Pemolis

I've been with citibank for a few years and I am quite sick of them and their service charges. I have looked at a few banks but they all doubletalk what they offer and what they do not so I want a real persons opinion on this.

I am looking for a bank that has these perks.

1) Don't care about interest gain
2) No Service Charge, No Maintenance Charge, No Convienence Charge... no Charge Period.
3) Free Checking/Savings
4) Free ATM Usage (on theirs and others)
5) Money back when using another person's atm (in other words, I get refunded the banks service charge, the Tellers Service Charge, and whatever other service charges there are).

I am just sick of losing money to these tiny minor charges already (I've probably lost about a grand to service charges of some sort). Is there any bank that at least meets 1, 2, 3 and 4?

VTGreg

Do any banks offer this?

I am with Bank One and I get all of these, but I have to maintain a minimum balance in my account or I get dinged with a service charge. Depending on how much money you plan on leaving in the checking and savings accounts combined, you shouldn't have a problem. You may want to check out Bank of America since they are everywhere. First Union is also good if they are in your area.

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InfiniteNothing

Just use a bank that has lots of ATMs like BoA (free with DD) and then you won't get charged the other bank's fees because you'll always have one of their ATMs handy.

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Jeffbx

Credit union! In most cases they are a lot cheaper than banks. You have to have some kind of affiliation to them to use them, but shouldn't be hard to find - your school, work, church, local organizations, etc. usually have one they're affiliated with.

I've used my college credit union since I was in school, and they're great - cheaper than most banks, easy to work with, lower interest rates on loans, and no silly service charges when your account falls below $x, or if you write too many checks, or not enough, etc.

Pemolis

I've considered credit unions but the only way I will go to that is if they refund me the

1) Service Charge the Bank Charges for Using another Banks/users atm
2) the Service Charge the User Charges Me for Using THeir ATM (there 2 separate charges)

If they refund me that (unlimited use), I'm game.

Its kinda silly how rediculous banking has become. Nothings straight forward anymore.

InfiniteNothing

Makes sense to me. Those are convienence fees. It costs money to own and operate atms. Part of your fee goes towards this. The other part is just about the profit. You want convenience, they want your money. Why should your bank have to pay if you want the conveniece of using the other guys over priced machine. It's not a hidden fee... it's always printed right there on the machine and it warns you when you stick in your card "$1.50 fee".
Though I have no idea why there's typically 2 fees.

Thesifer

Yeah.. If you find a bank that pays for your ATM use.. At ANY Atm.. And doesn't have any other charges.. tell me about it, because im signing up!

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VTGreg

There are only 2 fees associated with an ATM transaction if your bank also charges a fee. Most ATMs charge a transaction fee if you are not a member of the owning bank. Then some banks will charge you a fee if you use someone else's ATMs.

There are plenty of banks out there to choose from that do not charge a fee to use someone else's ATM, but I don't know of any banks that will reimburse you for the fee that the ATM charges. There has to be some sort of way to make money from ATMs or they wouldn't be so prevalent.

zippyjuan

Try grocery stores as your ATM. Some may require a purchase, but just a pack of gum or some candy is usually enough. Some banks don' charge you when you use them. Go the the checkstand- not the machine. ATMs were initially made so banks could save time and money on transactions instead of going through a teller all the time. Then they need more ways to improve their profits and started charging people for using them. I don't like paying money for using my own money. I don't even have an ATM card. I would second Jeffbx's idea of a credit union. In California they are easy to join. They typically have lower fees and pay higher interest and if you get a loan on a car or something, those rates are usually lower than a regular bank.

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Jeffbx

I use cash back at the grocery store all the time to avoid the stupid fees. Most will let you go over by $40-50.

modena

USAA reimburses for ALL ATM withdrawls, no charges what so ever, and you get 1% cash back on your debit card when you use it as a credit card.

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Pemolis

Two things about this...

1) The bank (once they have your money) invests it and makes money off of the interest they accure though the investments
2) The bank says they give you interest on what you have in the bank, but if they charge you to use their bank, what interest are you making?!?!

