I now use Coffee Cans... even though I don't drink coffee. I've payed way too much over the years... and I've found that the Bank was unable to explain how their transactions are processed.

Important tip - try not to bother with checks. Pay online or with a money order if you have to, that way you don't risk a bounced check and the nasty fee that comes it.

I can guarantee the Fed is going to do absolutely nothing to regulate these fees because the lobbyists won't let them get anywhere close to that point.

I love, love, love TD Bank, except for the $15 dollar fee for going under $100 on your checking and $4 for going under $1000 for savings.

They don't charge an overdraft for debit card purchases that put you in the negative, nor fees for using out of network ATM's

Chase on the other hand can suck the fat one

That "dodgy one in the deli" spit out double-twenties for me one morning (likely ten years ago now, it was), and there was no remuneration asked of me in regards to it. I strutted like the Monopoly guy that day, I can tell you!

A couple of my co-workers actually tried to tap it for the BOGO special later on, to no avail.

i hate that when i take money out of an atm that isn't my bank's machine, then i get charged by both the atm and my bank. bingo-bango.

@lotussix: switch to charles schwab and all those atm fees get refunded at the end of the month :)

@Dethzilla:

or
Bank cared not disclose how their ripoffs are processed.

@dragonfire81: i personally don't use checks very often, but every once in a while, i have to. i've written one so far this year, but it was something i had to do and it was to my dad and he asked for a check instead of a transfer.

anyway.

when i moved last year, and had to write a couple of checks for a home inspection and other deposits. i wasn't in a position to bounce anything, i just didn't really wanna hastle with getting a money order when a check would have been just as good in that situation.

USAA and/or the local credit union FTW!

Or you could switch to a Credit Union, where the fees are usually much cheaper. Many have programs where they will refund the ATM fees that other banks charge you for using their ATM's, as well.

Banks are for businesses. Credit Unions are for consumers.

@rbb: Agreed. I love USAA's ATM fee reimbursal policy.

It's amazing how banks can take advantage of people like that. Oh well.

I make sure I avoid every charge that my bank tries to dish out.

I have a problem with this.

Why should I have to check my balance every morning.

I put my money in a bank to be SAFE, not to expose it to potential looting by bankers and ID Thiefs.

If someone hacks into my bank account, I may or may not get the money back-- one of the messages being I should have checked my balance-- so, UNLESS I CHECK MY BALANCE EVERY DAY I AM LIABLE FOR EVERYTHING. So why not put my money in a mattress?

@VeeKaChu: But that was back when they had little people in the machines and one likely made a mistake.

Alas, no longer.

I us Charles Schwab Bank. They refund all ATM fees.

@Mina_da_mad_child: What a stupid fee. You're broke so here's a fee to discourage you from being broke.

@frodoUnderhill: or TD Bank

@woolygator: etrade does as well

Those are fees are what I call "idiot taxes".

@woolygator:

Do you need a minimum balance to get the ATM fees refunded.

What do other readers think is a fair fee for writting a bad check? $30 seems fair to me. Close to $2 for ATM withdraws seems high but its personally easy for me to avoid this, my bank is everywhere in my city.

@Mina_da_mad_child: I closed my account when it was taken over by the Canadians. Thinks like fake mortgages and overdraft fees are all that America has left

@dragonfire81: Or, y'know, balance your checkbook*.
Either/or.
* What the heck: keep an extra $200 in there, just for fun.

So on top of the money banks can make by holding your money, they'll make more by charging you fees. Oh, but be a good customer, and you can enjoy that .05% annual interest.

I miss the gold old days when a bank used to actually do something to earn their profits, unlike today where they can't figure out anything profitable other than fees.

@dragonfire81: I don't know that the Fed answers to lobbyists. Hell, they only answer to Congress when they feel like it.

@HIV 2 Elway: When I worked for MegaBankCo, it absolutely broke my heart to plug the maximum-allowed-by-law-by-state dollar amount for bounced checks into the forecasting application we used, especially when it was clear the the cost of a bounced check was under 19 cents.

@HIV 2 Elway: Fair? The bank should cover the check and then give me another $50 to boot. Those rich bankers are part of the evil cadre known collectively as "The Man" that have been keeping me down all these years.

@PatrickSF: So what do you feel is a fair fine for promising money you don't have in exchange for goods and services? The fine needs to be high enough to discourage the activity but shouldn't be cripplingly high, $20-30 seems appropriate.

I just don't understand why people still deal with these banks. All it took was a few months of being assessed ripoff "overdraft" fees by BofA to move to a local credit union. Zero problems with the credit union, and zero ripoff fees.

The worst thing about BofA was that I was a long time customer of Seafirst here in Seattle with no problems, then when BofA bought them out everything suddenly went pear-shaped.

@HIV 2 Elway: I agree. People often forget that bounced checks are actually a risk to the bank. They only "earn" that fee if everyone actually ends up paying the overage, but since a lot of people out there try to write bad checks and flee with no intent on repaying the bank, it only stands to reason that they need to charge a fee to discourage the practice.

