Bank Fees

[mick56]

I stop at a nearby bank I have never been to, and ask if they have any rolls of halves. The teller had one roll and I said I would take it. She asked if I have an account with them, and I say no. She says she can't do any transactions with me since I don't have an account. So I said I would open a savings account with $10, she says fine. She is filling out the forms, and I am reading the rules, and there are fees mentioned. I asked her if there will be any fees on this account, and she said if the balance is under $200, the fee is $5 a month. I told her to forget the account.

A different day I stop at a branch of a bank where I do have an account. I ask if I can buy a box of dimes, the teller says yes. As she is going back to get it, the teller next to her says there will be a $5 fee for that. My teller says "What?". I said if there's a fee forget it. Sheesh.

 

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[seger98]

Gee, I'm from northern WI & I haven't hit any bank that has charged me a fee on either end of it!

 

[fistfulladirt]

Just a sign of the times.....

 

[Pennyworth]

I stop at a lot of banks and ask if I can purchase boxes of coins. Last week I went into Huntington Bank in Ohio and asked if I could buy a box of dimes. The teller said yes and then followed up with do you have an account with us. I told her that I did not have an account and she said there will be a $14.00 fee. LOL Of course at that point I asked her if I could buy 10 boxes of dimes since they had such a reasonable fee to purchase boxes. J/K What a great way to deter people from doing business with their bank. But seriously that's the highest fee I've ever heard of.

 

[bgretz1989]

It is not a bank fee. The fee is from the FEDS. I was told about this when i went to open a savings acct. with a bank that was going to order me boxes of halfs. The teller told me it is only with SAVINGS accts. that fall under 200 dollars in a quarter and to open up a free no hassle checking acct. to avoid the fee.

 

[GMan00001]

It is not a bank fee. The fee is from the FEDS. I was told about this when i went to open a savings acct. with a bank that was going to order me boxes of halfs. The teller told me it is only with SAVINGS accts. that fall under 200 dollars in a quarter and to open up a free no hassle checking acct. to avoid the fee.

It is most definitely a bank fee and not from the FED. Actually the fee depends on the contract between the bank and its armored car service. Some banks have a per delivery fee and can order as much as they want at the same cost so an extra box of coins doesn't cost them anything. Other banks pay a fee for each box they have delivered. Those that pay a fee per box are more likely to pass it on (at least in my opinion).

I have also heard of some banks charging fees only for half dollars because they are not part of their normal coin order. I am not sure the exact cause of this one, but I am sure it part of the contract between the bank and armored service somewhere.

Since I don't do boxes much anymore, and I dump at a bank that states very clearly above their coin machines "No fees for members" I pretty much don't get bothered by the "F" word anymore either. When I used to do only boxes, whether or not I would get the "F" word depended greatly on the teller (even at the same branch) with only a couple exceptions where it was bank wide.

Officially, some banks charge their business customers fees to get boxes (or sometimes even down at the roll level), but choose to waive this fee when the coins are for "personal use".

 

[bgretz1989]

I was not talking about fees for boxes but fees for the savings acct. I know some banks do charge for boxes but i was told that any savings acct. under 200 dollars was charged by the feds not the bank. True or not thats what my bank told me about it. Guess ill ask more about it next time im there.

 

[XX]

The Federal Reserve does not charge any fees for just about any service that you and I could possibly use at the bank (unless your name is Warren or Donald). There are fees associated with processing checks (hence banks pushing for ATM's, Check Cards, etc...)

The Federal Reserve was extremely slow to adopt a nominal fee for cross-shipping good $10 and $20 bills because banks were abusing the feds in order to use them to sort out al the good bills for their ATM's.

The Fed has almost nothing to do with how the bank handles our savings or checking account. While they do audit member banks, that is more on a larger scale.

If you're bored, you are free to peruse the FRB's fee schedules.

http://www.frbservices.org/servicefees/index.html

 

[Shake-N-Bake]

The fee for a savings account below $200 is form the BANK. They are trying to get you to hold a balance worth there time and money to maintain your account. Remember if you only have $10 in the account they are losing money because of you. By time they send you your bank statement every month, the postage, printing cost, and the sorter machine they have for there mailings they are losing money. They are trying to get you to close the account or put a bigger amount in it. If you are worried about the fees and have a child, open a JR custodial account. There IS a federal law that prohibits financial institutions to charge a minor for an account. Just giving you a little heads up. Also if your bank charges for boxes find another, one of them won't.
Happy Hunting,
Jason