Money in the bank
 

So I JUST realized that my PNC bank account charges me $4.00 a moth out of my savings if I don't keep $1,000 in my checking account. WTF? I've lost $20 dollars since the summer because I didn't even know this. Since I have an interest checking account it's like a penalty for not having the minimum. PNC just bought my old bank National City so I didn't do my homework....any bank suggestions I should transfer to?

Find a credit union.

CU's are federally insured and offer just about all the services of a "bank"; and they are usually more local, more customer-friendly, and more flexible on loans, fees, and interest rates.

They should have a free checking option you could transfer to. I think all banks have that now.

Local credit union, all the way. I'm amazed sometimes when people talk about the kind of crap banks pull, I've forgotten what it's like out there. Credit unions are just as safe as banks (safer when you consider that most are too small to engage in stupid shit like mortgage bundling...) and have actual, you know, customer service.

My credit union had some problems with an individual behaving badly with other people's money (and the government's). But the advantage is, unlike the banks the members find out about it. That puts social, as well as legal, pressure on the employees to behave.

Please.

Hie thee to the nearest credit union. Immediately.

Do you realize that you are a cash crop from the perspective of the bank? They have a fiduciary obligation to ... the stockholders. Not to you. The principle function of a bank, is to remain a going concern. They're mission is to stay in business. And that means to keep making a profit. That profit comes *from you* and flows *to them*. Your money goes to the owners of the business. Just like at Subway, or JCPenney or any other business.

A bank gives you a service, holding your money, making it kinda easy to get to, .... that's probably it for you at this time. Perhaps you have a credit card or a loan of some kind with them. You pay for this service. Your money goes to the owners of this business.

A credit union does all the same things, provides all these same services, but with one very fundamental difference. The money you pay for these services goes to YOU, because YOU are one of the owners. That is why it is called a credit UNION. People join together and as a group, a union, they decide to run an operation that does things the bank does, but instead of having the money/profit generated by the operation go outside, we all just share it among ourselves.

You'll still see some fees, and the CU will operate in the black, and those "profits" are returned to you as dividends.

You have the best of both worlds--you get the services of the bank, and you get the profits of the operation.

Another thing... you might wonder why this great deal .. you might think it's too good to be true. Why haven't you heard of it. Because since they're not a for profit outfit, they don't really bother with too much advertising. Compared to the big banks, which advertise a ton. "Your life will be better with a Chase card!!!!!!" etc etc.

The banks need to advertise to get your attention to get your money.

The credit unions don't. They don't need to "grow" like the banks do.

A good analogy might be McDonalds versus your mom's home cooking. McD's is a giant business and you can get fed there, your money goes to the business, including some profit. Mom can also feed you and there are costs involved, but she doesn't need to advertise, she is happy with the size of her operation already. You still get fed. But you don't pay extra for someone else's profit.

Credit union. I fired 5/3 bank a while ago and it was one of the better things I've done.

Credit Unions are also restricted in who can join. You have to be a member of a defined group, so you just can't join any credit union you choose. Most people have a choice of a couple, however. They also may be chartered federally, or by the state, which changes the operating rules a little. Here in PA, the state chartered ones are supervised more closely than the federally chartered, but your money is safe in both.

Yeah, officially my credit union is affiliated with my state university. Possible ways to qualify for membership included:

1.) Being a student of the University
2.) Being an employee of the University
3.) Being a member of a particular University charity organization--which itself can be accomplished by a single $30 donation to said charity. And can be done right there at the credit union as you're applying for an account. Done and done.

xoB, CF:

In Washington, being a resident of the state is the only qualification required for membership in any credit union doing business in the state. BECU is big here, understandably. I could join them if I wished. This is a change from when I first joined the credit union, though. The restrictions on membership used to be much more severe.

Shop around. You're likely to find *some* credit union you can qualify for. You'll never look back.

Cool, but I imagine there are other credit unions besides BECU in the state which would have other conditions. My credit union used to require company employment, then added anyone living in the community. A year later that changed to anyone living or working in the community. 6 months later it was anyone living, working, worshiping, or doing business (shopping) in the community. :lol2:

How about we wait another few months and claim membership because we know someone online who has an IP address in the community?
:D

We are able to join as a perk of our food coop membership. I love my credit union, I want to hug it... I want to love it... I want to hug it... I want to smooch it... I want to...

C'mon, c'mon, fess up... you want to have sex with it don't you. :p:

Well, there is this one teller...

Is she a kiss'n'teller?

Thus my caution...

I have one of those too. Her name is Nina. So far, I have been unsuccessful in my attempts to persuade her to accept my direct deposit.

She has a low interest rate, huh?

She's concerned about the possibility of early withdrawal.

Sorry friends, I got a Chase account.

Went right to the root of all evil, huh. Hope you have better luck than I had... twice.

Any fool can ask for advice.