I really don't understand the selective outrage towards banks for charging overdraft fees. If you don't like the fee - then keep a closer eye on your account balance and don't spend money you don't have. Seems like a simple concept to me, but what do I know...I've had a checking account for over 20 years, written thousands of checks and performed countless ATM transations and yet I've never paid one cent in overdraft fees.

@Trai_Dep: When my checkbook balance says $0, there's actually $500 in there. Which serves as both a buffer against bounces/overdrafts and a little mini-emergency-fund.

@tailstoo: Back in "the good old days" banks used to charge people for every check they wrote and they had monthly minimum fees on top of it. It has only been since the invention of "free checking" have banks started charging other fees to offset their losses.

The bank is a business, and that business exists to make money just like any other business, so I fail to see why they should just give customers free checks, ATM cards, online banking, and access to their money 24/7/365 on top of some interest and not expect to make money for offering such a service.

The reality of the situation is if you don't spend more than you have in your account and if you make wise financial decisions, you will never have to pay any fees to your bank, so actually they are giving you quite a lot for nothing... and who could ask for a better deal?

@HIV 2 Elway: @HIV 2 Elway: @HIV 2 Elway:

$30 is fair to you? For something that costs pennies? Come on! Decades ago it may have cost banks something even remotely close to that much to process an uncovered check. How about doing it like those crazy people in Europe with their consumer protection and just business practices shmacktices and require every account that can't hold a minimum of a certain amout tied to a credit card with a %20 YPA rate. You overdraw by accident - or even intentionally because the economic system in the United States does not give a realistic fighting chance to a large majority of people - and you get charged some interest.... in a fair manner.

If you overdraw your account by $0.01 due to some math error or for whatever reason, and you end up with $80 in fees ; how is 2,920,000.00 % APY fair ????

Banks are hives of incompetence and bastardization of human productivity, drive, and effort in this country. Don't tell me about benks being fair; lest you wish to expose yourself as an idiot. That is not meant as an insult, it is meant as drawing attention to your lack of understanding of the matter.

I have never overdrawn an account, I could count the amount of times I have paid a bill late on one hand, I have as perfect a credit rating as it can get without trying; but it burns me up that a large part of this country's economy is nothing more than injust on the best day, and a systematic scam on a decent one.

We reward those who can etch out a scam for themselves, not real work; be it white collar or blue collar.

What are the median charges for all of these things?

@JGKojak:

Your mattress is probably less physically secure than a bank is. Your one night stand can more easily make an unauthorized withdrawl from your mattress than from your bank. Also, if there's a fire, your insurance company may not believe that you had five grand in your mattress. Finally, you can't write checks or make online payments based on your mattress; you pretty much have to have a bank if you have any bills to pay.

@HIV 2 Elway: what sucks is that a simple mistake can cost you $60+ for one bounced check. you frequently get charged on both sides of the transaction, so that's $30 at walmart & $30+ at the bank.

now, if that's a $6 check, does that seem right? it doesn't to me. shouldn't there at least be a guideline stating that fees be capped at 100% of the transaction amount? i'm reminded of a not-so-financially-savvy friend that blew more than an entire paycheck on overdraft fees - 14*$39 or $546 - for a dozen items that collectively cost less than $50. & to top it off, they nailed him $5/day for a week for being overdrawn - another $60! does that seem like an acceptable penalty to you? $606 in income for $50 exposure to potential loss? that seems excessive to me.

@mac-phisto: A capped fee sounds fair, but would you suggest using the same percentage based fee structure for larger overages? If I bounce a $1000 mortgage or rent check (more likely since only assholes write small checks at the market) is a $1000 fine fair? I think a $20-30 fine regardless of the overage amount seems better across the board.

You should do your buddy a favor and take his checkbook away from him.

@lotussix: Buy a bottle of pop at the supermarket or drugstore and ask for $20 back...

@dragonfire81: Even with Online Billpay the bank is sometimes still sending a check. As for myself I think that only happens with the rent payment or if I have to pay a medical bill.

(I tried to pay a mail order pharmacist over the phone. They said they couldn't do it.)

@HIV 2 Elway: i was thinking more along the lines of 100% up to $X. so, if you made out a check for $6, the most they could charge you is $6, but the charge to pay/bounce your $1000 would be (say) $30.

my friend's gotten better - he hasn't had that same problem again (that i know of anyway) & it wasn't the checkbook that killed him - it was a debit card thru one of those banks that let the card swipe thru even if you don't have the money. should he have known better? yes, but some would also argue that the bank should know better as well. this is a blatant trap & exploitative of consumers. when it's sold to consumers as: "it's not a credit card; it comes right out of your account's available balance" & then it actually does function as a low-balance, high-fee credit card - that's not right. $600 to borrow $50 for a week? that makes the sharks look like saints!

anyway, he has since shifted his pattern completely - no more debit card for every day spending; only online transactions. he switched to a mostly cash state (which has its own problems).

