Dear Mr. Bank was the highest read post here to date. It seemed to touch a nerve for many readers.
Forbes published “Why bank fees are an unjust and unfair tax on customers” recently which makes the point that low income people are punished disproportionately by these fees. High income customers have other options and according to my credit union and the teller at my old bank, they are moving their accounts in droves.
Here are a few options I found recently:
ING is offering a no fee checking account as of this date (October 13, 2011) with a $50 bonus. It looks like they want your business.
USAA offers a no fee checking account. You can check their website to see if you qualify for an account.
Don’t forget to check out your local credit union; they offer great services to their members.
I also learned that your bank may waive the extra fees if you only use your debit card as an ATM and if you have your checks direct deposited. It’s worth checking account if you’d rather stay put. You may also want to see if getting eStatements will reduce your fees.
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4 comments ↓
ING is an an excellent bank and I love them and I have a checking account there. The problem is that if you have PHYSICAL checks to deposit, it is very inconvenient to deposit them with ING. In fact, I am not sure you can even mail a check to them for deposit (I have very few, but for people who do have a lot of physical checks to deposit, this **could** be an issue.)
gharkness recently posted..Do you remember the Low Fat Fad Diet?
Thanks for mentioning that. I have a savings account with them and I’ve enjoyed it (especially the way you can create sub-accounts). I’ll see what I can find out about depositing physical checks.
Mary recently posted..Fun activities for kids for little or no money
I just called them. They said a physical check is no problem. Log on to your account on their website and search for “deposit”. There are specific instructions on how to endorse the check (“For Deposit Only”) and what information to include. After that, the check will be mailed to ING Direct, P.O. Box 60, St. Cloud, MN 56302.
They also said they are working on a new technology where you’ll be able to scan the check and send it electronically. They are hoping to roll that out soon.
Hope this helps!
Mary recently posted..If your husband won’t stick to a budget …
Check Mate is the technology they will be rolling out late spring where you will be able to deposit checks directly to your account using an app on you phone. One bank that right now has that technology is Citibank. It is super easy and convenient and the money deposits to your account immediately. However, I do not have direct deposit because i am a contractor so Citibank has been charging me $10/month fee since January. As soon as ING rolls out this program I am telling Shittybank, “Au revoir”.
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