crappy CCC's that went under or defunct that had really bad terms for low credit people (such as Horizon Hold Card, FPB, etc).

2. How easy it was to get a credit card before the new regulations of the 2000's.

3. Really nice rewarding credit cards that no longer exist.

4. Collection agencies with really bad practices/ lying that now no longer exist.

5. Collection agencies that actually send people to collect (although I don't think they have done that since the 70s, no?). Not talking about car repo or house foreclosure.

"SMH" Now why would you want to talk about the past ??? Them days are gone forever

Re: I'm really bored, let's talk.

Anonymous — Wed, 23 Apr 2014 02:27:11 GMT

I can say i've seen large universities pre 2009 and now and its day and night with credit cards. Also, people in general seem more anti credit after 2008.

Re: I'm really bored, let's talk.

Anonymous — Wed, 23 Apr 2014 03:21:42 GMT

Looking online at different credit unions, found one that charges 20 cents for check processing. I don't mean cashing a check, I mean writing one!

Re: I'm really bored, let's talk.

14Fiesta — Wed, 23 Apr 2014 03:56:04 GMT

@Anonymous wrote:
Looking online at different credit unions, found one that charges 20 cents for check processing. I don't mean cashing a check, I mean writing one!

Probably because almost NOBODY writes checks anymore. Most people use debit cards for their checking accounts, so it might be more costly to process checks for the select few who do. Therefore the costs get passed down to the consumer.

Re: I'm really bored, let's talk.

Anonymous — Wed, 23 Apr 2014 04:21:16 GMT

I thought the whole point of a CU was to save money? I write a lot of checks.

Re: I'm really bored, let's talk.

14Fiesta — Wed, 23 Apr 2014 04:39:15 GMT

@Anonymous wrote:
I thought the whole point of a CU was to save money? I write a lot of checks.

Usually people prefer CU because they are easier to work with, and often times have free checking accounts. Do you have to make whatever payments you have in the form of a check(i.e. does your CU/bank not have debit cards available)? Like I said, I see most people pay with debit cards, and most of the banks/CU around me issue them to checking customers with no monthly/usage fee.

Re: I'm really bored, let's talk.

Anonymous — Wed, 23 Apr 2014 04:44:47 GMT

Although I'm a member of one CU, I don't get the hullabalu people make over CU's.

1. Saving account rates still stink (20 I sampled ranged from .05-.15% APY)

2. Most cards I looked at don't have any "0% for X months" offers.

3. Websites are often outdated and don't have a lot of bells and whistles.

4. A lot of CU's have strict requirments to join.

Re: I'm really bored, let's talk.

mongstradamus — Wed, 23 Apr 2014 04:52:24 GMT

For me personally the whole reason i left wells fargo for an CU was so i didn't get charged fees for not maintaining an min balance. Most CU don't require min balance requirements. I know your situation may be different than mine but i usually just use Billpay or something like, don't think i have ever used checks.

Re: I'm really bored, let's talk.

14Fiesta — Wed, 23 Apr 2014 04:53:59 GMT

@Anonymous wrote:
Although I'm a member of one CU, I don't get the hullabalu people make over CU's.

1. Saving account rates still stink (20 I sampled ranged from .05-.15% APY)

2. Most cards I looked at don't have any "0% for X months" offers.

3. Websites are often outdated and don't have a lot of bells and whistles.

4. A lot of CU's have strict requirments to join.

I hear you on that one. I would look into getting a savings account at an Internet bank. While still low rates compared to years ago, many will have rates around 8X the average rates of brick and mortar CU/banks. I was skipped out on the .05% rate at my local bank, and instead rate chased around looking for a high yield savings with no monthly maintenance fees, and no minimum balance requirement. I managed to find an account offered by Barclay's that pays out at .90%, but I am in the process of consolidating with Discover for a savings account at .85%.

Re: I'm really bored, let's talk.

14Fiesta — Wed, 23 Apr 2014 05:03:18 GMT

@mongstradamus wrote:
For me personally the whole reason i left wells fargo for an CU was so i didn't get charged fees for not maintaining an min balance. Most CU don't require min balance requirements. I know your situation may be different than mine but i usually just use Billpay or something like, don't think i have ever used checks.

