Quote:
Originally Posted by Jules76
Of course they do, I wasn't born yesterday.
But at the end of the day, I'm getting a better deal then I was at the Commonwealth and that's the point I'm trying to make. You don't like your current bank, find a new one!
I'm happy for them to take their share, it's basically part of the agreement you make with them in opening a up bank account. At the Commonwealth, they played with my money, slugged me $4 a month for that "privilege" and then threw me a couple of cents at the end and had the audacity to call it "interest" lol. At ING, they play with my money, don't charge me to do it, and in fact they give you incentives by throwing money at you. The Commonwealth never did any of that for me!
Oh and btw, YES banks do give money away for free without getting interest back. I know of people who take advantage of the sign up bonuses such as the one I mentioned where I got $120.00. They open accounts, jump through the hoops of making the qualifying transactions, then clean out the account. There was no dollar limit on the qualifying transactions so you could do it all with a few bucks. I know this because I scored the Direct Deposit bonus on my second account by simply going through the bank account verification process with Paypal (they deposit a few cents).  |
I am surprised by your comments, and others, about account keeping fees, etc. I am with one of the "big four" and I don't pay account keeping fees, nor do I pay transaction fees for ATM's. This didn't just happen, I negotiated it with bank, as I had been a long term customer. I guess they didn't want to lose my custom
I am also able to negotiate a better interest rates on short term cash management (although I don't have a lot to invest). I pay nothing to the bank, but they extend credit to me and pay, what I feel, is a reasonable return on my savings.
Be aware that if you are getting little or no interest from your savings account, then you have the wrong account.
I read a lot of people have trouble dealing with their banks, but, I don't seem too. It's not like I am rich or anything, although I wish! I live on a meagre income and live within my means.
One of the problems that will arise in the future, I am sure, is banks will become disinclined to want to lend to people, particularly for mortgages, if you can simply change banks, every time a bank increases interest rates.
After all, why would a bank want to lend to you if you are seen to be a transient customer, as a persons credit history will show, if you keep changing your lenders. It is my understand that the banks margin on home loan interest rates are very low and that they make little from them.
A bank isn't a charity, it is a business that has to make money for the shareholders. It's not like only a few people are making all these billions, but many thousands of shareholders. When you borrow money you know that you will have to pay interest. That is the reason I now save for what I want and don't borrow money anymore.
I guess that is why I can negotiate with my bank, as I have been with them for decades. Maybe they think I will borrow money again from them in the future
