No More Free Checking?

00:00 Intro
00:31 Junk Fees
01:12 Credit Card Late Fees
02:58 Cap Late Fees
03:22 Stop Inflation Adjustment
03:36 Cap Overdraft Fees
04:35 Checking Accounts
04:57 Savings Accounts
05:07 Wealth Management Services
05:40 Credit Card Fees
06:00 Other Account Fees

Disclaimer: Please note that this video is made for entertainment purposes only and not to be taken as financial advice. Always make sure to do your own research.

Thanks for watching, I appreciate you!

[hogroamer]

When my bank charges me for checking, they will no longer be my bank.

[Mobius_Pizza]

Banks are getting free loans when customers deposit money. Charging for checking accounts makes no sense

[kirklandphil]

They sit with our money in accounts and pay us 0.02 % to 0.04% and they want to add more fees! Everything is changing in the banking world!! Poor people are the ones that always get hurt the most. Thanks for the heads up Erin.

[trackguy]

I do not like banks. I stay with credit unions

[dominictoretto]

This is the point of the free market. Big banks can go that route and lose accounts while a small bank can grow by not preying on retail consumers.

[Trugentleman]

I dropped Chase when they charged me a maintenance fee because my balance wasn't high enough while working retail part time in the early 2010s.

[rab]

This is why I use my bank as little as possible. I keep just enough money there to pay monthly bills with a little more in case I need cash. Everything else stays in my Fidelity accounts. If necessary, I can move cash between the two.

[dnorris]

I hope credit unions don't start adding junk fees.

[Bum_Hip]

These burdensome regulations have got to go. Without them, how are large bank cartel CEOs supposed to make tens of millions?

[tygastfield]

Anyone that says banks need to charge these fees to cover some costs, need to remember that banks are NOT struggling at all to cover their costs and the top people at the bank are making millions and millions of dollars a year. So, if the bank raises their costs in other areas, it is NOT the governments fault for this, instead, it is the greed of the executives at the banks.

[DaveM-FFB]

Do not pay a monthly fee for checking or savings! Switch banks. Just do it. Go with a credit union or a web based bank. I thought I needed to have a local branch, but I really don't need it. And now I have a better banking experience.

[cashflow]

So in essense, the ones who ultimately get punished are the one who are prudent with their accounts.

[dominiquemartin]

In 1980s to 1990s California's Banks were charging a monthly fee for checking account, between $5 to $7.
Must have been around 1991, BANK of the WEST to celebrate their 117th birthday offered [Free Checking For The Next 117 Years] for new client / new checking account.
I jumped on that opportunity and dumped my checking account at Citibank and the $7 monthly fee.
With some banks keeping a minimum balance above $1000 was one way to avoid the fee.

[davidcollier]

Close your bank account and sign up with a credit union. No BS Fees. What fees they have are much more reasonable. Much more consumer focused.

[buyerclub]

I can guarantee if JPM decides to start charging for checking accounts, there will be a mass exodous to firms that dont. Its called competition, an aspect of capitalism.

[alainsoltura]

I was making the banks richer with overdraft and other fees. When I decided to own and take control of my financial messes, these fees were no longer part of my life. Don't underestimate your ability to change your situation. Track your expenses and see where you are leaking dollars.

[scoutandscooter]

We banked with Chase for many years, but they make several mistakes over recent years so we switched to Schwab. They even refund ATM fees. Also, everything is on auto pay. No fees or interest paid.

[movdqa]

I've been with my credit union since 1982. Our kids opened accounts at the credit union as well. Everyone I know uses credit unions and not banks.

[Kenz]

I had a free college account with Chase for four years. The first time they charged me a $10 checking account fee, I closed my account that day and switched to a credit union. Best decision ever

[petestandley]

One solution would be to cap the late fees at x% of the overdue amount, with the current fee caps in place. That way you eliminate the $30 charge on the $20 bill, which is the one that annoys folks and gets the headlines, but also ends up hitting those who fail to pay on time. Shifting the cost burden from those who miss payments to everyone else who uses the system by creating other fees or increasing current ones should not be the goal of any new regulations.