This one kind of upsets me too. When looking into opening a checking account in my area, I looked at Wells Fargo's "value checking". Yeah right - $7 a month fee if minimum balance not maintained. There are several banks in my area that offer absolute free checking for everything. Mine even gives out free stuff like Visa gift cards without the $5.95 fee. But working as a cashier while I am in school as a student, I see many, many, MANY, people in my area pay with Wells Fargo debit cards. I always think to myself "seriously? Does anyone actually care to comparison shop around for checking accounts that are NOT total ripoffs? Does everyone just pick the bank that looks the nicest and apply blindly for an account?" 7 bucks a month, that's $84 a YEAR wasted on a "value" checking account. SMH people!

/rant

Re: I'm really bored, let's talk.

mongstradamus — Wed, 23 Apr 2014 05:15:54 GMT

@14Fiesta wrote:
@mongstradamus wrote:
For me personally the whole reason i left wells fargo for an CU was so i didn't get charged fees for not maintaining an min balance. Most CU don't require min balance requirements. I know your situation may be different than mine but i usually just use Billpay or something like, don't think i have ever used checks.
This one kind of upsets me too. When looking into opening a checking account in my area, I looked at Wells Fargo's "value checking". Yeah right - $7 a month fee if minimum balance not maintained. There are several banks in my area that offer absolute free checking for everything. Mine even gives out free stuff like Visa gift cards without the $5.95 fee. But working as a cashier while I am in school as a student, I see many, many, MANY, people in my area pay with Wells Fargo debit cards. I always think to myself "seriously? Does anyone actually care to comparison shop around for checking accounts that are NOT total ripoffs? Does everyone just pick the bank that looks the nicest and apply blindly for an account?" 7 bucks a month, that's $84 a YEAR wasted on a "value" checking account. SMH people!

/rant

well to defend big banks, if you do direct deposit with them that fee is waived. From what i can tell people like the convenience of an national bank chain where they can visit whenever they want. For me no thank you i can do without that lol. I personally use combination of internet bank for the really nice savings rate and an CU for my checking services. Free bill pay and no min balance is all i really need from my checking account .

Re: I'm really bored, let's talk.

Anonymous — Wed, 23 Apr 2014 06:07:35 GMT

@14Fiesta wrote:
@mongstradamus wrote:
For me personally the whole reason i left wells fargo for an CU was so i didn't get charged fees for not maintaining an min balance. Most CU don't require min balance requirements. I know your situation may be different than mine but i usually just use Billpay or something like, don't think i have ever used checks.
This one kind of upsets me too. When looking into opening a checking account in my area, I looked at Wells Fargo's "value checking". Yeah right - $7 a month fee if minimum balance not maintained. There are several banks in my area that offer absolute free checking for everything. Mine even gives out free stuff like Visa gift cards without the $5.95 fee. But working as a cashier while I am in school as a student, I see many, many, MANY, people in my area pay with Wells Fargo debit cards. I always think to myself "seriously? Does anyone actually care to comparison shop around for checking accounts that are NOT total ripoffs? Does everyone just pick the bank that looks the nicest and apply blindly for an account?" 7 bucks a month, that's $84 a YEAR wasted on a "value" checking account. SMH people!

/rant

Let's look at it from the bank's point of view:

On average, for a DDA (checking account) to be profitable for a bank, not taking into account NSF/OD fees, it needs AT LEAST $1,700 in it at all times. True profit doesn't hit until around $3,500 or so. They offer direct deposit as an option to attract clients in an attempt for them to get other products (amass savings, credit cards, mortgages, etc).

Wells Fargo, just like every bank out there, is a FOR PROFIT corporation. No one is forcing you to do business with them - if it doesn't meet your needs, then find something that does. It's very likely you aren't fitting Wells Fargo's needs, either.

Note: while I work in the financial services industry, I do NOT work for Wells Fargo (I'm not even a huge fan of them, but these "OMG THEY ARE CHARGING ME FOR A SERVICE THEY ARE PROVIDING!" complaints get on my nerves).

Just showing it from a corporation's perspective.

Re: I'm really bored, let's talk.

14Fiesta — Wed, 23 Apr 2014 12:56:43 GMT

@Anonymous wrote:
@14Fiesta wrote:
@mongstradamus wrote:
For me personally the whole reason i left wells fargo for an CU was so i didn't get charged fees for not maintaining an min balance. Most CU don't require min balance requirements. I know your situation may be different than mine but i usually just use Billpay or something like, don't think i have ever used checks.
This one kind of upsets me too. When looking into opening a checking account in my area, I looked at Wells Fargo's "value checking". Yeah right - $7 a month fee if minimum balance not maintained. There are several banks in my area that offer absolute free checking for everything. Mine even gives out free stuff like Visa gift cards without the $5.95 fee. But working as a cashier while I am in school as a student, I see many, many, MANY, people in my area pay with Wells Fargo debit cards. I always think to myself "seriously? Does anyone actually care to comparison shop around for checking accounts that are NOT total ripoffs? Does everyone just pick the bank that looks the nicest and apply blindly for an account?" 7 bucks a month, that's $84 a YEAR wasted on a "value" checking account. SMH people!

