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Choosing an Account - Factors to Ignore when opening a bank account..continuation

Published by sam - 24/08/07 - 02:08:40 am

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Miscellaneous Fees  
In the wake of bank deregulation, banks have begun charging for miscellaneous services that once were provided free.  Such fees should not weigh heavily in your choice of bank unless you are likely to incur them or if the fee is for routine and frequent service.  For example, Mellon bank (east) in Philadelphia imposes a $30 penalty for a check returned because of insufficient funds in the account.  Other banks will charge $25 if you deposit someone else’s check to your account and it is returned.  Stop-payment charges can be huge, too.

Bankers claim that such large fees are necessary because of the expense of returning a check.  However, according to Federal Reserve estimates, the real cost of returning a check is only about 12 to 25 cents.  Thus, a $20 returned-check fine amounts to at least a 5,600 percent profit for the bank.  But you may never have a check returned and thus will never incur a fine.  On the other hand,  charges for making withdrawals from an ATM—or from human teller should be weighed carefully and compared against charges at the other banks in the area, in much the same way you would weigh a per-check charge.  Some banks in Colorado, Tennessee, New York, and the state of Washington are now charging for balance inquiries or for “excessive” numbers of visits to a human teller.  Many more banks now routinely charge for ATM transactions.  Small fees on such oft-used services can add up to a considerable amount.

Automated Services   
Technology-oriented services such as banking by telephone and computer may prove convenient to you, but you should not choose a bank based solely on their availability.  Banks are constantly testing new “conveniences.”  If the innovation proves worthwhile, most banks eventually offer the service.  Until then, you are part of an experiment that may be of questionable value and high cost.  ATMs and ATM networks are the best examples of solid developments that not long ago were still in the experimental stage but spread rapidly because of strong consumer acceptance.  Two other, more exotic good ideas that are now utilized by most banks are preauthorized bill payments for loans—in which monthly payments are deducted automatically from your account and paid to the lender—and direct deposit of income checks, which are transferred electronically, directly from the payer’s bank and into your account.  One idea that has not yet proved itself is banking by home computer, though many such pilot programs are still under way at banks around the nation.

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