How many of you banking with Wells Fargo, Bank of America or Chase are going to continuing doing so even with their newly imposed fees for basic checking?
I ask this question because I'm trying to get a feel for what the everyday consumer/citizen feels about these new charges. Are you keeping your money with these banks? Are you heading for a credit union? What's your reaction?
I sat down with a Wells Fargo banker this week for a little "interview."
He asked me questions about my renter's insurance and if I had any. I didn't.
He asked if my employer offered direct deposit options for my paychecks. They don't.
He asked me what my savings goals were. I politely told him that it wasn't his business to know.
He asked how long I'd been with Wells Fargo. I told him that I was with Placer Savings before they were swallowed up by Wells Fargo and didn't have much say in the matter, but that, for the most part, I was happy with the bank.
Great, he said.
He assured me over and over again that he really wanted to save me money. I nodded and waited patiently for the bad news. He told me that I qualified for a discounted checking account costing $8 a month. I receive paperless statements so I get a $2 discount. Yay for me.
The tough thing to swallow is the fact that one day I pay nothing for this bank to invest and profit from interest off of my money and then, suddenly, I'm paying them to do this.
I understand that they're hurting like every other business, company and individual in this economy, but being charged to give someone my money seems like a foolish financial decision.
There must be other ways for them to keep afloat. Maybe they should consider making cuts or downsizing rather than plugging holes in a sinking ship and making their customers pay for the plugs.
Back to my original question; What are you doing about these fees? Is it annoying enough to make you switch banks? Are you fine with the additional service fee?
The feeling I get about these new bank fees are similar to the feeling I have at the box office when I notice that another 25 cents has been added to a movie ticket price. I complain about it and then pay anyways. The difference with this situation, however, is that I'm not sure I'm going to go ahead and pay this extra charge. I don't want to get used to paying a bank to play with my money just how I never wanted to get used to paying $10.25 for a movie ticket.
If we complain about these things, but take no action then we deserve the treatment we're getting.