I also avoid bank fees whenever i withdrawal money.I prefer using western union pay instead of paid by check since there some service charge from banks.
This is why I have been banking with Wachovia for over two years and will continue to bank with them until I decide to move. They don't charge me any fees and they don't require me to have a minimum balance. I also get a way 2 save attached to my account. Way 2 save is where every time you use your debit card $1 goes into your savings plus that money can be used for overdraft protection. Automatic savings is well, a saver! Plus I have another savings account with ING that I transfer to manually so I am quite content with my banking experience. Being self-employed, you really have to look around more than most to find things that are suitable and flexible. Basic things like housing, financial assistance, etc are difficult to obtain. Thank God my bank is one less place I have to worry about more stress and hassles.
The problem with this supposition is that one assumes that in order to eat healthily that one must go somewhere like whole foods. You assume that markets in China and Bolivia have all organic produce? That's pretty faulty right there. People in the developing world are of the impression that processed things and chemical fertilizer are better. So, where does that leave us if we want to be on equal footing? Going to the cheapest grocery store and buying the cheapest (most likely in season) produce. Just because they eat things that are different from us (say, quinoa versus wheat) doesn't mean that their diets are better, just different. If you stick to in season produce at a supermarket like a poor person would have to do at a local market in China or Bolivia, you'll eat cheaply.
The problem is really the attitude that there's not enough time in the day, and unfortunately you're not going to get rid of that. The world is only going to keep going towards that attitude unless a dark age happens. All you're doing by having a blog like this is preaching to people who already feel the same as you do. You're not changing any hearts or minds by repeating the same inane chatter repeated on hundreds if not thousands of blogs and other webpages about how much better traditional diets are. The only thing you can hope to do is really to work with the system. Get McDonalds to serve better food. Vote with your dollars. Unfortunately, sitting around and talking to like minded people about how terrible the world is doesn't actually get anything done.
Thanks for posting this. Banks fees and overcharging is a growing problem and more needs to be written about it.
The fact is that the rules are made by the banks and they are purposely complex. The more confusing they are will drive up the probability of you making a mistake and drive up their profits.
I was with region and after getting dinged for 100's of dollars in overdrafts in one transaction I found that this is very common at Regions (and AmSouth before they bought them). One of the sources of information was a website set up to call Regions out on their practices
Here you'll find some interesting background on the why's and how's of whats going on. In the forums section you'll see that the mosr popular area is about OVERDRAFT FEES. There are some incredible stores here.
Congress cleaned up the predatory practises of the credit card companies, from the report in the original post is looks like the banks are next.
Good stuff, good ideas. This reminds me of the very funny poem by Marge Piercy, "Attack of the Zucchini People." Your wit and wisdom -- and expertise -- shine through. Thanks for a good read!
We're probably about to go one batch of zucchini bread too far, but it also goes in our favorite summer salad. This involves a cajun seasoned grilled chicken breast, a variety of summer produce, and toasted pecans. It was responsible for convincing a skeptical 10 year old that salad might not be so bad. It won't make a huge dent in a volume surplus, but every little bit helps.
Doesn't this just prove Pareto's premise that 80's of your profits come from 20% of your customers? At least in fee income. I am curious as to outside the US where fees are more common then they are here in America.
I do not see any reason people would have to pay fees, except for ignorance of the possibilities out there. Many banks have no minimum balance online savings accounts, and most will have no fee, no minimum balance checking accounts. Debit cards are free, and many places have overdraft linkage to no fee credit cards.
My thought is that the people who pay fees out there just don't know what they need to be doing, or are too lazy to set this all up. Maybe they should be looking at PF blogs!
It's worth seeing it from the bank's perspective, as that makes it easy to predict how the banks are going to act.
Most people go years without bouncing a check, so they scarcely know or care what the overdraft fee at their bank is. So, the banks can hike up those fees and lose very few customers. The only customers they might lose are the ones who keep bouncing checks, and (although they'll hate to lose those customers, as their overdraft fees are providing the lion's share of bank profits) they won't lose many of those customers (because those customer's finances are already out of control and they simply aren't in a position to manage something as complex as switching banks).
