Bank of America charges my all the fees for the must mundane maintenance. $10 a month if my checking account funds are low. $12 for over draft. And several others I can't think of. Are there other banks out there with less regulations?
That Black Guy Everyone Likes: The only way you are going to get few regulations is if you handle your money better.
I rarely overdraft but forgot to transfer money last week to an account. Bank of America charged me $35 for the overdraft even though I had the money sitting in another account. Why did you only get charged $12??
Use a credit union. The big banks suck.
find a credit union or a small local bank.
you can have bank over draft safety with any bank, you simply have to make these arrangements with BofA, if you can't manage your bank accounts better then there is no bank going to do it for you
So don't drain your checking account down to below $12. It's that simple.
$12 is a very low fee for an overdraft. Most banks charge a lot more.
Banks do not make money on deposits really. They make money on lending it out, and can source as loans from central banks.
The checking account they offer is only profitable if you have fees. Banking is a business. It is not a public service.
Don't spend money you don't have and there are no overdraft fees.
If checking requires direct deposit, or minimum balance, or a number of debits a month (they make a little money on debit transactions), then to keep it free you must comply. When the account is free, they are losing a little money. Banks have to pay insurance on balances.
Every credit union and savings and commercial bank will have account rules and fees for certain actions.
I hear Wells Fargo is generally more restrictive than B of A. Banks can have large overdraft charges. Some charge twice; once for the overdraft and again for not correcting it after a certain amount of time. An overdraft is a loan and they have fee latitude of how to structure it.
B of A has many branches and global affiliates and ATMs.
You can compare local credit unions that are owned by the members for their structure of fees.
There are mutual funds with check writing capability if you have the money for that, and although earning more on balance, you cannot go negative at all and a higher initial deposit is needed.
There are many different banks and all you can do is compare them.
Bank of the Internet has basically no branches. There may be one in San Diego, CA, but it may just be an office.
They offer five different accounts.
There are many web sites that compare accounts.
This is one:
But be assured, a bank operates on profits and has employees to pay, and with branches comes overhead.
There are rules on every account to keep them free, and violating rules has fees and can cause account closures.
Since credit unions are non-profit, they tend towards more flexible rules. There are credit unions associated with physical areas, jobs, and other associations. There always has to be a rules of membership, but some are very open to new members.
Do you have direct deposit of a regular paycheck? Do you need extensive ATM networks? Do you travel often? Do you need paper statements? Will you pay for overdraft protection to reduce its fees when it happens? Is balance high enough to make interest worthwhile? Do you regularly use a debit card?
Each one is geared a little differently.
*Fewer regulations. Yes — use a credit union instead of a bank.
Yes. Try a credit union.