Bank Charges

[Kitty]

Many banks will offer better services than others, however, sometimes their fees are outrageous. There are banks that simply go the extra mile by counting your change, or not requiring your currency to be stacked in a certain way, but what is the charge?

Most banks charge a monthly fee for you to provide them with currency. Most of the time because cash is deposited the monthly service charge is more than most business accounts, at least here in our area. Of course if you keep 25K constant in your business account there is no fees, but that never happened during my tenure......

Monthly service charges here for maintaining an account that distributed the payables and deposits for 3 entities ran 60-80 bucks a month. There was no extras in the service, we had to seperate and stack the currency, roll the coin and seperatly bag any bulk change. What do you pay in bank service charges and what do you get for it?

[fluffy]

I bank with Wells Fargo and the basic biz checking is $10 per month. I bundle the currency and bag the quarters...they provide the bundle straps and bags. It's kind of funny in that they charge me extra if I deposit over $5k per month into the account, so I opened the biz savings (a free account) and I deposit anything over $5k into that and then transfer it online. {I know, I'm cheap, but it burns me a bit that they want to charge me a few more bucks for giving them money:eek::eek:.

As another thing - I do my payroll through them also, and then they waive the $10 monthly fee for the checking account....but then they have a $9.95 monthly fee for the payroll, so that's back to the starting point.

[Rondo]

Kitty. I use BB&T and I think you guys did too. I do not get charged for my account. I only get charged for each check that I deposit, something like 10 cents each. I believe it's called a maintenance charge.

[Kitty]

Yes Rondo, we did use BBT and I still have a few of my personal accounts there, but their maintance charge was outrageous and there was never any negotiating this fee, unless we maintained 25K in the business account

[Gary C]

I pay nothing.

Gary

[Todd]

I had similar bank problems a number of years ago and it was Bank One nickling and diming w/ junk fees. I switched to Fifth Third Bank. They are not perfect as I have had to clear up a number of problems, but they are a ton better than Bank One. I usually have all my money precounted, rolled and sorted and my average fee is $10- $20. There is no core fee, rather a fee based on how much you deposit of each item, rolled coins, or stacks of bills. I make sure though not to deposit more than $1000 in quarters in any particular account in a month or the fees increease quite a bit. I've argued that this makes no sense as I have multiple accounts and could just make my deposits go into different accounts to avoid the fees. They say the fees are computer generated though so now I make a note not to exceed that number per account.

[KJD]

I guess we are lucky here no fees, still have a couple locally owened banks here that tend to want are business.

[Anonymous]

I bank with National City and pay no fees. I roll my coins. never have had any problems

[srhaz]

I went thru 2 'big' banks with fee's and minimum balances.
Now I use a local bank. NO minimum, NO fee's, write as many checks as I want, they will count all my change and bills at NO charge. Even getting loans was easier. Small banks have merit.

[mike]

Unfortunately, in Canada, we have no small local banks, only 5 large ones.

It is hard to get a deal on anything.

What I have done to minimize my exorbitant cash handling fees,
(I think it was 2 or 3% for coin, particularly here where there are no 1 or 2 dollar bills, only coins !)

They charge these high fees on the business accounts only, so I deposit all my coin into my personal account (no fees) and at the same time deposit a cheque from that account to my business account for the same amount.

They did not like it in the beginning, but I pointed out to them that THEY were the ones who set up the fee structure allowing me to do that, not me !!!

Ya gotta do what ya gotta do to save a buck these days.

They also had me wait in the personal account line, (much longer) to do this transaction (to teach me a lesson) but the personal teller got tired of hauling all the coin over to the business teller (also the only coin teller) so now they let me wait in the business line again!

Enjoy lifes minor victories, cause that is all your gonna get !!

[ajay]

we've opened personal accounts in separate banks for separate mats. quarters get recycled. dollars get deposited for check writing. No fee for any.

[Winston]

I think the difference in fees may have to do with how your business is set up. Corporations always have a "business account", with lots of fees. Since I operate as a sole proprietor, I can have a "personal" account, but use it for business... no fees for anything.

[Jim]

I just changed over to Charter One Bank...

If you have a Charter One Bank in your area they are not charging for a thing...

Hard to believe but I think they actually want my business...
woo hoo...

[CharlieS]

Kitty - You can save the fee with BB&t by also borrowing money. I work with them extensively and the checking account fees are waived. I stlll end up paying a little bit if I deposit lots of cash, usually around $15 a month. Overall, I've found them very good to work with.

Charlie

[Ryano23_98]

got a small bank and they pay me 1.01 %

[BWJR]

Commerce Bank of NJ. No fees for anything. Just long waits in line.

BWJR

[pete f]

I use a local branch of Bank of America.
I use only a personal account, I had a business account, they charge you for that, personal is free. What is the difference> ? service fees. There is nothing in the tax code that says you have to have a seperate account for a a business, as far as I know. And my bank knows it is business.
No fees, they pay a puny amount of interest on the account. The bank does supply me, free of charges, quarter wrappers, bill bands, coin boxes, slips, etc, anything I need. I have a couple mortgages also, one was a re-fi, virtualy no paper work. Work your local office of your bank. Use the same tellers, say hi to the manager, etc. You should be treated like a king.