Almost all costs and fees are up at the brick and mortar banks included in Bankrate’s 2007 Checking Account Pricing Study. Average fees reached new peaks across the board.
banks
With "Free Pita" Promise, Citi Lures Students Off-Campus To Skirt On-Campus Solicitation Ban
By 9.24.07
How does Citi get around Syracuse University’s ban against turning college kids into debt sharecroppers? Simple. Pass out flyers saying, “free pitas,” given away at a location just outside the campus boundaries…
77-Year-Old Man Sues Bank Of America Over $10,000 In Undisclosed Fees – Wins
By 9.24.07
77-year old Peter Gossels won his 8-year lawsuit against Bank Of America for $10,000 in undisclosed fees the bank assessed when he deposited a large check drawn on a German bank. The elderly lawyer argued that the bank failed to disclose the exchange rate when he conducted the transaction.
College Student Learns How Overdrafts Work
By 9.20.07
Forgive me, I’m a bit emotional over this. I’m raging mad and sad and disappointed because today Wells Fargo just lost my business. Yeah, I screwed up in this, but I’m a poor college student, and I thought I fixed it before it was a problem…
Credit vs Debit
By 9.19.07
What’s better, debit or credit? Red Tape Chronicles examines the pros and cons. For our money, debit cards are better for controlling spending, but credit cards protect the buyer better, much better, and so we use debit cards to withdraw cash from ATMs and credit cards for transactions.
Mint.com – A New Free Personal Finance Management Site
By 9.18.07
The free personal finance management site Mint.com opened to the public today.
By 9.18.07
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Bank of America got the final OK it needed to go ahead with its purchase of LaSalle Bank [Chicago Tribune].
By 9.18.07
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If you have over $2,500, you can start earning upwards of 5.2% interest with this hard-to-find Bank of America money market account. [My Money Blog]
Make Credit Card Companies Your Bitch
By 9.16.07
Blueprint for Financial Prosperity reminds us that savvy consumers can take advantage of credit card companies hellbent on turning a profit. Most credit card companies will go to great lengths to keep their customers happily spending away. Use these tips to make them cater to your every financial desire:
How Bank Of America Spun Raising ATM Fees To $3
By 9.13.07
Bank of America defended raising ATM fees to $3 for non-customers to withdraw from its ATMs by spokesperson Betty Riess spilling this lovely bucket of hogwash:
By 9.10.07
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A reader reports that thanks to a big update over the weekend, customers haven’t been able to connect to Chase services via Quicken, MS Money, or Quickbooks, though web browsers still work. Seamus writes, “The worst part is that only about half of their support staff are even aware of the problem, and no resolution time has been given. Another “upgrade” gone wrong!”
5/3 Bank's New Policy: Only Process The First $100 Of A Check
By 9.10.07
How can you overdraft when you’ve deposited more than enough money to pay for the charges? Why, when 5/3 Bank decides to only let the first $100 of the check through.
Bank Wait Times Are Matter Of Perception
By 9.10.07
According to a McKinsey article entitled, “Bank branches that meet customer needs,”
Customer satisfaction, we know from our research, reflects perceived rather than actual waiting time. A three- to five-minute wait (or three to five customers standing in a line) will be acceptable if the branch provides interesting diversions and appears to be staffed efficiently.
Does this describe your bank branch? We rarely set foot in ours, Washington Mutual, but when we do, the lines are often long and there don’t seem to be any “diversions,” beyond wondering idly who ever thought switching to a “kiosk” style of banking was a good and safe idea.
Stash Your Cash In CDs Now
By 9.9.07
The Federal Reserve Board is expected to cut interest rates soon, and you can bet that banks will quickly follow their lead and slash rates on savings accounts and certificates of deposit. By purchasing a CD now, you can lock in favorable rates ahead of the Fed’s September 18 meeting. From the Chicago Tribune:
“Banks usually are really fast to cut rates and slow to raise,” he said.
Lost Cellphone At Credit Union, Would They Turn Over The Surveillance Tapes?
By 9.6.07
“I went to my Credit Union last night to pay my car payment. I think during sometime between getting out the appropriate papers and leaving the place I must have misplaced my phone. On my drive home, I realized I didn’t have my phone.
Washington Mutual Fraud Department Doesn't Feel Like Reimbursing Elderly Parents Defrauded For $1,100
By 8.28.07
I am writing this note today on behalf of my 80 year old parents who have been banking with Washington Mutual. My parents account has had 10 forged checks passed on their 3 of their bank accounts. The fraud department has reimbursed one of the accounts for 2 checks after faxing a copy of the police report. However, today, after 20 days now, the fraud department has not reimbursed the other accounts. I have called fraud department many times now in an effort to recapture these funds in the amount of $1,100.00. Quite frankly the department was very rude and has been giving my parents the run around!
Reach Wachovia Executive Customer Service
By 8.28.07
Wachovia calls them the “Corporate Service Solutions Team,” but it’s the same as any other members of executive customer service team; high-ranking customer service employees equipped with superhuman powers to address problems and complaints no matter what their origination or how deeply rooted their cause.
Chase Penalizes Customers For Saving Money Too Long
By 8.24.07
Savings accounts, they’re where you save money. You put money in and leave it there. That’s the whole point, right? Well, at Chase, if don’t deposit or withdraw money into it for 3 months, it becomes “inactive,” blogs Tom Drapeau. That means you can’t make a wire transfer out of it. Annoying, but you can change to “active” by depositing or withdrawing money, and if you want to avoid “inactive” status, you could set up an automated transfer to put in $1 and take out $1 of it.