We recently had a significant breakdown on our car, and the repair bill was more than the free cash we had on hand.
So I signed up for a Goodyear credit card that gives interest free for 6 months. I will pay it off before 6 months.

BUT... If the account balance is not paid off within 6 months, the interest rate goes up over 29 %,
and the fine print makes it look as though that rate is back-dated to the original date of purchase.

I can't put into words the outrage I feel towards any company that would charge such rates.

If the TeaParty-ers are going to revolt on anything, the first priority should be against the credit card industry
and the US Supreme Court decision that effectively nullified all State laws on usury.

If they say up front that's what's going to happen, I don't see the problem. Yup 29% is outrageous, but you know that when you get into it. If there's any doubt that's you'll pay it off, you don't take the deal. If you can't get any affordable credit, then you take the bus.

Monster, there was no problem for me in terms of credit or cash.
The Goodyear credit card was a convenience for me until the end of this month.

The problem is that a 29+ % interest rate is more than outrageous,
and there is nothing to stop corporations from this usury.

By the way, "usury" in the dictionary is:
But the US Supreme Court decision changed that definition, it is now: I believe similar interest rates are to be found on many of the "company" credit cards, such as Goodyear.
I also suspect there are similar interest rates existing on the generic cards, such as Visa, MasterCharge, etc.

I further believe that most people who get into trouble with their credit are not truly aware
of all the fees and rates and conditions that come into play when an account balance is not paid in full
by the next date due.

It is just way to easy to excuse or ignore the situation by blaming the victims.

I don't believe it's unreasonable if it's stated up front.

But why are they not aware? Did they fail to read what they signed, or were they lied to?

bullshit. No victims here unless they were lied to. You sign something without reading it or without understanding it.... you get what you deserve.

It's OK not to understand something, it' s OK to ask questions. It's OK to walk away without signing. it's not OK to do whatever the fuck you what to get the shit you want without care of the consequences because it's something you can't actually afford.

Has anyone ever actually read thru the "Notice of Terms and Conditions" for their credit cards ?

I recently got one for the Visa account we've had for about 40+ years.
It was one piece of paper printed on both sides in fairly small print...
folded and re-folded so there actually were 18 pages of printed material.
On other such "Notices" the print is so small I can't read it,
and on some the font is almost the same gray contrast as the paper.

That's part of what I mean by people not being truly aware because the companies
use these devises to overwhelm the reader and give up.
The other part is that people are probably being overly optimistic about their ability to re-pay their account.
So they don't even try to pay more than the "minimum payment",
even when they intellectually know the interest rate is excessive.

Maybe "unreasonable" is in the eye of the beholder, but there is an spreading impact
to all of us when others can not pay off their debt.

yes, I read everything. If you don't, you're part of the problem.

18 pages? folded and refolded? I think they saw you coming. Or someone else is "checking" your mail. You say it was recent -could you scan and post it? I'd love to see that. It sounds like you are being targeted and may have grounds for a law suit. But I would say your experience is far from the norm. Sure, they don't want to you read it, but if you can't, ask for a larger print version, don't just sign it or ignore it. If you can't be bothered, caveat emptor.

Sorry, I have no time for stupid greedy people.

Being Overly Optimistic about your ability to repay is in the lottery players category. You play, you pay. No sympathy from me if you banked on winning a game of chance.

Wow Mons, what a response !

Try this link for an example of Visa's Terms and Conditions.
When I do a copy/paste into MS word, it is 14 pages long,
with width of 6 inches and the font is NY Times 12.
The Notice I received was smaller width and in smaller font.

For the rest of your remarks, I can only try to assure you that none of them apply to me.
I'm pretty sure that we have not paid more than
$30 over 45+ years of using credit cards or credit accounts...
because our balances have always been paid off in full before the next due date.

Both of my postings were directed at the ursury rates that are being charged (other people).

I can't say I understand your remark about "stupid greedy people",
but there's no need to explain unless you wish to.

Cheers...

[FONT="Comic Sans MS"][/FONT]Well, teller you love 'em...

Basically, the full text of those agreements can be boiled down to

"If you don't want to be fucked liked you've never imagined possible, you will pay in full before 28 days elapses, otherwise you will be well and truly, if systematically, fucked."
Enjoy your purchases!

Lamp - You are correct - I get the same things every year. Its ridiculous the way the information is conveyed. re: the 29% rate - that is also too common. Virtually all the buy no no interest till 20?? are that way. and yes they backdate the interest from the date of purchase. Whats even worse is, IIRC, they charge you interest on the TOTAL purchase price - not just the remaining amount due.

I got into trouble, well actually it was my ex, but whatever. About 10 years ago - had three cards - Citibank, Sears and JC Penney - they were all 29.5%.

To sum it up shortly reread foot3's post.

