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this post was submitted on 25 Nov 2023
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Some banks do this *** too. The more money you deposit, the less fees you pay. Because 'premium customer' and all this.
Yep Chase for instance: over 75k on deposit, no ATM withdrawal fees anywhere! You know, helping the people who need it the least.
Sorry for the ignorance, but you have to pay to withdraw money from your bank in the US?
From your bank in person, no. From your bank's own ATM, no. From an ATM run by another bank out of network, yes, there are often fees and your bank will waive them under certain circumstances.
If it’s run by another bank out of network, your bank cannot waive them. The fees are set by the owner of the ATM and that fee goes to them.
Your bank can just cover/refund the fees for you.
Yes, I understand that, since obviously they're two separate entities. Often banks themselves have a fee, which they waive. Then they reimburse the fee the other party charged.
Not if you withdraw from a store. I forgot the exact term. Just grab a drink or snack and select the withdraw amount on the card reader.
Yes. Technically paid extra but at least I get something back. Not ideal but better than using an ATM and risk a out of network fee.
that's true, there's no fee withdrawing money at a debit point of sale.
Not necessarily. Usually your bank will have ATMs you can use fee-free. And often partner bank ATMs as well.
Out of network ATMs can charge fees, which you will prompted to accept before withdrawing, but that's not from your bank. That's the company running the ATM. Generally $3-5
I guess some shitty banks could charge fees on top of that....
Mine charges no fees and actually reimburses ATM fees (a certain amount per month)
Chase absolutely charges you for using a non-network ATM. I have a friend that has Chase for their bank and will not withdraw from a non-chase ATM even if the ATM has no fees because Chase will just charge him after the fact.
Makes me wonder why he still bothers keeping Chase.
Same here. I have a bank that charged their own fee in addition to whatever the ATm owner charges, so any withdrawal ends up being $8-10.
I agree with you, but discussions with someone who preferred a bank ended with them having the opinion that their bank got them better interest rates on loans, waived fees for things like wire transfers, and perks of some nature.
I was unconvinced.
Still weird
In the Netherlands as well, as well as when you buy stuff at a store. There's always a small fee when you use a debit or credit card.
And charge you a monthly service fee unless you have a job (regular transaction into the account per billing cycle), which isn't a thing in other places.
Ripping off poor and jobless people. Yes.
Not sure if it's still a thing, but PNC would charge you a few for their Personal Wallet if you don't have direct deposit of a certain amount each month.
I mean I can’t believe I’m about to defend a bank, but it makes sense no?
Banks want people to deposit money, rich people have more money. So it tracks that you would offer better incentives to get those people to be your customers.
Nobody is saying it doesn’t make financial sense, but that it’s a dick move.
capitalism is a compilation of dick moves
Saying corporations are making dick moves under capitalism is like saying when rains things get wet.
Like do we expect anything different at this point.
The world is run by greedy self serving asshole, more news right after these dystopian ads.
Sooo, we’ll call me an optimist, I believe people can be, and for the most part ARE better than that.
My concern is that the psychopaths always win. At the top of the companies and countries, we mostly have psychopath leaders. These are people that treat society as a game to be won. To the best of my ability and reasoning, I can’t find a way to avoid that. Socialism, communism, capitalism, etc….
There’s no system they won’t exploit because they all have exploitable holes. Normal people won’t sacrifice what’s needed to be a CEO, because it’s not worth it to them. They value their own life and family more than the power and money. They want enough control to feel like they can run their own life and enough money to eat and sleep. That’s a reasonable life.
But in order to get ahead, you have to want that money and control almost as much as breathing. The system BREEDS psychopaths. They ALL do, because as time goes on, the requirements to get elected or promoted get harder and slimmer and require greater sacrifice. So only the people who care about NOTHING but getting that power will make it through eventually.
….. and I can’t solve that riddle.
I agree with every word.
I too have no idea how to fix it. It is what it is.
Some banks? No. All banks.
Even credit unions do this. They may not have as many or as expensive fees as regular commercial banks but they still have fees and certain features aren't free. If you deposit $100,000 (or more) you'll find that a lot of those fees get waived, your interest rates will be better, and they will generally treat you better than the peasants with like $5,000 in their savings.
It's just another advantage that the rich have over every day people. Most of them take these things for granted or don't think they matter in the slightest. It never occurs to them that regular $3 fees or occasional $25 fees can have a huge impact on the poor and the middle class.
Full Disclosure: I work for a bank.
Agreed, but at least that is an upfront rule that technically applies to anyone with X amount of money. This is some back room handshake shit.
I’d be better if Apple / Google lowered their fees based upon how many installs anyone hit. At least it would apply to everyone, not just a couple of billionaires scratching each other's backs.
Yes. I know a bank where you're trading fees are lower or even zero, depending on the size of your share portfolio.