Important Announcement From My Bank
I was just notified that my bank was changing some of the ways it would handle transactions in my account and that this would lower my fee’s and rates.
So I thought to myself when has my bank or any bank done something for the customer that would take money out of their pockets? NEVER!!!!!!
So here’s what they said:
Overdraft Services – they will not charge a fee on overdrafts $5 or less at the end of the business day. This is good because I’ve see horror stories of people that were $1.00 over due to a debit transaction and they were charged at $25 or $30 overdraft fee. So this is good.
They will charge a $34 fee if the account is overdrawn by $5 or more by the close of business. This is an increase from the $25 fee. Plus an additional $15 per occurrence if the account remains negative for 5 consecutive business days. Because most accounts are overdraft more than $5 they will not be missing any money at all with the changes. They will actually be making more money. If an individual is overdrawn by $5.01 at the close of business they will be charged the $34 + $34 if a check was returned = $64. This is up from the old $50 charge.
I actually think that this is good and that its up-to us as clients to not get ourselves into these types of financial situations. If we know and understand the consequences we should do our best to avoid them by handling our finances better.
Cash Deposit Fees – this is a biggie for me because I was tired of being charged a fee for them counting my money when I deposited. I would deposit $5,000 or $10,000 they would charge me an ‘Immediate Cash Fee”. It was just an extra charge for recounting my money that I deposited. I disliked the fee but it was so small I just learned to deal with it, plus it was tax deductible. The fee usually ranged from $1.50 for every $1,000 deposited.
They have decided to do away with that fee for cash deposits up-to $10,000. So this is a good thing in my opinion. I haven’t figured out the angle by which they will get their moneyback for dropping this fee. But I’ll keep my eye’s open.