So, there's no real pressure on banks to charge reasonable fees, except from the occasional customer like valletta (comment #2 above) who actually pay attention and use that information to choose their bank.
If you check your statements, and report any unauthorized transactions to the bank promptly, they have to reverse the transactions, including the overdraft fees.
Where people get screwed is when they don't check their statements and don't find out things have gone awry promptly enough.
Really not much like rape at all.
Still, it's true that the banks aren't trying to help you. They're just trying to make money.
In the US, credit unions are the common sort of co-op bank equivalent. A credit union is often an excellent choice, although too many credit unions are run by the same sort of people who become bankers--and they tend to charge fees. Still--often a good choice.
I have found that it is fairly simple to make $50-100/week selling used items on ebay...adding that to your savings each year can mean up to (and not limited to) $2500-5000/year. You'd be surprised what sells on ebay and how easy it is to find items to sell...keep your eyes and mind wide open!
I plan to experiment with going without cable for a week (football season is coming and will prove difficult) as well as my cable based internet (I also have verizon v-cast), eliminating coffee that was not made at home, trimming the extras in my weekly grocery bill and absolutely avoid any late charges on any bills I have.
If my experiment goes well and can be upheld for one year, coupled with my ebay sales, I could be looking at almost $10,000 in the cookie jar (and with banks being the way they are, that is likely where it will go, figuratively). Man I love watching football though!!!
The fact is with these fees you're not in control, the banks are.
If by any chance your identity is compromised and your bank account access stolen, you will be totally dependent whether the bank will reimburse the $100-$1000 in overdraft fees that will most definately occur. There is no protection, unless consumers stand up to these almost criminal actions by banks.
Too bad most people are too dumb too understand that the banks are not trying to help you, they don't care about you, they are a business trying to make more money from the overdraft fees.
Saying it's the persons own fault is like saying some girl got raped because she worse skinny clothes. Guess what, most rapes happens when you're fully clothed.
Those fees are in fact almost criminal. In fact, some people report they have asked their bank to remove the overdraft, so they could have all their money in the savings account, but were rejected. Even a $0,01 overdraft gives you a $35 fee. I wouldn't call a 35,000% profit margin a service.
It works like this in real life too, for non commercial things. Such as getting help. So many people are afraid to ask for anything. But most people are happy to give.
LOVED this article! But don't forget that you can freeze zukes also. Just grate and put in a freezer bag for use when the garden is not giving so many fresh ones!
the need for money has made a world of hate and selfishness.
Think about the amount of animals that are endangered because of this need..
elphants with there tusks, whales, bears.
All for abit of cash in our pockets!!
We as humans are causing so much more damage then we realise, and it will always be like this, people will always be selfish, people will always want more then they have.
How about the self-employed, who sometimes go through periods of low cash flow? Banks are there to pick up the ball and run with your money. I don't see a need for them to charge so much; it is gouging the poor when their charges are four times what someone on minimum wage makes in an hour, i.e. half a day's pay.
I used to try planting zucchini, but years of initially vibrant vines that end up shriveling into a powdery mildew mass hardened my heart. I tried planting in different areas of the garden, I tried watering at different times of day, but nothing worked.
So what do I do to satisfy my zucchini needs?
My friend Nadine, who lives out in the country plants an extra vine just for me.
It's sad but true, as well as a true testament to the power of friendship.
So please people, give your extra zucchini to the gardening-challenged folks in your life. It's a good deed.
fantastic article. It had me rolling! I have made hundreds of jars of zuchini relish, made nice fried zuchini, used them as a substitute for steaks or burgers on the grill, donated them, foisted them on unsuspecting people in the middle of the night, and I only planted 3 hills. also, don't forget to make zuchini mock pineapple (great for cakes, breads, pie etc.--tastes just like the real thing).
On a similar note, the homegardener should not plant more than 2 hills of cushaw squash....
I also avoid bank fees whenever i withdrawal money.I prefer using western union pay instead of paid by check since there some service charge from banks.
