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Annoying... Plus, considering switching banks.

September 15th, 2005 at 04:37 pm

Today I was supposed to get paid. My boss never showed up with the checks. Man... That's really annoying. Especially since my checking account isn't really what it should be, between the last check I couldn't deposit because he wrote the date wrong and paying out $3000+ in estimated taxes yesterday.

Which brings me to my second topic- switching banks. I'm pretty happy with my current bank. They charge a little more than others, but IMHO, they make up for it in convenience. They have more ATMs than anyone else in the city, and as a result I never (well, maybe once a year) get charged ATM fees.

Their basic 'lifeline' checking (which I had all through college) costs $4 a month. It's free with direct deposit, but I can't get direct deposit at work. So for me it's $4.

I've been using, since I got a job, their extra checking. It's free if you keep a $1500 balance; Otherwise it's $10 a month.

I've never been charged for it, because I always kept $1500 in there. Now, for the first time, if my tax checks get cashed before I get a chance to deposit my paychecks, I'll be under $1500, and incur a $10 charge. I might call them and try to get them to waive it, since I have been a customer for 5 years...

But it makes me think that the $1500 I keep in there to not get charged could be earning interest somewhere else. It would be earning $49.50 a year at ING, where I also have an account. And there are banks in my area that don't charge a monthly fee even if you don't have direct deposit, they just aren't as convenient, and I'd probably incur more ATM charges.

Even keeping my account at my current bank and switching to the 'lifeline' checking would probably make sense for me, since I'd be earning $4.125 in interest at ING and be charged $4 for my checking. That's still a savings of $0.12 a month. Or, switch banks, and be saving $4.125 a month...

Definitely something to think about.

Spending for Thur, Sept 15:

$1.90- lunch

1 Responses to “Annoying... Plus, considering switching banks.”

  1. Anonymous Says:

    These days, banking is so competitive it's not worth it to stay somewhere that charges a fee. If you're going to go through the trouble of switching, I'd go to a bank that's going to pay a bonus to do so. (I know Bank of NY offers up to $100 bonus, depending on what you sign up for, and they have "free for life" checking and only a $200 minimum deposit. Also, Citibank has a cash back bonus if you pay a certain number of bills online, but I forget how many. I use www.fatwallet.com as a source for this stuff. If you go to their finance forum and do a search on banks with cash back, you'll find a bunch.

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