Its somewhat of a double whammy job with alot of banks (basically greed, but they call it convienence). I understand ATM's are expensive, but many banks will charge you a service charge JUST for having your money in their bank (if you don't do anything to your account for a month, they'll charge you, if you use your account, they charge you... wtf is that).

Eitherway There are two fees. One fee is accured by the bank for using an atm. The other service fee is the fee the Place Charges you for using their ATM (if you go to a store and they have an atm and you use it, the bank will charge you a fee, and the grocery store will charge you a fee).

Silly ain't it.

USAA only applies to military personell.

InfiniteNothing

Right... why is there this second fee?

modena

Actually, family of military as well, and I know people that had grandparents in the service that got accounts...it is worth trying believe me...on their credit cards, no minimum payments, and the starting APR for anyone is under 10% and that is forever, not an introductory, and decreases slightly every so often.

Pemolis

My father was in the service, but I cannot go to him at all. I'll give them a call to see how I can setup one if I can prove he was in the military.


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InfiniteNothing heres an explaination of the fees.

First fee when using an atm (that is not your bank) is the bank service fee for using a atm that is not theres.

The second fee comes from the person who Owns and Operates the ATM (That being the store which the ATM resides in).

For instance. You go to Bloomingdales and use the BloomingDaleSuperATMOfLovomatic Machine.

You Want to take out 20 bucks.

1) First. Your bank will deduct a buck for using an ATM that is not theres (so its 20 dollars you want, + 1 Dollar Service Fee From Bank).

2) Next. BloomingDales will deduct 1.50 For using Their ATM as a convienence charge/Service charge/maintenance charge. So its 20 bucks, + 1 Dollar Service Fee From Bank, + 1.50 Service Fee From BloomingDales. So it costs you 2.50 to get 20 of your own bucks from an ATM.

Thats 10 bucks a Month if you use an atm 4 times in 1 month.

Thats 120 dollars a year for using ATMs.

If your bank Charges a 10 Dollar Montly Service Charge.. thats another 120 dollars a year.


Thats 240 dollars a year you paid... for convienence?!?!?! None of my subscriptions outside of cable/Telephone Bills me 240 Dollars a Year to use!

Lets figure you have 1000 Bucks in your bank. Your bank gives you 2.0% (thats fairly generous) yearly Interest on your money. Following the Above Senario if you keep that exact balance (everytime you deduct money, you immediately put it back in keeping the 1000 dollar balance.. You on your 1000 bucks in the bank after 1 year... make 20 dollars. On that same 1000 bucks, the bank charges you 240 dollars a year for maintenance, service charges and convienence fees.....

You see my issue.

I'd rather a bank not give me any interest at all (a 0.0 interest account) IF they didn't bill me for every little thing I wanted to do with my cash.
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InfiniteNothing

I was asking more how do banks justify charging you for using others ATMS. I'm agreeing with you there.

Also, why does person A keep using the ATM at blooming dales. Should he or she anticipate this fee and take money with them or just use a credit card.

Pemolis

It was just an example. As to how banks justify the charges... I'm not sure they actually can. California has put up (or wants to put up) legistlation which Stops Banks from Charging ATM fees (everybody feels that this is along the lines of money fraud (I believe that is the term)).

Can a bank justify the charges... ..... no.


Back on Topic. Any other opinions on where I can find a bank with the above terms, a matter of fact, we should make it a project to find a bank which gives the best terms of service (gees that'd be a project).

VTGreg

Does the ATM charge the bank any money for an individual using the said ATM?

Bottom line, you have a choice who you bank with. There are plenty of banks out there that don't have a service charge on your account if you don't use the account for a month and there are plenty of banks out there that don't charge a fee to use someone else's ATM.

There may be minimums or other rules you must adhere to so you don't get dinged by a service or maintenance fee, but that is just part of monitoring your money and being responsible. I know that if my balance falls below a certain point, I will get hit with a service fee so I keep my balance above that point. I also make sure that I use a Bank One ATM unless it is an emergency, which probably ends up saving me at least $50 a year.

billxp

Check out Bankrate.com .

