Hunting for a new bank (thank you Barney Frank/Chris Dodd)

[Dreadnaught]

So, like many people, I've started getting notices about how the new US financial legislation arbitrarily caps profits banks can make from certain consumer services, thus forcing banks to raise fees on other consumer services.

Most ludicrously, my bank is charging some hefty wire fees ($15 incoming/$25 outgoing). I have to assume they don't mean directly depositing my paycheck will cost me $30/month. I can eliminate these fees if I always keep my balance above $2500, which is more than I like to keep in a checking account.

Does anyone use a national bank that hasn't had these kinds of fee hikes?

[Ominous Gamer]

Still use the school credit union. Its part of some larger thing, so I've got free ATM access at other credit unions all over the place, as well every McDs I've come across. Not that I ever seem to need them thanks to Brandy.

Wasn't the switch to a credit union day just last week?

[Catgrrl]

Ya, I would pick a credit union if you are eligible to switch to one. So much better in customer service and better credit card/ loan rates too.

[Dreadnaught]

I guess I may be a corner case in that I don't need loans or a credit card. I don't even have/want a credit card. And don't need much customer service.

I basically need the ability to write one check a month and occasionally withdraw a few hundred dollars of cash at a time for car garage/repair payments. Plus shunt money to/from a savings account.

Any favorite credit unions?

[Loki]

If you need to write checks for bills, you should look into using services that allow you to pay the bills straight from your bank account.

[Dreadnaught]

I have that for everything besides one important bill for something I can't change. At least for now.

My concern is those direct-pay services will all start counting as wire transfers.

[Loki]

Let me put your dilemma another way: you need to keep perhaps $2k more in your bank at any given time than you'd like (the minimum requirement is only $1500 at Chase by the way). What kind of return do you expect on those $2k? Perhaps 2-3%? How much effort are you willing to expand to save $50 a year?

[Dreadnaught]

I would get zero return just leaving it in a zero-interest checking account, maybe 1.5% in a savings account. I looked at Chase, they may be a good alternative. Though Chase's $1500 limit is just to avoid maintenance fees. Unclear to me if that also means I wouldn't pay for transfers (their transfer fees are higher).

Assuming direct deposit isn't charged a transfer fee, I probably make about one transfer per month. A lot of those transfers are outgoing from checking into savings, so the cost is more like $250 - $300/year. The idea that it costs the banks $15-25 to make a single electronic wire transfer is ludicrous. They are charging $8 to generate a bank check, which requires them to hire a person to use a check-printing machine. They are really just fishing around for the best way to make up the revenue.

[Loki]

I would get zero return just leaving it in a zero-interest checking account, maybe 1.5% in a savings account. I looked at Chase, they may be a good alternative. Though Chase's $1500 limit is just to avoid maintenance fees. Unclear to me if that also means I wouldn't pay for transfers (their transfer fees are higher).

I have a direct deposit going to Chase and I was never charged a transfer fee. Ditto for when I transfer money into or from a different bank account. I keep just above $1500 most of the time.

[Dreadnaught]

That would probably work for me. I need some clarity from my existing bank.

Though these fees are all new, so you may be in for a surprise.

[Veldan Rath]

Dread is correct. Between Frank/Dodd, and Congress in general looking to charge a tax on ALL EFT's, and the Big Banks just looking to squeeze any fee they can, get ready for some porking...

Better Half and I are getting ready to leave our bank and switch over to our Credit Union completely.

[ImAnOgre]

I had Suntrust, and they are starting the fees for using a debitcard as a credit card transaction.... so I went with an online bank. I went with Capitalone.... free everything (including webbill pay), but I hear Ally is a bit better.

[Ominous Gamer]

I have Ally for my car (used to be GMAC). I get a lot more spam mail from them now (used to get none), but I can't say they have messed up my autopay yet.

[GGT]

I use a community bank. Metro Bank (used to be Commerce.) Free checking, no minimum balance, no fees for ATM or debit card purchases. They may charge a fee for using debit card as credit, not sure though--since I never use it as credit. They have great lobby and drive-up hours, even weekends. Fairly certain they offer a savings with interest, and don't charge fees for transfers or direct deposits if you have a checking account with them, too.

Our Rutter's stores have M & T Bank ATMs that don't charge a fee for using any other bank card to get cash.

[Bitter Jeweler]

Interesting.

US Bank used to charge for debit purchases, but using debit card as credit card was free.
I'll have to watch this.

[CitizenCain]

Huntington? Or is that not available in NY?

Although, now that you went and made this thread, I need to get off my ass and check. Fucking politicians, couldn't leave well enough alone, and now we've got another law that's self-defeating before it even takes effect, and only makes the rest of us put more effort than we really ought to have to into something as fundamental as having money.

[GGT]

Interesting.

US Bank used to charge for debit purchases, but using debit card as credit card was free.
I'll have to watch this.

The only problem I've had with using the fee-free debit card was how a retail place can put a "hold" on more than the actual purchase price, until the actual transaction "clears". Almost like treating the transaction as a credit purchase. Gas stations are notorious for that, and there's no way to know who does it or for how much 'cushion'. Sometimes my balance is tight, and it's all about the timing of when things post.