Banking

[Piccoli Fiori JMJ]

+JMJ

So Chase kindly sent me a letter stating that they will start charging me $15 a month to keep my checking account. I'm looking to change banks just because I cannot afford $15 a month, just for a checking account.

Looking online, PNC and Ally look like good but low-cost options. I was curious what you all would recommend... I know options vary from state to state and country to country, but I want to know what is good.

[Nihil Obstat]

You can ask a person to waive the fee. Threaten to change banks.
Banks depend on brand loyalty. It's all they have to go on. If they won't give, another bank would be thrilled to have you.

[TeresaBenedicta]

Hm. I'm with Chase as well. Is the fee only pertinent if you don't have an established minimum balance?

[Piccoli Fiori JMJ]

+JMJ

I'm thinking the fee is because for a few months, I did not have the required 5 transactions per month. I have always kept a positive balance (except for one time due to a timing mistake on my part).

[CatherineM]

My US bank is Regions. It costs nothing so long as I have one direct deposit a month.

[rhetoricfemme]

I just closed out my Chase bank accounts a few days ago after receiving a similar letter. My letter said that starting in February I'd be charged a $10 fee for checking, unless I met any of their three stipulations. I forget the third, but the first two criteria would mean either making a once-a-month deposit of $500, or maintaining at least $1,500 in the account at all times. ... No.

We haven't used that account in years, and only had it because there was a point where we lived on the opposite side of the country from our regular bank, and I wanted more direct access to my own banking. Anyways, now we just stick with PNC, which we've had for years. They were good when they were National City, and my husband has used them for nearly ten years now. It's now our joint account, and PNC is doing a pretty good job so far. We don't get charged for our checking, and I'm pretty sure we don't have any fees on our savings account, either.

I think it's also worth noting that if your debit number or checking account number gets stolen, National City/PNC does a pretty good job of figuring that stuff out. More than once people have stolen our debit card numbers from somewhere, and when we'd notice those charges, all we had to do was contact the bank, and they'd do an inquiry into those purchases. They even compensated for our stolen funds while we were waiting for the inquiry to finish, so it was like we were never out the money that was taken from us.

Hope this helps!

Edited January 26, 2011 by rhetoricfemme

[TeresaBenedicta]

[quote name='rhetoricfemme' timestamp='1296069220' post='2204610']
I just closed out my Chase bank accounts a few days ago after receiving a similar letter. My letter said that starting in February I'd be charged a $10 fee for checking, unless I met any of their three stipulations. I forget the third, but the first two criteria would mean either making a once-a-month deposit of $500, or maintaining at least $1,500 in the account at all times. ... No.

We haven't used that account in years, and only had it because there was a point where we lived on the opposite side of the country from our regular bank, and I wanted more direct access to my own banking. Anyways, now we just stick with PNC, which we've had for years. They were good when they were National City, and my husband has used them for nearly ten years now. It's now our joint account, and PNC is doing a pretty good job so far. We don't get charged for our checking, and I'm pretty sure we don't have any fees on our savings account, either.

I think it's also worth noting that if your debit number or checking account number gets stolen, National City/PNC does a pretty good job of figuring that stuff out. More than once people have stolen our debit card numbers from somewhere, and when we'd notice those charges, all we had to do was contact the bank, and they'd do an inquiry into those purchases. They even compensated for our stolen funds while we were waiting for the inquiry to finish, so it was like we were never out the money that was taken from us.

Hope this helps!
[/quote]

Thanks for posting this. That seems to ring a bell now.

I guess I'm okay for the time being, as my paycheck is deposited into my checking account. But my guess is that this is the beginning of more and more fees building up.

[fides' Jack]

We just got rid of Chase because they give to Planned Parenthood. We are now with TCF.

[Piccoli Fiori JMJ]

[quote name='rhetoricfemme' timestamp='1296069220' post='2204610']
I just closed out my Chase bank accounts a few days ago after receiving a similar letter. My letter said that starting in February I'd be charged a $10 fee for checking, unless I met any of their three stipulations. I forget the third, but the first two criteria would mean either making a once-a-month deposit of $500, or maintaining at least $1,500 in the account at all times. ... No.[/quote]
That is pretty much exactly what I got and exactly what I thought...

[quote]We haven't used that account in years, and only had it because there was a point where we lived on the opposite side of the country from our regular bank, and I wanted more direct access to my own banking. Anyways, now we just stick with PNC, which we've had for years. They were good when they were National City, and my husband has used them for nearly ten years now. It's now our joint account, and PNC is doing a pretty good job so far. We don't get charged for our checking, and I'm pretty sure we don't have any fees on our savings account, either.

I think it's also worth noting that if your debit number or checking account number gets stolen, National City/PNC does a pretty good job of figuring that stuff out. More than once people have stolen our debit card numbers from somewhere, and when we'd notice those charges, all we had to do was contact the bank, and they'd do an inquiry into those purchases. They even compensated for our stolen funds while we were waiting for the inquiry to finish, so it was like we were never out the money that was taken from us.

Hope this helps!
[/quote]
Very helpful! I think I will look more into PNC. They look like they are a good bank, it's just that it doesn't seem that there are too many really close to my house (Chase is pretty much everywhere!) I did like what they offer for checking though. Thanks! This is really helpful for me!

[MissScripture]

[quote name='fides' Jack' timestamp='1296070321' post='2204631']
We just got rid of Chase because they give to Planned Parenthood. We are now with TCF.
[/quote]
This is probably the same with most banks, but TCF can be real stinkers about changing rules on you. They ate up a bunch of my brothers savings account when he was in college, because of that. Something about the status of the account changing when he turned 18, and he should've known that it would. They were also just a general pain in the butt other times. My parents (and now I) just go with credit unions, rather than banks. So far, they've been way better, and really nice.

[IcePrincessKRS]

Is a smaller local bank an option? I grew up with small local banks (my grandfather was vice prez of one, and my aunt worked for another), it just seems natural to me to use one if you aren't moving around or traveling a lot. Our current bank caters to military, but their only location is in TX. All our banking is online. It hasn't been a real hardship for us to go without a physical location.

[mcts]

I suggest credit unions. They rock my socks.