I think NetBank is the only one that doesn't charge atm fees and does refund the other banks atm fees. Plus you can now make deposits at a local UPS store for added convenience. I've been looking into changing from Citibank for sometime. Citibank does wave the fees if you have direct deposit or on some accounts if you use their bill pay service.

smeakim

I have US bank and as along as you have direct deposit you get the best deals other than refunding other ATMs. USBank is pretty much everywhere. I get free checking no min balance. I get free savings account no min balance. I get free bill pay. They will write checks and send them fom free even if it is a personal check. I never have to write any checks anymore. Washington mutual from what they advertise is good but not many of them around and I doubt they refund other ATM fees. Compass Bank not sure if they are just in CO, but they will refund other ATM fees world wide. I am pretty sure with DD you can get all the same options with Compass as well. I have never really had any issues with Usbank and get everything for free so I stick with them. They will also give you a break on interest rates if you have the money withdrawn direclty from your USbank accounts.

Grimm

If you are in California, your best bet is Union Bank of California. Unless you want to go with a credit union.
To avoid paying for ATM withdrawls there is a closly held secret I will share with you... only use your banks ATMs. Plan ahead. Don't draw out $20, draw out $80 and take some personal responsability in manageing your money. Don't spend it just because you have it. Know where your banks ATMs are and only use them.
Hordes of muggers aren't going to psychicly know you have $80 and swarm you. Just don't flash how much you have.

MrGreg

You might only need his SSN, but I'm not sure. I've got USAA, and it is the shizzle. It is worth the effort to check. Here is a link to check eligibility
https://www.gc.usaa.com/inet/gas_cor...berEligibility

Also, note that Washington Mutual never charges anyone to use their ATM, even if you don't have an account with them.

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cashrevert

modena

bigot

DJjeff1080

USAA rocks!!! The credit card has no additional currency conversion rates (just the 1% from visa/mc) you get 1.25% back on everything you buy. If you can get it...do it. It keeps confusing me cause it makes sense and I don't pay fees for stupid things. The car insurance is usually about the same price as other companies, but if you don't make a claim in a given year they send you a dividend check. Mine last year was $200.

modena

Yes, even if you doubt you can get USAA, just give it a try.

VTGreg

Came across ads for United bank and it sounds like they are relatively fee free. I haven't checked out the website yet, but it's bankatunited.com. The ad says they have no fee checking and don't charge fees when you take money out at another bank's ATM. Just keep in mind the other bank may charge you.

Airencracken

I like Wells Fargo.

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DarkFury

Honestly, a credit union is your answer... but finding the right credit union with the "biggest atm network" is the key.

More or less... ATMs are privately owned, however if you only go to "network ATMs" then most credit unions will waive the usage fees.

Personally I get enough "free services" from my credit union to definitely justify using them over a bank...

Here are some of the benefits that mine provides (off the top of my head):

1) Free checks mailed to my house with no shipping fee
2) Extensive ATM network... (I don't pay ATM fees... but I do know where to go)
3) No exceptional minimum balances to keep an account open. $5 is all you need... whereas some banks charge you when you drop below a certain point.
4) Free Money Orders (Great for those payments that require them)
5) Free Traveler's Cheques (Don't leave home without them )
6) Lower interest rates on home/car loans (YMMV)
7) Higher interest rates on CDs and savings accounts (YMMV)
8) Fleet discounts on buying a new or used vehicle (they have relations with all the local dealers... I personally had $3500 knocked off of the purchase of the HEMI just because I was a member of my CU... before other discounts and rebates.)

That's all I can think of off the top of my head... either way, the CU was definitely a better banking choice for me. But as always... "you mileage may vary".

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VTGreg

Saw another ad for a bank last night that will actually reimburse you for ATM fees when you use another banks ATM plus they have no ATM fees of their own. Not sure where all of these banks are coming from, but it sounds like this one may be the type of bank the original poster was looking for. Haven't looked into it and I'm not sure if there are any fees or minimums for having the account. If I remember correctly the bank was Liberty Bank and the email address was liberty-bank.com.