My bank sent me the new rules. More poor tax.

[immoderate]

I have a "free checking account" at SunTrust. They offered it and I signed up a few years ago when I had a car loan there. I haven't had much money in that time, so the account gets relatively little activity. It's the second one.

So they will convert my free checking to "Everyday Checking" which means a $7 monthly fee (in lieu of maintaining a $500 balance) plus another $5 in any month where I use my debit card. So it could cost me $244 in fees to use this account. x(

I think there is more to come.

--imm

[FSogol]

1. Find a local Credit Union. n/t

[immoderate]

4. I'm looking. I know of one some distance away.

Thanks.

--imm

[woo me with science]

5. +1

[Cirque du So-What]

21. I'll second that

You can likely find a local credit union that will provide free checking along with a no-fee debit card.

[FSogol]

23. In my area, we have credit union service centers which allow access to 100s of credit unions. n/t

[Harmony Blue]

33. This is a good suggestion

Credit unions are the way to go.

[NeedleCast]

2. See if you are eligable for a USAA account

I have both my auto insurance with USAA and recently moved all of my banking and most of my fiance's banking to USAA. No fees (in fact, they'll reimburse you for other banks ATM fees), great customer service. I am very happy to be out from under the thumb of Bank of America.

[cyglet]

13. Anyone can get USAA bank accounts

They let anyone be partial members. Partial members don't have access to everything they offer, but can do savings/checking/investing/basic non-rewards credit card.

[Indydem]

3. Honestly, I think this is an unintended consequence.

Of the Durbin amendment.

"Free" checking will cease to exist, as well as rewards programs and gas rebates.

The banks were using the debit card charges to provide free services and the Durbin amendment gutted that.

So now we, the consumer, have to pay more for our banking services to save them, the retailers, a few pennies per transaction.

Thanks Dick.

[William769]

6. Switch banks.

My bank offers free checking, no minimum, no Monthly service charge and as of last Month I get a free safety deposit box with my account!

[immoderate]

7. I have that with my other account -- for now.

I'm surely closing the Suntrust account.

--imm

[William769]

8. I don't blame you.

[Lorien]

32. What bank is that? I'm also with Suntrust

it will be a huge hassle to switch but there's no way that I'm paying all of these new fees.

[William769]

34. It was TIB, this Month switched to Capitol Bank.

Heres a link to see if one is near you.

https://www.capitalbank-us.com/

[Lorien]

40. Thanks!

:hi:

[Warpy]

9. Fees are how banks are rebuilding their collateral

and compensating for their greed in taking on all those exotic "investments" that were nothing but chopped up bad loans in Florida and California during the investment boom.

It's why fees for everything from overdrafts to using an ATM outside the bank itself have skyrocketed.

Expect more of the same until they decide they don't want small depositors, at all, and turn us all out to scramble for credit union accounts.

[spartan61]

10. I received the same mailing from Suntrust.

I hate the idea of being charged $5.00 monthly to use my debit card. Wish I had opened our checking account with USAA since we have been with them since the 60s. To change from Suntrust to USAA now will be a huge amount of work since we have direct deposits and most bills are paid by draft. I just might bite the bullet and open a checking acct with USAA.

[Ruby the Liberal]

11. Go through your statements and make a list

Everything that is deposited and everything that is drafted.

It is a pain in the ass, no question, but once you get going, it is relatively quick. A few years ago when I switched banks, it was about 50/50 that would take the change over the phone (or had capabilities on their internet site). This past spring, there was only 1 that required anything signed and in writing/form and that was my mortgage. Everything else was able to be done online which took no time at all. Just marked them off the list once I completed them.

ETA - I also gave it about 6 weeks after completing the list to make sure I didn't miss anything before I closed the account. The ones that creep up on you are things paid once every 6 months or a year that you may not catch. That happened to me with my car insurance, but fortunately they sent me a reminder that they were drafting the payment in 6 weeks, which gave me time to give them the new bank information.

[spartan61]

20. Thank you for this information.

You have given me the incentive to do this and I will follow your instructions. I know once it is completed I'll be happy that I made the switch.

[Ruby the Liberal]

22. Good luck

If you have a scintilla of concern about your current bank, you will feel like a new person with a shiny new account. Its like a clean start!

:hi:

[asjr]

12. Maybe we should all invest

in a sturdy new mattress.

[cyglet]

15. +1. And history repeats itself n/t

[abelenkpe]

14. You have to convert to everyday checking? No option to keep free checking?

If you have to convert...nice word there...just switch banks. Credit unions are lovely. Good luck!

