banks and fees

[danaeris]

So, I have a checking and savings account with wells fargo, and because I'm poor, I'm running into the problem that I can't maintain enough money in the account to avoid fees.

My checking account requires a $1000 balance or direct deposit payment checks. I have neither, so I'm paying an $8 fee every month.

Does anyone know of a bank with a lower fee on checking accounts that have a balance below $1000 and no direct deposits heading its way?

Comments

[bikergeek.livejournal.com]

I can't answer your question too specifically, since your'e not in the boston area any longer, but two suggestions:

1. See if you're eligible to join any kind of credit union based on work, residence, professional affiliation, whatever. Since CUs are non-profit they tend to not gouge their members on fees. I'm eligible for membership in a local credit union because of where I work. I pulled my money out of Citizens after they bought out US Trust (I was a US Trust customer). The CU I bank at charges fees but they're smaller, the deposit requirements to avoid fees are smaller, and the customer service is superb, like the banks from 20 years ago. Don't worry too much about the membership requirement--CUs want members and are inclined to interpret the membership restrictions very liberally.

2. Find a smaller, more community oriented bank. I think Wells Fargo is one of the big banks out in SF, right? The two biggest banks in the Boston area--Fleece^H^Ht and Citizens'--have the worst reputation for fee-gouging. A smaller bank might be a bit more inclined to be competitive in terms of their fee structure. Ditto one with a stated focus of "community banking" or dedication to ideals of social justice. Local-to-Boston examples you might be familiar with are Cambridgeport Bank and Wainwright Bank. (mangosteen calls Wainwright the "happy rainbow bank". :-) )

(a quarter century ago, banks used to give you a toaster for opening an account. sigh.)

[danaeris.livejournal.com]

Last I checked, there are NO small independent banks in California. My options when I opened an account were ALL big banks with nasty fee schedules. I'm just hoping someone might be able to point me towards one with a slightly more friendly fee schedule.

Back in Boston, I wouldn't have dreamed of touching a big bank... I used cambridge trust and then wainwright. And they rocked my world.

And I'm certainly not eligible for any credit union.

But thanks for trying. :)

[cr0wgrrl.livejournal.com]

There aren't very many of them in the San Francisco area, but Bay View Bank (soon to be U.S. Bank) has a checking account with no minimum and no fees. The downside is that you do get charged if you use a non-Bay View Bank ATM (there is one at Market & Sutter-ish, one on Van Ness Ave., one out on Geary near the Coronet, one on Montgomery and Bush, probably others I'm not familiar with). So it all depends on how often you go to use ATMs -- I work a block and a half from one, so I have no problem, but you might have a lot more frustration.

No fee for point-of-sale use, so I also get money out from Walgreens or Safeway.

I don't know if Wells Fargo charges when you use a non-Wells Fargo ATM. If they don't, it may be cheaper in the long run to pay the $8 and not pay money each time you use a non-Wells Fargo ATM.

[danaeris.livejournal.com]

Alas, you're a little off. Bay View has a 'economy checking', according to their website, which has a $6 monthly fee UNLESS you have direct deposit. It is slightly cheaper than Wells Fargo, but the ATMs are so much less convenient that for $2/month, I'll stick with Wells Fargo. :-/

[unseelie.livejournal.com]

google to the rescue

http://www.sanfranciscofcu.com/

[bk2w.livejournal.com]

Washington Mutual also has free checking accounts available, and a good distribution of ATMs, as far as I've seen.