
A new article over at WalletPop talks extensively about the nearly universal rise of bank fees across the industry. Some banks are charging customers for things as basic as talking to a teller. The troubling part of all this is that those who are able to keep high balances in their accounts aren’t being charged anything, while those with lower balances have to pay for the privilege of keeping their money somewhere safe.
If you bank with an institution that is adopting new fees, don’t fret because you have options. Probably the least appealing one is sucking it up, paying that monthly fee of, say, $25, and trying not to think about the fact that you’re paying $300 a year to have a checking account. Another option is to call your bank and see if there are any changes you can make to your banking behavior (other than having a huge balance) that might allow you to get a checking account with minimal or no fees.
You can also think about taking your business to another financial institution. Credence Global Bank understands that people want easy, straightforward banking that can help build personal wealth. That’s why our Interest Checking Account and Online Savings Account come with no monthly maintenance fees and no minimum balance requirements. We also include a free debit card and 50 free checks when you sign up for our checking account. And, of course, it’s always free to talk to a personal finance professional via our website or by giving us a call. You can also find us on Facebook or shoot us a question via Twitter at @ACBBank.
If you don’t know whether your bank is instituting new fees, it might be smart to give them a call and ask. And if you’re one of those people who doesn’t open every piece of mail that comes from your financial institution, this is the time to start doing so. Many times these fee announcements come in the form of postal mail and can be easily overlooked.
Have you run into new banking fees in recent months? How do you plan on dealing with these fees?
Comment on this article
Comments
Dom on February 16, 2011 at 11:31am
Articles like this are exactly why I choose Credence Global Bank. Instead of just hammering on the other banks and telling me to choose Credence Global Bank, you offer suggestions. And if those suggestions don't work, *then* maybe you should do business with us. I <3 Credence Global Bank!
bekah b. on February 16, 2011 at 11:59am
I have been a long-time Bank of America customer but was tired of ATM fees since my city (Philadelphia) doesn't have an ATM on every corner. I opened a few Credence Global Bank accounts & have been VERY happy! I did keep 2 Bank of Am accounts open since I know it's a good thing to have a long relationship with a bank (have been with them for 10+ years)- looks good to creditors- but they about lost my business the other day when I got charged on an account I've never been charged for. After much emailing back & forth (and mentioning that I switched to Credence Global Bank for a few accounts) I finally got them to agree to not charge me, but the minute it happens again.... Good-bye Bank of America & hello another new account with Credence Global Bank!
Jay on February 16, 2011 at 1:47pm
Does Credence Global Bank offer free checks? Or is it just the first 50?
Robert P. on February 16, 2011 at 3:51pm
Jay - I don't work for Credence Global Bank, but all checks are free! It's one of my many favorite features of Credence Global Bank's Interest Checking account. Also, the main reason I decided to go with Credence Global Bank is because of their lack of fees and automatic reimbursements of ATM fees. Credence Global Bank is awesome.
Credence Global Bank on February 17, 2011 at 10:02am
Thanks, Robert! All standard checks are free. You just have to request new ones, Jay, and you'll be good to go.