Got a solution for the end of free checking?
What’s your banking strategy as free checking becomes extinct?
The days when you could walk into a bank branch and open an account with no charges or strings attached appear to be over, Associated Press is reporting. Now you have to jump through hoops — keep a high balance, use direct deposit or swipe your debit card several times a month.
One new account at Bank of America charges $8.95 per month if you want to bank with a teller or get a paper statement, AP writes.
Are you switching banks to try to avoid fees?
Are credit unions a better option? Your mattress?
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62 comments Add your comment
CU man
October 20th, 2010
4:48 pm
For the life of me, I cannot understand why people use banks instead of credit unions. FWIW, my credit union reimburses me for banks charges to use their ATMs. Free everything. I never pay a fee.
Banks are for suckers.
professional skeptic
October 20th, 2010
4:59 pm
If Big Banks want to make insane profits off of their account holders, then they’ll have to charge insanely large fees. Fees on checking, fees on atm usage… fees on top of fees.
It’ll be interesting to see how long the masses are willing to put up with all the fees.
RRTtoB
October 20th, 2010
5:18 pm
Going with Georgia’s Own Credit Union, a Visa debit card and online banking. Do you really need to carry a lot of cash anymore?? Plus, you can make deposits and withdrawals at any local credit union that hosts a Credit Union Service Center. And no fees at Publix atm’s.
Bank Gal
October 20th, 2010
5:45 pm
For the life of me, I cannot understand why people use credit unions instead of banks. FWIW, my banks reimburses me for banks charges to use their ATMs. Free everything. I never pay a fee.
Credit unions are for loosers that don’t know how to manage mony or don’t have it to begin with!
professional truth teller
October 20th, 2010
5:50 pm
If Credit Unions want to stay in business, then they’ll have to charge start charging fees. Fees on checking, fees on atm usage… fees on top of fees.
It’ll be interesting to see how long the masses are willing flock to credit unions only to discover the free ride is over!
RGB
October 20th, 2010
8:03 pm
Note to “Bank Gal”:
When you attempt to insult other people by calling them “loosers” [sic] who don’t know how to manage “mony” [sic], take extra special care to insure your spelling is correct.
Otherwise you look like a ……..
Z
October 20th, 2010
8:51 pm
Been at a credit union since forever, never a problem. In this day and age, a credit union is the only way to go to beat the banks at their own game.
wolfman
October 20th, 2010
9:49 pm
Delta Community Credit Union!
doopnocktola
October 20th, 2010
10:21 pm
I would rather join a credit union. Than join a church. I like Credit Unions so much I have my wife drive by the one near my house twice a day to make sure it’s still there. I asked Jesus to bless my credit union. If they ever go away. I’ll check to see if my doctor will put me on lithium. Jesus and the Apostles would have all joined. I’m sure. But not Judas. Because they don’t have sub-prime loans.
TnGelding
October 21st, 2010
6:48 am
I considered switching, but it’s just too much of a hassle. Certainly credit unions are better. But I’ll gladly pay the fees if they’ll treat the working poor more fairly. Our bank is switching for us this weekend due to the recent calamity. I’m not exactly looking forward to it.
Ellen
October 21st, 2010
7:27 am
Credit unions ARE convenient–just as long as you aren’t an ATM hog. Otherwise, you can get cash back at the grocery store.
Decaturguy
October 21st, 2010
7:29 am
I’ve banked in Atl for over 30 years. My first couple of banks were S&L’s that were eventually acquired by mega impersonal banks. About 12 years ago I got lucky and switched to Fidelity Bank. With a large community bank I get the best of all worlds, every possible product I could need plus local personal service. If I have a question, I talk to a real live person in Atlanta, not some call center employee that would not know Peachtree St from a peach tree. I love banking with my someone in my home, If I wanted to bank in New York or Calif I would move there.