First Major Bank Issue

[tinhorn]

I enjoy going into new banks to see how cordial they are when I ask to buy pennies. Kinda like the cold-calling I did back in the day. One teller told me about their fancy coin counter that I could use for free if I was a customer, and they had a no-fee account. Sign me up! Last week I ran across a second bank with the same deal--no fee account and a free coin counter. These are smaller, community banks, with whom you should be doing business anyway. Hassles are God's way of punishing you for using major banks.

Also, I apologize for Barney Frank's re-election. (I'm not in his district.)

[jbj]

If you have the time you should start dumping at a coinstar machine. I found a way to dump for free there. If you just dump one zinc at a time and print the slip they don't charge you. If you have lots of free time it may be an option.

[Lemon Thrower]

my guess is that the small banks are waiting to see what the big banks do. BAC just made a bunch of changes.

the community banks may be hit the hardest by this and may change their fees the most. Big national banks have a lot more places to make up the revenue.

[HoardCopperByTheTon]

The rules.. they are a changin'. I just found out one of the banks I used to use heavily but don't use hardly anymore has changed the rules again. It was Comerica Bank. They now want a $750 minumum balance or direct deposit. Simple solution.. I just closed the accounts.

The way around the Bank of America bank charge is to transfer money in from PayPal every month. They count this as a direct deposit and if that is one of the ways to avoid the bank charge it will keep your account fee free without having to set up a real direct deposit.

[NotABigDeal]

If you have the time you should start dumping at a coinstar machine. I found a way to dump for free there. If you just dump one zinc at a time and print the slip they don't charge you. If you have lots of free time it may be an option.

Do you have any idea how long it would take to dump at least $1000 through a Coinstar? I don't have that much time free for that. I'm not sure how much they hold. Plus, I don't need that many gift cards....

Sorry for the lag in the update. Right before I left for Vegas, I took $1500 to a local branch.... Wouldn't you know it the machine was down for maintenance. Of course they probably put the note on there when I pulled up as they know my truck, hehe. Oh well. My Credit Union gladly accepts my dumps, and it only costs me a few pops (yeah, I call it "pop" and not "soda" or "coke", hehe) from the gas station. A few bucks at the most, plus it keeps them on my good side. I'd rather give them my money than to give it to Commerce....

I went to close my account and the branch manager seemed to be genuine in her regret to keep me as a customer. I laid it all out and listed my grievances. To no avail. She did try to figure out a way to keep me. Heck I was in her office for 30-45 minutes. No go. Not really a big loss. She gave me her card and asked me to call her direct should I change my mind. This might actually work out in the long run, maybe I can take advantage of this in the future. Something like, "I'd love to come back to Commerce, I can see paying the $7 IF I can be guaranteed no hassel coin purchases....) Not that I need them, but I could pick up boxes to put away to complement the bags I get regularly. You never know....

Deal

[HoardCopperByTheTon]

Maybe if they could guarantee you a hundred bags a week with no hassle.

[97guns]

its $1500 at chase too, i keep just enough in a money market account to get my 8 free checking accounts

i am anal about my money too, anytime a bank charges me a red cent in fee's i bail on them. i'd rather use my FRN's for toilet paper than to give any of it to a bank.

[traderchowder]

I've gone to a Wells Fargo where I live and asked for small amounts of rolls of pennies. Even asking for $10 worth of pennies seems to confuse the tellers.

Both times I tried it the teller manager came up to the tellers while I was there and said "are you OK?", which I'm thinking must be code for "is this guy bothering you? and do you need me to step in?". I thought it was interesting that two different teller managers asked if they were OK the exact same way. I'm like she's gathering rolls of pennies, no cause for alarm. Both times the teller ladies said no, which is good. And yes both the tellers were cute.

[NotABigDeal]

I've gone to a Wells Fargo where I live and asked for small amounts of rolls of pennies. Even asking for $10 worth of pennies seems to confuse the tellers.

