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View Diary: The big banks aren't done screwing you over (181 comments)

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  •  consumer education is essential (2+ / 0-)
    Recommended by:
    NM Ward Chair, Cassandra Waites

    my gf is an enrolled agent (tax preparer) and has a client who typically gets about $500 a year in OD fees, yet insists he needs the bank's OD "protection plan".  He'd be better off just letting a check or two bounce.  Of course he's an idiot, but perhaps if he had been taught at an early age...

    •  I've switched to Schwab (0+ / 0-)

      It's not a CU... but: No monthly fee, ATM withdrawl fees are refunded 100%, no minimum balance requirement, and the checking account earns INTEREST.

      •  But not a good solution (4+ / 0-)

        I am with Schwab too. But their minimum balance requirements are rather high. I don't know what it is, but it is upwards of $50,000 in combined assets in all accounts. (Brokerage, IRA, Roth, 529, mutual funds, CDs everything counts).  If you have a self directed IRA or a rolled over IRA like me that will put you comfortably over the limit, go to Schwab by all means. But it is not a solution for all.

        •  huh? (0+ / 0-)

          My account has no minimums... maybe it's a new product.

          But the High Yield Investor Checking has no minimums, no ATM fees (and refunds any ATM fee), no monthly fees, and pays interest.

          You need to have a brokerage account... but it can have as mine does... a zero balance.

          Here's the info:

          Schwab High Yield Investor Checking

          •  It is still a for profit concern, no? (0+ / 0-)

            Certainly they are getting their pound of flesh somewhere?

          •  Please watch out. (0+ / 0-)

            I have two high yield checking accounts, couple of roth, one rolled over IRA and a brokerage account. Last time I looked at their fee schedule it was a quarterly schedule. Hope you have had this account for longer than that and made sure they are not charging any fees.

            But the checking account refunds all ATM fees, gives me free checks, synchs via Quicken etc. When that checking account was introduced the minimum balance counting all accounts was $100,000. May be it has changed now.

            If the minimum balance is really zero, I am also scratching my head about where they are getting their pound of flesh. May be it does not cost as much to let people have free checking, and the other banksters are just greedy pigs.

            Only thing I hate about Schwab is that these banksters are still getting their ATM fees. Schwab is refunding it to me, but they are still raking it in. I wish there is a way to take a big bite out of the ATM milk cow of these banksters.

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