Don't Trust the Sun Because All Aint Well

If you're money is currently living at Suntrust or Wells Fargo/Wachovia then this post is for you.

Starting in the Fall, both banks will charge a monthly fee for the privilege of using your debit card. Wells Fargo is charging $3 a month while Suntrust is swinging for the fences with $5. Suntrust is also eliminating their Free Checking account. Unless you sign up for direct deposit of more than $100 each month then you'll be hit with a $7 fee. At first the $7 didn't bother me. I have direct deposit--who doesn't these days? Then I remembered the other accounts. We have a joint account and two individual accounts. The direct deposit only goes into one of the three so that's $14 a month for the other two. In the event that we pay for gas at the pump, buy a farecard with our check card or just choose not to carry cash since it tends to be stolen/lost, then that could be another $15 a month. So now we're spending $30 a month for something that used to be free.

I have a problem with that. I'm a smart guy. I know where this is coming from. The government has been reeling in just how much banks can make through fines and fees. Last year they changed the way overdraft charges are applied. This year they're cutting how much the banks can charge merchants each time you swipe your card. Since they can't get the money from the stores, they'll get them from you, the customer.

They have a business to run--I get that--but they make more money off of customers already. It's not like the bank takes your money and keeps it in the vault until you pull up to the ATM machine to get it back. They take your money and use it to loan to someone else or invest in something. For the use of your money, they pay you interest. Let's say you miraculously get five percent interest from them. Well, they're gonna give that money to someone else in the form of a loan or credit card and charge them way more than that. Ever heard of 21% interest credit cards? Yeah, they are getting paid. If you're a poor schmuck like me then you don't even get interest on your Free Checking account so they get to use my money for free. Now all of a sudden they want me to pay them to screw me? I've never been into prostitutes and don't plan to do it now.

So what's the next course of action? We're moving the money to a Credit Union. Free Checking, quarterly dividends and no charge to use my own money.

Deuces!