You have no reason to expect an interest-free loan. You have no right to expect any loan. You take a deal that says pay in off in a set period and we'll waive the interest, then you can only expect not to pay interest if you pay it off in the set period. Otherwise, you pay the interest. Why would you expect that not to be from the moment you took the loan?

Read the small print, don't take the deal or don't whine when you get bit. QED.

If you want it legislating against, consider who you vote for and don't whine about governement interference EVER AGAIN.

This has been a public service announcement on behalf of the monster party.


Methinks some gentlemen protest too much.

No protest monnie - just facts.

Bitching is better left to the bitches.

We will remember this thread when you come back in a year to complain about how Chase has screwed you over with fees and/or incompetence. The sad thing is you probably will not remember it... but we will.

Yeah, I got referred to it by other personal people, and I need to really build up my credit and pay my loans. Plus they told me they would help me in the future with larger loans and investments....why is everyone so angry toward banks? I've only heard of the credit union at my university, I'm not aware of the ones in my area....

is that ok?

Of course it is OK.

The fees and charges and the federal bank bailouts that you already know about are distasteful to almost everyone, so they may be angry about all that.

On one hand some may feel miffed because you did not follow their advise to go with a credit union.
On the other, you asked for advise on "banks" and none was offered.

Go with what is best for your situation... only you know what that is.

Because we've all had long enough to get screwed by them. For future reference, a credit union will also do all those things you mentioned above. I do sincerely hope it works out for you--since Chase screwed Bruce over more than once, maybe they'll have filled their quota for awhile and can let you off scot-free. :)

hahahahah


Cf, you're funny.

freshnesschronic, you're hosed. sure, it's ok. it's your life, it's your money (for the time being, anyhow). Angry at the banks? Meh--they only love me for my money. I have a choice in my area to get my "banking" services from a number of sources, and credit unions give me the best service for the least money. Banks do not. Now maybe your needs are different than mine, or the credit unions suck ass in your area, whatever. it's no biggie. check back with us, ok?

lamplighter--there was no collusion. why do you think there were no testimonials for banks, especially when that was specifically requested in the OP? Because we all listened to him and answered what he needed to know, not what he asked. You do this all the time too. to give a narrow, literally correct answer that is unhelpful by omission is ... bullshit.

your guesses about our "anger" are seriously wrong. miffed because he didn't take my advice? hardly. pissed about the bank bailouts? seriously doesn't apply in this case. he's our friend and we each tried to give him our best. That's all.

I will also look into a credit union / do the necessary research about them for future usage, no doubt.

To update, PNC actually upgraded my account, reversed all the fees and gave me a %1 interest rate in my savings account, while Chase gives me another start to build better credit and investments. That's how I see it, and I check my bank account online all a lot, so I hope I can keep on the ball about my balances and bills.

BigV, I'm sorry if you were off-put by my post#38.

I've read back thru the thread and really don't see that my "advice"
differed all that much from yours or the other Dwellars.
I am angry about the "...fees and charges and bailouts..."
Maybe you're not. That's OK with me.

Had I stuck to Fresh's request on "banks", I might have gone
in the direction of smaller, local banks for that reason.
But I would not have been able to name any particular bank
of choice in the Chicago area.

The business about being "miffed" was a matter of tone.
After he announced his decision to go with Chase,
two or three posts in this thread did not seem all that friendly.
Again, maybe you (or theother Dwellars) don't agree.
But I can agree with you that I tried to be literally correct by using "some" and "may".

Peace

My mother and my son use Chase. I use another and I have been with them for years and if they make a mistake they fix it. I am sure the majority here are with regular banks. It would be an interesting poll? :)

My bank is good for basic banking with a watchful eye. I wouldn't take a loan by them, I would go to a credit union for that. I am speaking for myself of course.

I did not sign their form saying they could overdraft my debt. Their code was," pay my purchases if I didn't have money in the account". I would rather have my debit card declined. Thank you very much.

oh I agree.

I don't see where you or fresh owe anyone an explanation.

Whenever fresh has asked for our advice, from banking to what kind of dinner to cook for his girl or how to handle her booze pushing brother, we always let him know what's on our minds--our collective wisdom if you will.And like any self respecting yute, he completely ignores us, preferring to learn life's lessons the same way we all did. The hard way.

And when his turn comes to give the advice to the next young turk in line, he'll be just as head-shakingly umbraged as us when the young turk ignores it.

True, but he isn't coming home and all this feet wiping at the door of the cellar is peculiar. It reads like a sitcom. "Mom", "I'm Home" " I just got a Chase account". "Son, I thought we discussed this" " I advised you to go to a credit union" " You asked for an opinion and you just went and did your own thing". " Again" " How could you?" "Gee mom, sorry" " I thought it was ok that I thought for myself" "I am 24 now"

There are, like, five moms and three sons in your sitcom...

Mormon commune in the 60s?

haha funny- That's speed typing after a day of studying.



:)