[kenny blankenship]

16. Contracts are only truly binding on flesh and blood people

Corporate people change their contractual obligations at will. Then they send you a letter informing you all about it, and how opening and reading the letter constitutes your agreement and legally binding acceptance of the new, fairly renegotiated terms of the contract. Much care is paid to informing you promptly of your new contract. In the United States of America, individual rights and the sanctity of contracts, freely entered into, are the basis of our free way of life.

[cyglet]

17. In

bulk mail too, so you don't notice it's important. I like how they try to be as shady as possible.

[RickFromMN]

18. U. S. Bank switched my account to "Easy Checking" in July.

Please see URL:
"US Bank Replaces "Free Checking" With "Easy" Checking (Hint: It's Not Free)"
http://consumerist.com/2011/05/us-bank-replaces-free-checking-with-easy-checking-hint-its-not-free.html
I think I can avoid a monthly fee if I keep $1500 in my checking account.

I assume U. S. Bank will raise other fees, including this fee, if they don't earn enough.

I'm not saying U. S. Bank is a good bank or a bad bank. I am saying U. S. Bank spooked me.
I don't fully understand what U. S. Bank is doing regarding customers like me, and it worries me.
I don't like changes, especially to my checking account. Makes me wonder what else they will change.

I'm in the process of switching to another bank. It takes time to change banks.
I have automatic payments made to a local electric/water utility, a local gas utility, phone, and so on.
Using automatic payments is the only way I can be sure I won't forget to pay them.
I will know in a month or two if all my automatic payments come from the new bank checking account.

[Ilsa]

19. My brother was charged $3.50 today for seeing a teller about withdrawing cash.

He would change banks if there was another one nearby that he could walk to. Plus, he needs an account for collecting his unemployment check expeditiously. He's currently w BofA and is looking forward to their failure.

If banks are going to impose debit card fees and check fees and teller fees, I'm going to find another bank. I need to move our money to a credIt union after we move out if Texas next year.

[cyglet]

25. Is Texas devoid of credit unions? n/t

[Ilsa]

28. He doesn't have a car, and this is the only bank near him. nt

[Ruby the Liberal]

26. That is BoA's last "free" account

It allows for unlimited check writing and unlimited ATM use but if you need to talk with a teller, there is a charge whether it is deposit or withdrawal (they want both done via ATM). This includes someone depositing funds in your account. The charge for that last I saw was around $8. For someone who owes you money to stop by the branch and attempt to deposit on your behalf.

Its nuts.

On the unemployment - can't he contact the state to have the money automatically credited to a debit card? That way he can move the money from the card to an account via the ATM without any fees. May be something to look into in the interim as most (if not all) states offer that option.

[Ilsa]

29. That may be the next thing he does if his apartment complex will let him use it for rent. nt

[Ruby the Liberal]

30. Likely they won't - but that shouldn't stop him

The UI debit card is a preloaded card. All he has to do it put it in the ATM (with his assigned PIN) and he can either transfer the balance to a checking account or withdraw cash from it. There are no cash advance fees for this (nor overdraft) as it is preloaded with an amount bi-weekly from the state.

[WCGreen]

24. Saving and loans are almost as good as credit unions..

[ItNerd4life]

27. How is this a 'tax'? Just use another bank. Not difficult. nt

[immoderate]

31. It's an expression. It's a levy on those who can't maintain a balance.

I will go to another bank. Guarantee it won't happen again -- priceless!

--imm

[LadyInAZ]

35. This already happened to me...

During recession... while not working... my checking account never received pay from work... there was about possible 2 hundred or more dollars in account... 2 or 4 months later... i get a statement that i have negative balance... over 400... i was told perhaps you left an automatic bill withdrawal to be taken out... now i knew that wasn't true cause I turn them all off once my last contract ended... so that i could keep a better handle on my finances while i look for work. thereafter i keep receiving these notices including from a creditor... finally received a bill that was less then 100 for this account... basically i was being ripped off... due to inactivity of a checking account...

[hfojvt]

36. where's the other $100 come from

$7 + $5 = 12 * 12 months = $144.

A type I suppose, I could just as easily get $255 on my first try.

I think it is sorta funny to have twenty replies and 50 views without anyone checking the maths.

[immoderate]

37. That's pretty good.

And I used to be a math teacher. :blush:

I started with $84, and when I added the $60, I carried the one twice.

Always check your work, students. :+


--imm

[sammytko]

38. Do you have to maintain a 500 balance or a direct deposit of 500?

Wells Fargo is changing also but free checking still applies if you have a direct deposit of at least 500 monthly. That is one deposit, can't be a combination.

[raccoon]

39. If and when you move your money, tell them why you did it. nt