This is why I have been banking with Wachovia for over two years and will continue to bank with them until I decide to move. They don't charge me any fees and they don't require me to have a minimum balance. I also get a way 2 save attached to my account. Way 2 save is where every time you use your debit card $1 goes into your savings plus that money can be used for overdraft protection. Automatic savings is well, a saver! Plus I have another savings account with ING that I transfer to manually so I am quite content with my banking experience. Being self-employed, you really have to look around more than most to find things that are suitable and flexible. Basic things like housing, financial assistance, etc are difficult to obtain. Thank God my bank is one less place I have to worry about more stress and hassles.
The problem with this supposition is that one assumes that in order to eat healthily that one must go somewhere like whole foods. You assume that markets in China and Bolivia have all organic produce? That's pretty faulty right there. People in the developing world are of the impression that processed things and chemical fertilizer are better. So, where does that leave us if we want to be on equal footing? Going to the cheapest grocery store and buying the cheapest (most likely in season) produce. Just because they eat things that are different from us (say, quinoa versus wheat) doesn't mean that their diets are better, just different. If you stick to in season produce at a supermarket like a poor person would have to do at a local market in China or Bolivia, you'll eat cheaply.
The problem is really the attitude that there's not enough time in the day, and unfortunately you're not going to get rid of that. The world is only going to keep going towards that attitude unless a dark age happens. All you're doing by having a blog like this is preaching to people who already feel the same as you do. You're not changing any hearts or minds by repeating the same inane chatter repeated on hundreds if not thousands of blogs and other webpages about how much better traditional diets are. The only thing you can hope to do is really to work with the system. Get McDonalds to serve better food. Vote with your dollars. Unfortunately, sitting around and talking to like minded people about how terrible the world is doesn't actually get anything done.
A great Max Wong article as per usual. Please publish more articles by her here. Loved it! Super funny and cool! Susan
Thanks for posting this. Banks fees and overcharging is a growing problem and more needs to be written about it.
The fact is that the rules are made by the banks and they are purposely complex. The more confusing they are will drive up the probability of you making a mistake and drive up their profits.
I was with region and after getting dinged for 100's of dollars in overdrafts in one transaction I found that this is very common at Regions (and AmSouth before they bought them). One of the sources of information was a website set up to call Regions out on their practices
see it at www.badregions.com
Here you'll find some interesting background on the why's and how's of whats going on. In the forums section you'll see that the mosr popular area is about OVERDRAFT FEES. There are some incredible stores here.
Congress cleaned up the predatory practises of the credit card companies, from the report in the original post is looks like the banks are next.
Good stuff, good ideas. This reminds me of the very funny poem by Marge Piercy, "Attack of the Zucchini People." Your wit and wisdom -- and expertise -- shine through. Thanks for a good read!
I enjoy reading your article about this. And yes. I love how things in life for free can make anyone beautiful/handsome if they are happy.
Loved it and keep working on it.
We're probably about to go one batch of zucchini bread too far, but it also goes in our favorite summer salad. This involves a cajun seasoned grilled chicken breast, a variety of summer produce, and toasted pecans. It was responsible for convincing a skeptical 10 year old that salad might not be so bad. It won't make a huge dent in a volume surplus, but every little bit helps.
Doesn't this just prove Pareto's premise that 80's of your profits come from 20% of your customers? At least in fee income. I am curious as to outside the US where fees are more common then they are here in America.
How much discount from the asking price should I be able to negotiate by paying cash?
I do not see any reason people would have to pay fees, except for ignorance of the possibilities out there. Many banks have no minimum balance online savings accounts, and most will have no fee, no minimum balance checking accounts. Debit cards are free, and many places have overdraft linkage to no fee credit cards.
My thought is that the people who pay fees out there just don't know what they need to be doing, or are too lazy to set this all up. Maybe they should be looking at PF blogs!
It's worth seeing it from the bank's perspective, as that makes it easy to predict how the banks are going to act.
Most people go years without bouncing a check, so they scarcely know or care what the overdraft fee at their bank is. So, the banks can hike up those fees and lose very few customers. The only customers they might lose are the ones who keep bouncing checks, and (although they'll hate to lose those customers, as their overdraft fees are providing the lion's share of bank profits) they won't lose many of those customers (because those customer's finances are already out of control and they simply aren't in a position to manage something as complex as switching banks).
