Realcent.org

To the old-timers on realcent.org,
Since I joined in mid-February 2011, we've been discussing fees for this and fees for that. Does it seem that the trend is getting better, or worse, or pretty much the same as the last few years. I read in another post that this forum has about 700 members. I don't think all of them post actively or even sort and dump actively, but there are also people who don't belong to realcent that are hoarding Cu/Ag. My impression from looking at other sites is that the number of hoarders is growing. Are we really that much of a nuisance to the banks? Will we all eventually be forced to pay fees for this important prep we are doing?

I'm not one of the old-timers, so I'll skip the first part of your question.

But, yes, I think fees are on the horizon for just about everyone. Of course, banks are always free to make exceptions for preferred customers, commercial accounts, that sort of thing.

Personally, I'm more concerned about limits than fees (bad as that will be). I can foresee being asked my account number and being told I've reached my limit of 5 boxes this month.

Morsecode wrote:I'm not one of the old-timers, so I'll skip the first part of your question.

But, yes, I think fees are on the horizon for just about everyone. Of course, banks are always free to make exceptions for preferred customers, commercial accounts, that sort of thing.

Personally, I'm more concerned about limits than fees (bad as that will be). I can foresee being asked my account number and being told I've reached my limit of 5 boxes this month.

Multiple bank accounts...

Havent seen fees in my area yet but we are only in the first few months of the Wachovia to Wells transition so it wouldnt supprise me if they are not right around the corner. I have multiple banks I can pull from but I know the ones which I frequent are going to be the first to cut me off. The legislation that our naive congress passed dealing with the financial institutions is key to this. Banks area jacking up fees. Just learned the other day that my main Credit Union is now charging a monthly fee for a checking account. Its small but when I asked about it they said it was due to the changes in that bill. Dont know if its an excuse just to raise fees but our politicians are so out of touch with the common man. The reforms are just another example of unintended conquences (although that can be debated).

banks used to charge fees in various ways that were paid by merchants and check bouncers. those have largely gone away so banks will not be able to continue to offer free products like checking and savings accounts unless they make up the lost revenue somewhere else. this has been a trickle so far but expect to get charged for your accounts by the end of 2011 unless you do substantial, profitable business with the bank. the fees are really going to ratchet up once interest rates tick up. thats because deposits are to some extent profitable to a bank because they are low cost. but once cd rates move up, the amounts the banks make on those deposits will shrink. that is probably a year + away.

Banks are instituting new fees where ever they can get away it. Ebay just announced an increase in fees. Here in California the cities, counties and the state are instituting new "fees" as a way of getting around "raising taxes". The grocery stores are raising prices and selling products that are shrinking in size. And need I mention gas?

The cost of everything is going up....inflation is on it's way.

I think the main thing to remember is a HUGE revenue source for banks WAS overdraft fees for paying transactions drawing accounts in the negative. Laws changed recently that GREATLY reduced the fee revenue from this source, and therefore many banks are looking at "alternative methods" to generate more fee revenue. Monthly fees, transaction fees, etc are easy ways to increase revenue.

I picked up ten bucks in customer wrapped rolls from a branch of my main bank on my lunch hour yesterday, AMAZING!! 40% copper, only one wheat, no S mint marks (trust me this is about fees ) but all that heavy metal. My lunch hour was 3 to 4 PM and the lobby closed at 4. This morning I was back to try to get more in case a major stash had been deposited. Same young teller as the day before, before I had a chance to mention all the 'old' pennies she helped me get she blurted out, after I asked for a piddling ten dollars more: "Are these for a business? We charge for coins." After I explained, no, I was just a collector she ended up having to go to the vault for a box, told her I'd buy it if I could. (No more cwr rolls ) She 'sold' it to me, but I won't be back I have other branches easier to deal with if this YL is on duty. Coin fees are in the future for all, personal and business even for a piddling ten bucks worth.

And yeah, my checking account is now charged if I do not have direct deposit or a minimum daily balance.

It pays to shop around. One branch of a major bank here in town tried to charge me $5 for a box of pennies. Another branch (less than 5 miles from the first) happily sold me what I wanted, now orders boxes for me and lets me use their change counter ALL WITHOUT HAVING AN ACCOUNT WITH THEM. Guess who gets the chocolate come Easter?

As far as I can tell it still depends on individual banks. I have had a WF CK account for a while (shudder). One branch told me a few weeks ago $15 per BAG fee, and at another branch they fall all over themselves helping drag the bags out of the vault. The handtruck even tipped over on them once. Nothing like watching a couple of tellers pick up rolls that have spewed all over the floor from a split bag! Good times.