@varro: right because every place has cash back these days...

Another tip: Have a separate checking account for large and/or regular bills.

I don't even have an ATM card for the account I use to pay my rent, power, etc. Makes it difficult to impossible to accidentally spend the rent before the rent check is cashed.

As a worker at a local illinois bank, i know a little bit about this fee stuff. Look, to everybody that complains about overdraft fees, why cant you balance a checkbook? If you dont have the money, dont spend it. Dont write checks and hope that it takes time for it to go through while your paycheck deposits. Dont swipe your card at the gas station knowing it will take 2-3 days for it to hard post. Keep a register, know your balance, dont overspend. Banks need to make money. Are the fees excessive? Sometimes yes. Going negative and getting a 30$ fee is crazy, i agree. I'll reverse it, once. Dont come to me and tell me that you made a mistake, or ask to have it reversed for your mistake. Learn to manage! ATM fees, those you cant complain about either. They are disclosed before the account is opened, so if you dont like them.. go somewhere else or access your money some other way. ATMs need to be maintained daily, and have a vault service empty and balance them each and every day. This costs money people! If your not happy, with it.. learn to deal. Its how it is! I know im blabbing here, but damn.. keep a register, know how much you have, and dont spend more. Very basic responsibility!
PS The dodgey ATM... HAHAHA those are the best!

@mac-phisto:

"i was thinking more along the lines of 100% up to $X. so, if you made out a check for $6, the most they could charge you is $6, but the charge to pay/bounce your $1000 would be (say) $30."

Sort of sounds like you want to control what the bank charges. Do you also condone Wal-Mart only being able to charge $3 for a tube of Crest toothpaste or only allowing ExxonMobil to charge $3.25 per gallon of gasoline?

What you are suggesting is nothing short of price caps - and that is hardly a good idea in a free market society. If you cap the maximum fee at $6 for a $6 check, it still equals 100% fee, so if your friend writes 20 bad checks for a total of $500, he still pays $500 in fees. Under the current system he would pay $30 per check which would be $600...I hardly consider that a huge disparity, and it makes things much easier to just have a flat fee.

Again - if someone doesn't like the fees, they should manage their money properly so it doesn't impact them. It really isn't that hard.

@dragonfire81: Damn near every supermarket and national chain stores.

Can't you go to jail for writing hot checks? It seems like paying for something and not actually having the money to cover it is pretty immoral either way. I think they should charge a lot to discourage people from doing it.

I'm ok with overdraft charges and for using other ATMs. I know my balance and can usually find a Bank of America ATM when I need one. If I can't and have to use another bank's ATM then I figure I'll be dinged and deal with it. But today I learned of a new fee firsthand. I was charged for making a deposit!!!

I have been a BoA customer since July 1986 when I started with NCNB. I never closed my accounts because I always had direct deposit and they didn't charge me monthly fees plus I like their online banking. Last week I wired money from my Morgan Stanley/Smith Barney brokerage account to my checking account at BoA. MS/SB charged me $25 for the wire. Understandable. BUT THE KILLER WAS THAT BOA CHARGED ME $12 TO RECEIVE THE WIRE. Yes, buried at the bottom of the recently revised fee schedule it states that they will charge for incoming wire transfers. When I asked the customer service rep about this, she immediately reversed the charge (without my asking) because I have been a "valued Bank of America customer since 7/28/1986."

When I asked how a wire transfer is different from a regular direct deposit or a payroll deposit which you don't charge any fees her answer was "direct or payroll deposit is usually done by your employers who have bank account with us. Whereas wire transfer is done by anyone, from any place. So always we charge a fee."

Now my BoA account is in North Carolina and my employers have been in Missouri, Arkansas, and Maryland. Is payroll DD any different. I don't believe that every employer has an account with every bank of every one of their employees.

So be careful out there, let's do it to them before they do it to us.

@Costner: wrong. this is a FEE. regulators already have the power to mandate when banks can levy a fee & how much. mandating fee limitations in banking =/= price controls. it's standard practice.

my friend in the example used his debit card 14 times for purchases that IN TOTAL equaled $50. so, $50 in transactions + $50 in fees (or $100) is a huge difference compared to what he did pay ($600+).

& to your final point: seriously? is it impossible for you to see how someone could get trapped in a cycle of bank fees that drive them into destitution? if not, i recommend you read this article: [consumerist.com]

of course, as a free marketeer, i'm sure your answer to that problem will be to end social security, at which point the recipients will have no money for the bank to steal.

@TheWillow: since when does TD Bank do that?

Although I've never looked at the rules regarding my bank account there. It only exists so I can deposit cash and transfer it to USAA. And I still have a student checking account there...they never changed it to regular checking (which is good bc I don't want to tie up 100 bucks there)