@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
@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 
.
@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. 
@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.
@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.
@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