/rant

Let's look at it from the bank's point of view:

On average, for a DDA (checking account) to be profitable for a bank, not taking into account NSF/OD fees, it needs AT LEAST $1,700 in it at all times. True profit doesn't hit until around $3,500 or so. They offer direct deposit as an option to attract clients in an attempt for them to get other products (amass savings, credit cards, mortgages, etc).

Wells Fargo, just like every bank out there, is a FOR PROFIT corporation. No one is forcing you to do business with them - if it doesn't meet your needs, then find something that does. It's very likely you aren't fitting Wells Fargo's needs, either.

Note: while I work in the financial services industry, I do NOT work for Wells Fargo (I'm not even a huge fan of them, but these "OMG THEY ARE CHARGING ME FOR A SERVICE THEY ARE PROVIDING!" complaints get on my nerves).

Just showing it from a corporation's perspective.

I completely understand it from a corporation's perspective, and I agree, people should find something that works best for them. I just find it hard to understand why so many other companies are able to offer free checking accounts and find ways to still be profitable, while Wells Fargo for example, just passes those costs on to their customers. And like you said, we are free to choose where we go, which means I am free to not give them my business.

Disclosure: I have no negative feelings against Wells Fargo either, they just got targeted for my rant yesterday because they are one of the banks that charges fees to their customers, and we were on the CU vs. Bank debate about which is better.

Re: I'm really bored, let's talk.

Anonymous — Thu, 24 Apr 2014 06:59:38 GMT

@14Fiesta wrote:
@Anonymous wrote:
@14Fiesta wrote:
@mongstradamus wrote:
For me personally the whole reason i left wells fargo for an CU was so i didn't get charged fees for not maintaining an min balance. Most CU don't require min balance requirements. I know your situation may be different than mine but i usually just use Billpay or something like, don't think i have ever used checks.
This one kind of upsets me too. When looking into opening a checking account in my area, I looked at Wells Fargo's "value checking". Yeah right - $7 a month fee if minimum balance not maintained. There are several banks in my area that offer absolute free checking for everything. Mine even gives out free stuff like Visa gift cards without the $5.95 fee. But working as a cashier while I am in school as a student, I see many, many, MANY, people in my area pay with Wells Fargo debit cards. I always think to myself "seriously? Does anyone actually care to comparison shop around for checking accounts that are NOT total ripoffs? Does everyone just pick the bank that looks the nicest and apply blindly for an account?" 7 bucks a month, that's $84 a YEAR wasted on a "value" checking account. SMH people!

/rant

Let's look at it from the bank's point of view:

On average, for a DDA (checking account) to be profitable for a bank, not taking into account NSF/OD fees, it needs AT LEAST $1,700 in it at all times. True profit doesn't hit until around $3,500 or so. They offer direct deposit as an option to attract clients in an attempt for them to get other products (amass savings, credit cards, mortgages, etc).

Wells Fargo, just like every bank out there, is a FOR PROFIT corporation. No one is forcing you to do business with them - if it doesn't meet your needs, then find something that does. It's very likely you aren't fitting Wells Fargo's needs, either.

Note: while I work in the financial services industry, I do NOT work for Wells Fargo (I'm not even a huge fan of them, but these "OMG THEY ARE CHARGING ME FOR A SERVICE THEY ARE PROVIDING!" complaints get on my nerves).

Just showing it from a corporation's perspective.
I completely understand it from a corporation's perspective, and I agree, people should find something that works best for them. I just find it hard to understand why so many other companies are able to offer free checking accounts and find ways to still be profitable, while Wells Fargo for example, just passes those costs on to their customers. And like you said, we are free to choose where we go, which means I am free to not give them my business.

Disclosure: I have no negative feelings against Wells Fargo either, they just got targeted for my rant yesterday because they are one of the banks that charges fees to their customers, and we were on the CU vs. Bank debate about which is better.

Smaller banks (whether they be state chartered or nationally chartered) generally have a lower overhead cost because they simply offer less of a product suite.

Most major commercial banks - Bank of America, JPMorgan Chase, Wells Fargo, Citigroup, U.S. Bank, etc, offer almost every type of banking product, signicantly driving up overall operating costs. The larger banks also generally pay better.

