Bank Charges

Discussion in Bank Accounts started by ACEP • Sep 18, 2017.

  1. ACEP

    ACEPMember

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    A number of banks charge monthly or annual maintenance fees for certain accounts. What do you think of it?
     
  2. Shine_Spirit

    Shine_SpiritActive Member

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    It's just another way that they have found to make more money from their customers because many of these charges could be lower or even never exist. But you know... The owners of the banks would never want such a thing. :rolleyes:
     
  3. Alexandoy

    AlexandoyWell-Known Member

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    I used to work in a universal bank. Over here, there is no such thing as maintenance fee for the depositor's account. I've heard that in Saudi Arabia when my brother was there, they deposit their salaries in the bank for safety and they had to pay a monthly service fee. Interest rate here is very low that's why the tendency of those with money is to invest their money instead of just depositing in the bank. Investment is good for the economy because it can create business and employment.
     
  4. mildredtabitha

    mildredtabithaActive Member

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    My local bank account has removed monthly and yearly charges. I am only charged when I withdraw and when I transfer funds from PayPal to the bank. I find this to be convenient since I do not lose much of my hard earned money.

    Some banks here still charge for everything you do. Like checking balances, withdrawing and also you get charged if your account is not active. This is because the bank is using that income to create better resources for customers. :)
     
  5. morgoodie

    morgoodieActive Member

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    My bank charges for using their bill payment services. I think the fee is steep for this service. I know they have other fees as well but I don't have those charges. I know they do this to make money and I am sure they are making quite a bit if you think about all the people they are getting these fees from each month. I think you have to research all the banks in your area to find the ones that don't charge fees and choose which one works best for you.
     
  6. FolkArtist

    FolkArtistActive Member

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    My bank never charges me for using my account although I do have to follow a few rules before I get these advantages-and some of the rules are that you must keep a minimum balance of so much, or use your debit card 15 times during that month of the bank statement. No, they do not charge me for any paypal transfers from paypal to my banking account either, so its not the greatest bank-but I can stay away from crazy bank fees if I follow a few rules which works for me.
     
  7. Zero

    ZeroActive Member

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    I have been looking for a new bank for a while now, since my current one charges a hefty amount yearly as an annual fee which is annoying.
     
  8. Jamille

    JamilleActive Member

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    Monthly or annual maintenance fees for bank accounts are almost non-existent in my country. Bills payment and online services are also free. All banks, however, will charge their clients a monthly fee for dormant accounts and most peg account dormancy at one year. Accounts with zero maintaining balance are usually charged a small fee for withdrawal ($.02), balance inquiry, and the ATM card itself. Banks also charge their clients for using the ATM facilities of other banks. In my opinion, the charges are just fair. The banks simply can't impose annual or maintenance fees when they can't even offer a decent interest rate for their clients.
     
  9. Kieranlewix

    KieranlewixMember

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    I think it is fair for banks to charge a small fee here and there for storing your money for you and ensuring safety. Let's be honest, they need to profit a little from our money. In my country, there are no charges except when making withdrawals and sending money. To be honest, even if they charged me an annual percentage, I wouldn't mind. They offer simple interests and also compound interest if you store your money there for lots of years. In the same spirit, it is good to reciprocate the favor.
     
  10. overcast

    overcastActive Member

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    I think that's reasonable some banks are on annual charges. And some banks charge for every little thing. So it does add up. You can see that some of the time such bank charges are kind of not worth it. We have to take things that way. You can see that banks are not going to make things easier that way though. It all depends from there onwards.
     
  11. Sirius

    SiriusMember

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    I've lived and worked in the US and the UK, and banks didn't charge me a cent for having an account with them over there. No maintenance fees, no withdrawal fees, no deposit fees - nothing.

    Right now I live in Bulgaria (Eastern Europe) and banks here do charge you for almost everything. It's super annoying. The monthly charge for account maintenance averages $1.5. In addition to that, there are fees when you get a deposit in your account from abroad. Every bank charges you differently regarding this service. My bank's fee is 5$ for amounts up to $500, but I found another one which only charges 0.1% of the total sum.

    There are also banks that trick people into opting to receive their salaries and pensions into their bank account, and after that they charge fees when you withdraw the money!!! I have never seen such impudence in America or England...