Enlighten me with some banking suggestions
@hardworkinggurl (37062)
United States
October 25, 2010 2:13pm CST
Okay so along with my New Found Life, I am looking on how to best manage my banking needs. So I am looking for a new US checking account, whereas I can pay some simple bills. Nothing lucrative, and not looking to earn from it.
So I go to several of my neighborhood banks and am told of the exorbitant monthly fees.. All I am looking for is a simple checking account where I can transfer my PayPal earnings, deposit a few small online earning checks and pay a few monthly bills - Simple right?!?
So tell me why the banks are becoming so competitive that they charging more to use the account then I would be be depositing..and or expect me to tell them how much a month I would be depositing - at least this is how I find it to be..
Any suggestions from any of my fellow myLotter??
3 people like this
7 responses
@pastigger (612)
• United States
25 Oct 10
I would say check into credit unions their fees are usually nothing or lower than a bank. I have been with my credit union for so long that there are no fees. If you already use a bank see if they will just let you open another account for what you want to do that could get you lower fees. I have one checking account and two savings accounts on my one account and then I also have a business account all with a credit union and I pay no monthly fees for any of it. My daughter also has an account there and she has no monthly fees either. Good luck with your search.
@hardworkinggurl (37062)
• United States
25 Oct 10
Thanks I did not think about credit unions and will do so right away online. This is very helpful. 
@pastigger (612)
• United States
25 Oct 10
Glad I could help. I hate paying fees for anything I don't even like paying shipping when I order online.
@angelic123 (1108)
• United States
25 Oct 10
try keypoint credit union,my husband has that, if he withdraw money form other atm not affiliate with keypoint, keypoint will reimburse the atm charge. Wellsfargo is also good but I get annoyed when one of their tellers open an account for us without authorization. My husband just inquire about refinancing for his father then the next week we receive an atm card saying that we open a new account.
@KrauseHome (36445)
• United States
4 May 11
That can really be a Big problem a lot of the places you try and Bank with anymore and it does not make sense. The government bailed them out to where when they are back on their feet, they charge higher interest rates and Fees to keep themselves able to function as well. We bank with a Credit Union so they do not have all the other fees that so many other banks have. But still even they have started charging more fees that they used too.
@hardworkinggurl (37062)
• United States
5 May 11
So true it has been quite an area of full detail to be researched. I have since changed my bank once since this discussion. I found this one bank who in writing listed no fees. To a week later receive a formal written letter of fee now being applied.
My boyfriend and I since then switched our accounts and for now all is working out really great.
@GardenGerty (169439)
• United States
31 Dec 10
I see you got advice to go with a credit union. That is very sound, as you own a credit union when you open an account there. As far as banks go, we have been fortunate so far. We have all of our accounts at two local banks and at least at this time they are not charging fees. I remember when all the banks used to, then for about the last twenty five or thirty years, they have not. Now the tide has turned again. I have known people who have paid all their bills directly from PayPal and also some who just bought money orders as that was cheaper than monthly bank fees. Wal Mart does some kind of check cashing.
@hardworkinggurl (37062)
• United States
31 Dec 10
I spent a great deal of time researching banking options and found one which sounded really great with no fees. So I opened the account, then one week later received a letter that at the end of the month they were charging fees.
Ugh.. when I called the bank the representative said they did not know the change was coming. Neat how banks to make so many changes.
I am keeping it for another month and maybe looking again.
@barehugs (8973)
• Canada
26 Oct 10
I would recommend the Frost Bank which is in South Texas. This bank has free checking and is very easy to work with. I live in Canada 7 months of the year and I use online banking. I have a link between Paypal and Frost bank which works well. Stay away from the big American banks. I closed out my account with IBC several years ago. I had to have $1500. in the account at all times, and a Canadian Cheque in my account was frozen for 30 days (they said to clear it) Frost lets me cash it and withdraw immediately. The big Banks are hurting from Obama's new rules. The small banks are not affected by this.
@hardworkinggurl (37062)
• United States
26 Oct 10
I did not realize that it was so bad with fees until I began my research yesterday. I understand that all banks are affect and are now becoming so competitive. It is almost like they are milking dry all customers to make up for any previous losses.
I will certainly look into Frost bank as well. Thank you for your suggestion. 
@Strovek (868)
• Malaysia
26 Oct 10
Many of the discount brokerage accounts (like TDAmeritrade) provide checking facilities, so you can use that for checking. This is a good option since there is minimal fee.
However, one thing I am not sure is whether you can transfer money from paypal into those accounts.
@hardworkinggurl (37062)
• United States
26 Oct 10
Thank you Strovek I will look into it also, every bit helps and I am grateful for all suggestions. Have a wonderful day.
@hardworkinggurl (37062)
• United States
26 Oct 10
Awh you are very welcome, we all learn something daily. Glad it has also helped you too. Have a wonderful day.
@joey_matthews (8354)
•
26 Oct 10
Have you tried approaching a couple of banks or is there a local financial service? I don't really know what else to suggest but I hope mylot as helped you find the answer. Quite a few very helpful members and I'm sure someone as responded by now with help for you.
Best wishes hardworkinggurl. :)
@hardworkinggurl (37062)
• United States
26 Oct 10
I appreciate your responding. I did get some helpful advice.