And in addition to that... the larger banks aren't targetting, nor are they interested in, those who want "free checking." They want clients that are bringing large deposits, mortgages, commercial lending, or investment relationships to the bank.

You'd also be surprised how many people are willing to pay a monthly service charge in order to have the convience of a major bank with tens of thousands of ATMs and thousands upon thousands of branches. It's actually very common that people will forgo a "free checking account" in order to have nationwide ATM/branch networks.

And as much as credit unions want to advertise that they have a nationwide CO-OP network, you cannot walk into a credit union in New York and expect to do service or maitenence on a credit union that is based in California.

With the big banks, you can, without issue.

Re: I'm really bored, let's talk.

14Fiesta — Fri, 25 Apr 2014 04:03:50 GMT

@Anonymous wrote:
@14Fiesta wrote:
@Anonymous wrote:
@14Fiesta wrote:
@mongstradamus wrote:
For me personally the whole reason i left wells fargo for an CU was so i didn't get charged fees for not maintaining an min balance. Most CU don't require min balance requirements. I know your situation may be different than mine but i usually just use Billpay or something like, don't think i have ever used checks.
This one kind of upsets me too. When looking into opening a checking account in my area, I looked at Wells Fargo's "value checking". Yeah right - $7 a month fee if minimum balance not maintained. There are several banks in my area that offer absolute free checking for everything. Mine even gives out free stuff like Visa gift cards without the $5.95 fee. But working as a cashier while I am in school as a student, I see many, many, MANY, people in my area pay with Wells Fargo debit cards. I always think to myself "seriously? Does anyone actually care to comparison shop around for checking accounts that are NOT total ripoffs? Does everyone just pick the bank that looks the nicest and apply blindly for an account?" 7 bucks a month, that's $84 a YEAR wasted on a "value" checking account. SMH people!

/rant

Let's look at it from the bank's point of view:

On average, for a DDA (checking account) to be profitable for a bank, not taking into account NSF/OD fees, it needs AT LEAST $1,700 in it at all times. True profit doesn't hit until around $3,500 or so. They offer direct deposit as an option to attract clients in an attempt for them to get other products (amass savings, credit cards, mortgages, etc).

Wells Fargo, just like every bank out there, is a FOR PROFIT corporation. No one is forcing you to do business with them - if it doesn't meet your needs, then find something that does. It's very likely you aren't fitting Wells Fargo's needs, either.

Note: while I work in the financial services industry, I do NOT work for Wells Fargo (I'm not even a huge fan of them, but these "OMG THEY ARE CHARGING ME FOR A SERVICE THEY ARE PROVIDING!" complaints get on my nerves).

Just showing it from a corporation's perspective.
I completely understand it from a corporation's perspective, and I agree, people should find something that works best for them. I just find it hard to understand why so many other companies are able to offer free checking accounts and find ways to still be profitable, while Wells Fargo for example, just passes those costs on to their customers. And like you said, we are free to choose where we go, which means I am free to not give them my business.

Disclosure: I have no negative feelings against Wells Fargo either, they just got targeted for my rant yesterday because they are one of the banks that charges fees to their customers, and we were on the CU vs. Bank debate about which is better.
Smaller banks (whether they be state chartered or nationally chartered) generally have a lower overhead cost because they simply offer less of a product suite.

Most major commercial banks - Bank of America, JPMorgan Chase, Wells Fargo, Citigroup, U.S. Bank, etc, offer almost every type of banking product, signicantly driving up overall operating costs. The larger banks also generally pay better.

And in addition to that... the larger banks aren't targetting, nor are they interested in, those who want "free checking." They want clients that are bringing large deposits, mortgages, commercial lending, or investment relationships to the bank.

You'd also be surprised how many people are willing to pay a monthly service charge in order to have the convience of a major bank with tens of thousands of ATMs and thousands upon thousands of branches. It's actually very common that people will forgo a "free checking account" in order to have nationwide ATM/branch networks.

And as much as credit unions want to advertise that they have a nationwide CO-OP network, you cannot walk into a credit union in New York and expect to do service or maitenence on a credit union that is based in California.

With the big banks, you can, without issue.

You make a good point about the cash access too. Most smaller banks will charge fees for out of network ATM costs. Maybe I am just lucky to live in my banks area, because they give me free auto ATM fee refunds without having to send in receipts. I suspect this is not the case for most smaller banks. In my situation right now, I have no need for a relation with a big bank for any of the reasons you suggested, however that is most likely because I am only 18 years old. I suspect that once I get older and actually need something like a mortgage, I will change my tune a little. Maybe