If you are a banker, please don’t get offended. It’s just that at times I feel that we are paying the banks to use our money!
I had a friend of mine who had a savings account in a bank and did not use it for a period of 2 years. He had several hundred dollars in it. Would you believe that after 6 months, they had started to charge him a monthly fee of $5/mo because he was not using this account. He paid $60 a year! Do you think he is still using this bank?
Ever had a check bounce? How about a $30-$40 dollar charge for insufficient funds and maybe it was not your fault. Never write a check if you don’t have the funds to pay it. What’s involved when you send a check in the mail?
1. The bank gets the check and sends it to a central location, where it is sorted and sent to a branch of the Federal Reserve Bank.
2. If the check is good it is credited to the bank it was deposited with.
3. The check is then sent to the bank which it was drawn from.
That’s why it takes so long for a check to clear.
What about ATM charges. What a rip off! Sometimes people are charged up to $5 per transaction, even if you only took out $20. This is big business for banks. I am presently using the services of a credit union, which credits back to me any charges I incur when using an ATM.
Maybe I should be getting into the banking business? Hey, if I fail the government will bail me out!
Jacques
CreatingWealthThatLasts
2 comments:
Hi Jacques .. interesting notes on the bank charges ..
I'd be interested to hear more about the credit union ..
Thanks - Hilary Melton-Butcher
Positive Letters
Jacques, thank you for the good information. They are getting rich off of all that we do just for going to the bank. It keeps getting worse all the time with more and more fees. Credit Unions are a good way to go.
Dan and Deanna "Marketing Unscrambled"
Post a Comment