So, there's no real pressure on banks to charge reasonable fees, except from the occasional customer like valletta (comment #2 above) who actually pay attention and use that information to choose their bank.
@Guest:
If you check your statements, and report any unauthorized transactions to the bank promptly, they have to reverse the transactions, including the overdraft fees.
Where people get screwed is when they don't check their statements and don't find out things have gone awry promptly enough.
Really not much like rape at all.
Still, it's true that the banks aren't trying to help you. They're just trying to make money.
@ Craig:
In the US, credit unions are the common sort of co-op bank equivalent. A credit union is often an excellent choice, although too many credit unions are run by the same sort of people who become bankers--and they tend to charge fees. Still--often a good choice.
I have found that it is fairly simple to make $50-100/week selling used items on ebay...adding that to your savings each year can mean up to (and not limited to) $2500-5000/year. You'd be surprised what sells on ebay and how easy it is to find items to sell...keep your eyes and mind wide open!
I plan to experiment with going without cable for a week (football season is coming and will prove difficult) as well as my cable based internet (I also have verizon v-cast), eliminating coffee that was not made at home, trimming the extras in my weekly grocery bill and absolutely avoid any late charges on any bills I have.
If my experiment goes well and can be upheld for one year, coupled with my ebay sales, I could be looking at almost $10,000 in the cookie jar (and with banks being the way they are, that is likely where it will go, figuratively). Man I love watching football though!!!
The fact is with these fees you're not in control, the banks are.
If by any chance your identity is compromised and your bank account access stolen, you will be totally dependent whether the bank will reimburse the $100-$1000 in overdraft fees that will most definately occur. There is no protection, unless consumers stand up to these almost criminal actions by banks.
Too bad most people are too dumb too understand that the banks are not trying to help you, they don't care about you, they are a business trying to make more money from the overdraft fees.
Saying it's the persons own fault is like saying some girl got raped because she worse skinny clothes. Guess what, most rapes happens when you're fully clothed.
Those fees are in fact almost criminal. In fact, some people report they have asked their bank to remove the overdraft, so they could have all their money in the savings account, but were rejected. Even a $0,01 overdraft gives you a $35 fee. I wouldn't call a 35,000% profit margin a service.
Are they a better approach to having control of how a bank charges you, and your ability to vote on things like that?
It works like this in real life too, for non commercial things. Such as getting help. So many people are afraid to ask for anything. But most people are happy to give.
LOVED this article! But don't forget that you can freeze zukes also. Just grate and put in a freezer bag for use when the garden is not giving so many fresh ones!
I would much rather read a list of the resturants serving the best and most healthy foods. A real 'go to' list would be helpful.
I couldn't agree more,
the need for money has made a world of hate and selfishness.
Think about the amount of animals that are endangered because of this need..
elphants with there tusks, whales, bears.
All for abit of cash in our pockets!!
We as humans are causing so much more damage then we realise, and it will always be like this, people will always be selfish, people will always want more then they have.
How about the self-employed, who sometimes go through periods of low cash flow? Banks are there to pick up the ball and run with your money. I don't see a need for them to charge so much; it is gouging the poor when their charges are four times what someone on minimum wage makes in an hour, i.e. half a day's pay.
I used to try planting zucchini, but years of initially vibrant vines that end up shriveling into a powdery mildew mass hardened my heart. I tried planting in different areas of the garden, I tried watering at different times of day, but nothing worked.
So what do I do to satisfy my zucchini needs?
My friend Nadine, who lives out in the country plants an extra vine just for me.
It's sad but true, as well as a true testament to the power of friendship.
So please people, give your extra zucchini to the gardening-challenged folks in your life. It's a good deed.
Sniff . . . .
Katy
fantastic article. It had me rolling! I have made hundreds of jars of zuchini relish, made nice fried zuchini, used them as a substitute for steaks or burgers on the grill, donated them, foisted them on unsuspecting people in the middle of the night, and I only planted 3 hills. also, don't forget to make zuchini mock pineapple (great for cakes, breads, pie etc.--tastes just like the real thing).
On a similar note, the homegardener should not plant more than 2 hills of cushaw squash....
joe