Banks

The ClubHouse: General Archives: June - July Archives: Banks

Flint

Monday, June 25, 2001 - 02:51 pm Click here to edit this post
It must be nice to have the power of a bank.

Have you ever receievd a notice in the mail from your bank announcing that they were arbitrarily changing your account? Not adding one or two new service fees, but changing the entire nature of it? An account you have had for 17 years?

I got just such a letter from my bank. Now, I will have to pay a service charge to access my money in ANY way. Whether from an ATM or in the bank from a teller. (Up to this point I didn't even have to pay to use the ATM for withdrawals.) They will even be charging for automated payroll deposits! Nice folks that they are, I will get 1 free deposit a month though. Of course, most people get paid TWICE a month.

They say they are doing this to "bring fees in line with those on other Royal Bank accounts". Which translates to, we noticed you have had access to services and your money for free for too long, and now you have to pay for it.

At a time when banks are recording record profits, in the Billions of dollars, it is amazing to see how greedy they are. Service charges slapped on to everything. They want people to use ABM's instead of people, so they slap a fee on if you use a teller. Yet they also charge for the use of an ABM. They cut back their staff, to "save money", putting people out of work. All of this at a time when they are hauling in more and more money. And they wonder why Bankers are getting as bad an image as Lawyers.

Seeing that I only had a savings account, and only needed the bank as place to store money that wasn't being spent, I guess I have to wonder if I really need an account at all. I have been with the Royal Bank for almost 17 years. That will be changing very shortly.

Zeb

Monday, June 25, 2001 - 03:02 pm Click here to edit this post
Welcome to the REAL world of banking. How else will the bank pay its top executives and pay for it's palacial lobbies if they didn't "FEE" a customer to death.

A bank is there to sell you stuff, not exactly give you what you need. If you incur fees on a regular basis then you become one of their top customers.

They smile, hand you a "sucker", and are probably thinking the same thing as you leave their building.

Banks are a dime a dozen and are in heavy competition with each other. Don't you find it ridiculous that you can't personally talk to a teller these days without paying a fee?

Bijoux

Monday, June 25, 2001 - 03:13 pm Click here to edit this post
Flint, can you join a credit union? They seem to be more reasonable on fees.

When my bank starting charging me fees on my savings account ($3 a month if it went under a $500 balance), I zeroed out the account but left it open. The fees accummulated, until, eventually the bank had to reverse them and close out the account themselves.

Wcv63

Monday, June 25, 2001 - 03:44 pm Click here to edit this post
I think it's a crime that they charge you a fee on a deposit. I myself joined a credit union several years ago and although Bijoux is correct in that their fees are more reasonable they seem to be trying to correct that oversight as we speak.

Sometimes I feel like digging a hole in the backyard is the only way to go.

Zeb

Monday, June 25, 2001 - 03:48 pm Click here to edit this post
Also, if your money (that isn't being spent) is just sitting in a savings account earning like 2% a year, you're better off placing it elsewhere anyway. Look up the "Rule of 72" on the internet.

Even some money market accounts let you write a certain number of checks per month if you need to.

Grooch

Monday, June 25, 2001 - 04:00 pm Click here to edit this post
The problem is that all the banks are consolidating, so they really don't need to compete for your services anymore. Since you have no choices, they can charge you whatever they want.

Don't get me started on banks. I'll end up here all night b*tching them out.

Lancecrossfire

Monday, June 25, 2001 - 04:02 pm Click here to edit this post
<Grooch moves to grouching thread at the speed of light> LOL

Zeb

Monday, June 25, 2001 - 04:06 pm Click here to edit this post
Everyone hates them, yet everyone seems to need them...at least to write checks, use an ATM, direct withdrawals, direct deposit, and use a check card.

It's a poor vehicle if you are expecting a monumental return on your savings. I know two people that work in bank administration and I've heard some stories that would make you turn red and burst into flames. Anyway, I think you get the point.

Whit4you

Monday, June 25, 2001 - 04:56 pm Click here to edit this post
Might explain why there are more banks in the top 50 largest corporations in the country then any other industry LOL

Zeb

Monday, June 25, 2001 - 05:30 pm Click here to edit this post
Don't confuse banks with investment brokerages.

Misslibra

Tuesday, June 26, 2001 - 02:10 am Click here to edit this post
I agree with Bijoux, I switched over to the Credit Union many years ago, and have not miss going to the banks at all.