No April Fooling: These Banking Practices Are Real

Posted in Around the Web
April 1st, 2011 at 2:29 pm by Ally

Here on the Ally Bank Straight Talk blog, we believe it’s important to keep you informed on all the new banking fees popping up across the industry. If you’re anything like us, your first reaction to these fees is probably something like, “Are you kidding me?”

But unfortunately, they’re no joke. We made a list of new bank fees we came across that we found hard to believe. While we wish we could end the list with a happy proclamation of “April Fools!”, these announcements are the real thing.

- The Wall Street Journal has a report on the increasingly common practice of banks adding a monthly maintenance fee to their customers’ checking accounts.

- If that wasn’t enough, Walletpop points to the startling fact that some big banks are getting rid of their debit rewards programs.

- Speaking of your debit card, a post on Get Rich Slowly talks about how some banks are considering putting a limit as low as $50 on debit card purchases. If your transaction is anything above that limit, you’ll have to hunt down an ATM.

- Did we mention it’s going to cost more when you find that ATM? Bankrate reports the average cost of using an ATM in 2010 is $2.33, up from $2.22 in 2009. The average fee your own bank charges you for using an out-of-network ATM is also up from last year, jumping from $1.32 to $1.41.

- Even if you don’t have to visit the ATM, another report from the Wall Street Journal talks about how some banks plan on charging annual fees of up to $30 for debit card usage.

Have you run into any of these fees recently? Which one do you find it hardest to come to terms with?

Responses to this post (8 comments)

  1. 4/6/2011
    11:35 am
    Joe says:

    I had a TDBank (formerly Commerce Bank) account for 10 years. I loved their service and how fairly they treat their customers. Then one day, BAM. $15/month monthly charges & $2.00 ATM usage fees. Extremely unfair considering that they have very few branches, no stand-alone ATM’s anywhere, and they know it. Then I switched to Capital One because I was mislead by one of their branch employees to believe that they don’t have such charges. I’m disappointed to find out not even one week after opening my account that they infact DO have those charges. I opened an Ally account and I’m looking forward to being treated like a valued customer again.

    • 4/6/2011
      4:21 pm
      Ally says:

      We really appreciate that you shared that with us, Joe. We hope to offer you a better banking experience over here and really look forward to the opportunity to make sure you feel that way again.

      Don’t forget to check out our social spaces where you can communicate with us too!
      http://facebook.com/AllyBank
      http://twitter.com/AllyBank

  2. 4/6/2011
    4:24 pm
    laremo says:

    Are you kidding me US Bank?
    I just got a mailing from US Bank offering 0% APR interest for a year on any purchase made with the enclosed drafts. Only problem is that the “fine print” indicated they would charge an upfront fee of 4%. Since when does 0% = 4%?

    • 4/7/2011
      2:55 pm
      Ally says:

      Hope you’re enjoying straightforward banking with us, Laremo! We stay away from fine print to make it easy for you.

  3. 4/14/2011
    9:01 pm
    Matt S says:

    I appreciate that ALLY is straight with their customers. I feel valued for being a customer and don’t feel nickel and dimed.

    However, I do wish Ally maid it easier to deposit checks, like being able to deposit via cell phone or scanner like some other banks.

    Because of this, I have to keep my old Wells Fargo account (whom I hate) so I can deposit checks and then move the funds to Ally.

  4. 4/16/2011
    2:32 am
    Yomar says:

    I really appreciate ally bank philosophy of talking straight. That is what we your customers want. A bank that we can trust! But don’t just sit to wait until some other banks acknowledge the no fee, free, no strings bank strategy. You will have competition. Specially with the free stuff. But, have you ever asked yourselves…”what could be better than free?” I got the answer, ally… Free + giving!! yes, why not give your customers? I’ve got some suggestions, like bonus points we can redeem for cash added to our accounts, or maybe some cash back % when we use our debit card from our checking accounts, or maybe a link online where we can get discounts from major online sellers…OR MAYBE ALL OF THEM!! Why not, after all, ally, our customer satisfaction is the guarantee of your financial healthiness and subsistence at this times. A happy customer makes a happy Bank, don’t you think?

  5. 4/17/2011
    12:29 pm
    Ryan says:

    About a month ago I was going to get a chase account to use for checking, since mailing cheks to ally was too slow, and they had remote deposit. So the account rep was busy with another customer so I had to wait, but I could tell they were showing the online banking to that customer, so I kinda ppriciated the fact that they took the time to do that. They even had coffee by the waiting area, I don’t drink coffee but never seen that in a bank. So I’m thinking ok they seem to be a decent bank. I go though the whole deal of giving them all my info THEN they finally tell me, after waiting and going though all that their accounts have monthly fees. I asked them if they had a free account, but they said not anymore, they just stopped offering those a week or two earlier it turned out. They said most banks were getting rid of those because of new reglations or something.

    So needless to say I walked out of there with 30minutes wasted and no account. I am glad that ally is now offering remote deposit, so it all worked out good.

    • 4/17/2011
      12:41 pm
      Ally says:

      Thanks for sharing that story, Ryan. It’s always great to hear HOW customers came our way, even if it unfortunately means that they have had a bad banking experience elsewhere. Let us know if we can be of any assistance in the future and know that we’re happy to be here for you!

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