Loophole of the “payment not received on time fee” of $40.
Obligatory - Join a credit union. They’re non profit financial institutions that offer the same service as a bank. As a non profit, their fees and rates are much better.
Washington State Employees Credit Union famously lost a lawsuit over overdraft fees. You can bet your ass if it’s an accepted practice at major banks, your Credit Union can and will do similar things, if they want to.
When I moved states and closed my accounts with the local bank I’d been with since my first bank account (and never once paid a fee to) I looked into the credit unions in my area. The fees were absurd, I finally found one that looked decent and then found that there was a $6 fee any time you transferred or withdrew money from any savings accounts. I’m not paying to access my own money. Ended up going with another small local bank and haven’t paid a fee yet. Customer service is great too, I give them a call and get a real person the next county over and the few times I’ve actually gone to a branch they’ve been almost too nice.
The problem is finding them. I’m still chained to a credit union in another state years after I moved, just because I cannot find a local credit union in my city that will accept me. Plenty of ones for teachers, cops, firefighters, and veteran’s, but they won’t let a Joe Shmoe with an office gig store money.
Have you tried talking to them? Almost every credit union I’ve talked to had some loophole type thing to join, like “Donate $5 to this organization, and now you fall under X.”
You could join an online credit union such as Alliant Credit Union. It costs $5 for a membership that they’ll pay for you, though there are other options that you can easily join yourself for membership.
Fuck yeah this is a win for consumers, assuming there is no loophole or other way to bypass this regulation… Assuming…
Loophole of the “payment not received on time fee” of $40.
Obligatory - Join a credit union. They’re non profit financial institutions that offer the same service as a bank. As a non profit, their fees and rates are much better.
Not always.
https://www.cutoday.info/Fresh-Today/Washington-State-Employees-CU-Paying-2.99M-To-Settle-Overdraft-Lawsuit
Washington State Employees Credit Union famously lost a lawsuit over overdraft fees. You can bet your ass if it’s an accepted practice at major banks, your Credit Union can and will do similar things, if they want to.
When I moved states and closed my accounts with the local bank I’d been with since my first bank account (and never once paid a fee to) I looked into the credit unions in my area. The fees were absurd, I finally found one that looked decent and then found that there was a $6 fee any time you transferred or withdrew money from any savings accounts. I’m not paying to access my own money. Ended up going with another small local bank and haven’t paid a fee yet. Customer service is great too, I give them a call and get a real person the next county over and the few times I’ve actually gone to a branch they’ve been almost too nice.
The problem is finding them. I’m still chained to a credit union in another state years after I moved, just because I cannot find a local credit union in my city that will accept me. Plenty of ones for teachers, cops, firefighters, and veteran’s, but they won’t let a Joe Shmoe with an office gig store money.
Wild! I’ve got nearly 20 in my metro area to choose from. I assumed that was the case in most populous areas.
Have you tried talking to them? Almost every credit union I’ve talked to had some loophole type thing to join, like “Donate $5 to this organization, and now you fall under X.”
You could join an online credit union such as Alliant Credit Union. It costs $5 for a membership that they’ll pay for you, though there are other options that you can easily join yourself for membership.
The $20/mo ATM fee rebate is nice.
$8 fee but at 75% interest.
Monthly account fee of $40, waived for on time payments.