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Thread: Bank "activity fees"

  1. #1
    Member Reds4Life's Avatar
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    Bank "activity fees"

    I got my bank statement in the mail today from Fifth Third, included was a notice about hikes in the "activity fees". It seems now if you make more than 3 withdrawals during the statement period (which is 3 months for me) that you will be assessed a $1.00 per withdrawal fee for "account activity" if your average balance falls below $2,500, doesnít matter if itís a branch or ATM, you still have to pay the fee. The old policy was $.50 per withdrawl if your balance was below $1,000, so they doubled the fee and increased minimum balance by 150%. It doesn't affect me because my balance is above that, but still, this is getting ridiculous. If you want to withdraw YOUR money more than once a month on average you have to pay them to do so. All of this for the whopping .5% interest they pay on savings accounts.

    I think I'm going to buy a big safe and start locking my cash up at home, screw banks, and their fees.
    Pessimists are well informed optimists

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  3. #2
    Puffy's Daddy Red Leader's Avatar
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    Re: Bank "activity fees"

    There are also many, many other banks you can choose to go through that will be more than happy to take your business that either don't have those rediculous charges, or would be willing to waive them if you transferred your accounts.
    'When I'm not longer rapping, I want to open up an ice cream parlor and call myself Scoop Dogg.'
    -Snoop on his retirement

    Your Mom is happy.

  4. #3
    Mod Law zombie-a-go-go's Avatar
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    Re: Bank "activity fees"

    Like National City.

    Left 5/3rd for them, and never once regretted it.
    "It's easier to give up. I'm not a very vocal player. I lead by example. I take the attitude that I've got to go out and do it. Because of who I am, I've got to give everything I've got to come back."
    -Ken Griffey Jr.

  5. #4
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    Re: Bank "activity fees"

    Is this a savings or checking? If it's a savings then the objective is to get you to save your money, and by hiking up the cost and alloting only a few transactions, you save more and they boost their holdings by securing more of your funds.

    Not that I agree with such a drastic change...thats why I transferred from 5/3.

    RedLeader is right, try US Bank or Huntington (don't know if that one is in your area), they have a min. balance savings of $500, and, as far as I know, unless it's a minor savings, you can have unlimited withdraws
    Always forgive your enemies; nothing annoys them so much.
    ~Oscar Wilde

  6. #5
    This one's for you Edd Heath's Avatar
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    Re: Bank "activity fees"

    Quote Originally Posted by Reds4Life
    I got my bank statement in the mail today from Fifth Third, included was a notice about hikes in the "activity fees". It seems now if you make more than 3 withdrawals during the statement period (which is 3 months for me) that you will be assessed a $1.00 per withdrawal fee for "account activity" if your average balance falls below $2,500, doesnít matter if itís a branch or ATM, you still have to pay the fee. The old policy was $.50 per withdrawl if your balance was below $1,000, so they doubled the fee and increased minimum balance by 150%. It doesn't affect me because my balance is above that, but still, this is getting ridiculous. If you want to withdraw YOUR money more than once a month on average you have to pay them to do so. All of this for the whopping .5% interest they pay on savings accounts.

    I think I'm going to buy a big safe and start locking my cash up at home, screw banks, and their fees.

    look into the e53 account - esp. if you do direct deposit and use the ATM & the debit card. I use that - its great - and I get a whopping .005% interest every three months on my average daily balance.

    But, it sure beats paying to bank.

  7. #6
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    Re: Bank "activity fees"

    Not that it helps with the the ATM charges but I've been using ING for savings. I was tired of getting a puny .5% interest while paying $5.95 in monthly fees. ING, 2%, NO FEES!
    The widow is gathering nettles for her children's dinner; a perfumed seigneur, delicately lounging in the Oeil de Boeuf, hath an alchemy whereby he will extract the third nettle and call it rent. ~ Carlyle

  8. #7
    Maple SERP savafan's Avatar
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    Re: Bank "activity fees"

    Quote Originally Posted by zombie-a-go-go
    Like National City.

    Left 5/3rd for them, and never once regretted it.
    I left Bank One for National City, and now I love banking. Bank One was charging me for using their ATM. Search for my thread on that if you're interested.
    My dad got to enjoy 3 Reds World Championships by the time he was my age. So far, I've only gotten to enjoy one. Step it up Redlegs!

  9. #8
    The Lineups stink. KronoRed's Avatar
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    Re: Bank "activity fees"

    Quote Originally Posted by zombie-a-go-go
    Like National City.

    Left 5/3rd for them, and never once regretted it.
    Word.

    Go Green
    Go Gators!

  10. #9
    RZ Chamber of Commerce Unassisted's Avatar
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    Re: Bank "activity fees"

    This is how banks make their money. One of the most profitable banks in the country is Bank of America. Who has some of the highest fees of any bank in the country? You guessed it. I own stock in Bank of America, but since I don't like paying fees, I wouldn't dream of banking there.
    /r/reds

  11. #10
    15 game winner Danny Serafini's Avatar
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    Re: Bank "activity fees"

    5/3 Bank is garbage. It's amazing just how badly the service has fallen the past few years, not to mention the fees. I finally got fed up and switched to National City last week.

  12. #11
    Member Reds4Life's Avatar
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    Re: Bank "activity fees"

    I just checked out National City's fee schedule, it seems if you withdrawal money from an ATM or a brank more than 4 times a month it's considered excessive and you are charged $2.00 per withdrawal.

    I think Rojo has the right idea, ING.
    Pessimists are well informed optimists

  13. #12
    Member NJReds's Avatar
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    Re: Bank "activity fees"

    Quote Originally Posted by Rojo
    ING, 2%, NO FEES!
    I use ING, too. Up to 3%.

  14. #13
    Member TeamCasey's Avatar
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    Re: Bank "activity fees"

    If I notice a new dumb fee, I walk in and tell them that I'm closing my accounts. Seems there is a bit of flexibility, and I get "there's been a mistake, these fees don't apply to you, Ma'am."

    This particular one was "a teller fee". I walked in and said, "Are you people kidding me?"
    Pots and Kettles

  15. #14
    Member TeamCasey's Avatar
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    Re: Bank "activity fees"

    I never knew what ING was. I see commercials for it.
    Pots and Kettles

  16. #15
    Puffy's Daddy Red Leader's Avatar
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    Re: Bank "activity fees"

    I launched a complete tirade against the branch manager at the bank we go to over one of those "teller fee" charges about two years ago. Threatened to take my business elsewhere, etc. We haven't gotten any "additional charge notices" since then.
    'When I'm not longer rapping, I want to open up an ice cream parlor and call myself Scoop Dogg.'
    -Snoop on his retirement

    Your Mom is happy.


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