Both times I tried it the teller manager came up to the tellers while I was there and said "are you OK?", which I'm thinking must be code for "is this guy bothering you? and do you need me to step in?". I thought it was interesting that two different teller managers asked if they were OK the exact same way. I'm like she's gathering rolls of pennies, no cause for alarm. Both times the teller ladies said no, which is good. And yes both the tellers were cute.

Code for are you being robbed....

Deal

[NotABigDeal]

Another one bites the dust. I had to close my account at U.S. Bank today. Same ordeal as with Commerce. $500 per month direct deposit or $1500. Unless you open a savings account and have a monthly transfer from savings to checking of at least $25. But, you can transfer it back to checking after the transfer. What the hell? It makes no since to me. Too much trouble for me. Plus I only had $40 in there since I opened. In fact the only thing I ever did there was dump. I haven't used them in ages though. Oh well. This is to be the norm for a bit I fear....

Deal

[NotABigDeal]

Oh yeah, the charges are going to be $8.95 per month for paper statements and $6.95 or online statements.

Deal

[avidbrandy]

If you have the time you should start dumping at a coinstar machine. I found a way to dump for free there. If you just dump one zinc at a time and print the slip they don't charge you. If you have lots of free time it may be an option.

Thank you this made me laugh.


I believe Chase recently started doing the fees for having under a 1500 balance or not having direct deposit. The reason for banks doing this recently is to try to, guess what, MAKE MONEY! But seriously, it was recently passed that a lot of fees banks were getting from debit cards were no longer allowed, so a lot of banks are charging these dumb fees to offset the money they won't be making off dumb people from debit cards. I don't recall exactly what the fees are though that are no longer allowed.

[ed_vantage17]

Chase waive the fee if you have $1500 in the bank or at least one direct deposit of $500 a month. On the plus side, (at least around these parts) if you get a change of address packet from the post office, there is a $125 bonus from Chase to open a new checking acc't. Opened my acc't 3 weeks back and already got the money. I think you gotta keep the acc't open 6 months before you can close it without penalty.

[Crescendo]

Chase waive the fee if you have $1500 in the bank or at least one direct deposit of $500 a month. On the plus side, (at least around these parts) if you get a change of address packet from the post office, there is a $125 bonus from Chase to open a new checking acc't. Opened my acc't 3 weeks back and already got the money. I think you gotta keep the acc't open 6 months before you can close it without penalty.

You may wish to test this before doing:

A direct deposit is classified as an EFT (electronic funds transfer) via as an ACH (automated clearing house). When the bank states a direct deposit, they want your payroll to direct deposit in. However, if you have an online bank, you could set it up to transfer $500 dollars into your bank account and then auto debit it out a week later to re-direct deposit the next month. I tested this about four years ago and it did work, have not tested since. But thought it might be useful if you want to try it. Though if it doesn't work, don't bill me for your monthly fee haha.

[reddirtcoins]

Funny my credit union told me that the armour car carriers were the one complaining. After talking to them I informed them that it didn't make much sense for the carrier to think it was "coin sorters" causing all of the weight in coins after all, I'm taking away the bag before they pick up and maybe returning it after I keep 25-30%.less weight)...
One the up side. My nephew works at a main bank and I once again I asked him to check on getting bags for me.. Hopefully he will come through.

[HoardCopperByTheTon]

I think Chase also waives the fees if you have a mortgage with them.

Sorry to hear about US bank. I have an account there but rarely use it. I have not heard from them about wanting to start charging fees yet.

[adagirl]

No bank fees here (yet). When did the Dodd Frank law go into effect? Never heard of it....

[gojomoso]

BoA pulled fees on me just this month, while all my other months have been free. But with them if you sign up for ebanking and have a direct deposit into your savings of $25 then you have no fees and no minimum balance.... what is the point of a $25 direct deposit, how does that help them????????