Banking question

[ShellG]

How come it's legal for the bank to charge me whatever it wants?

I now have a $5.00 monthly service charge on my savings account; I haven't been able to deposit anything into this account for years! I only have a couple hundred dollars in savings, and a few hundred in checking. I'm not on welfare or anything, but I am a new writer ramping up to my first manuscript sale, so I am, lamentably, living on help from my dad, a couple hundred bucks a month only, and yes, I do plan to pay him back once I'm published.

Anyway, do I have any recourse? Can I look for a better bank, and expect to be able to open up a new account with my tiny amounts and no income just yet? What happens when my savings account hits zero, and the bank has every cent of it? Again, why is this legal?

By the way, the monthly $12 service charge on my checking account is no picnic, either, but at least for that, I do have monthly deposits. Minimalist account, too. These service charges a sign of the times? If so, I sure wish they'd look elsewhere for pocket change.

Thanks in advance for any help.
---ShellG

 

[Politico]

Because they're a business.

 

[TheOldSchool]

What bank do you have? A lot of banks have these kinds of fees unless you have either a minimum balance or a direct deposit from your employer. You might be better served by cancelling your savings account. Do you really need it anyways right now?

It's kind of the same thing for checking except the fees for having less than the minimum balance may be worth it if you want to have checks and a debit/atm card.

I think you should shop around for another bank to avoid the fee, or see if your dad will loan you the money to reach the minimum balance (regarding the checking account).

Make sure you save save save! And you'll be just fine

 

[Care4all]

How come it's legal for the bank to charge me whatever it wants?

I now have a $5.00 monthly service charge on my savings account; I haven't been able to deposit anything into this account for years! I only have a couple hundred dollars in savings, and a few hundred in checking. I'm not on welfare or anything, but I am a new writer ramping up to my first manuscript sale, so I am, lamentably, living on help from my dad, a couple hundred bucks a month only, and yes, I do plan to pay him back once I'm published.

Anyway, do I have any recourse? Can I look for a better bank, and expect to be able to open up a new account with my tiny amounts and no income just yet? What happens when my savings account hits zero, and the bank has every cent of it? Again, why is this legal?

By the way, the monthly $12 service charge on my checking account is no picnic, either, but at least for that, I do have monthly deposits. Minimalist account, too. These service charges a sign of the times? If so, I sure wish they'd look elsewhere for pocket change.

Thanks in advance for any help.
---ShellG

use a Credit Union as your bamk, no fees and just a $50 minimum...

banks are a ripoff....charging YOU, for them using your money, to make them money is highway robbery!

 

[editec]

Time to find a new bank.

 

[Freemason9]

How come it's legal for the bank to charge me whatever it wants?

I now have a $5.00 monthly service charge on my savings account; I haven't been able to deposit anything into this account for years! I only have a couple hundred dollars in savings, and a few hundred in checking. I'm not on welfare or anything, but I am a new writer ramping up to my first manuscript sale, so I am, lamentably, living on help from my dad, a couple hundred bucks a month only, and yes, I do plan to pay him back once I'm published.

Anyway, do I have any recourse? Can I look for a better bank, and expect to be able to open up a new account with my tiny amounts and no income just yet? What happens when my savings account hits zero, and the bank has every cent of it? Again, why is this legal?

By the way, the monthly $12 service charge on my checking account is no picnic, either, but at least for that, I do have monthly deposits. Minimalist account, too. These service charges a sign of the times? If so, I sure wish they'd look elsewhere for pocket change.

Thanks in advance for any help.
---ShellG

Absolutely, find a different bank. I have no monthly service charges at all on my accounts--maybe your bank penalizes depositers for not maintaining certain minimum balances. Check it out--but get your money out of that bank.

 

[Caroljo]

How come it's legal for the bank to charge me whatever it wants?

I now have a $5.00 monthly service charge on my savings account; I haven't been able to deposit anything into this account for years! I only have a couple hundred dollars in savings, and a few hundred in checking. I'm not on welfare or anything, but I am a new writer ramping up to my first manuscript sale, so I am, lamentably, living on help from my dad, a couple hundred bucks a month only, and yes, I do plan to pay him back once I'm published.

Anyway, do I have any recourse? Can I look for a better bank, and expect to be able to open up a new account with my tiny amounts and no income just yet? What happens when my savings account hits zero, and the bank has every cent of it? Again, why is this legal?

By the way, the monthly $12 service charge on my checking account is no picnic, either, but at least for that, I do have monthly deposits. Minimalist account, too. These service charges a sign of the times? If so, I sure wish they'd look elsewhere for pocket change.

Thanks in advance for any help.
---ShellG

use a Credit Union as your bamk, no fees and just a $50 minimum...

banks are a ripoff....charging YOU, for them using your money, to make them money is highway robbery!

I don't think all Credit unions are like that...the one i belonged to a few years ago used to charge $3.00/mo on checking accounts that went under $100.00. They may have changed by now, but i know i paid this.

 

[eflatminor]

How come it's legal for the bank to charge me whatever it wants?

Because it's their business and they can charge whatever they like. You are free to do your banking elsewhere.

See how that works?

 

[Wry Catcher]

Use a credit union and use pay pal, forget about writing checks. Use a credit card which pays cash back and find a place which allows you to get cash back on transactions. If you're in a to big to fail bank run, dont walk, to the nearest CU or small local bank.

 

[ShellG]

Thanks, everybody, for your kind replies and advice.
What a friendly group of people you are! Nice to find this service.

---ShellG