What Is It About Finance?

Lon · Post by **Lon** » Thu Mar 31, 2011 3:24 pm

It's seems odd to me that since I have been a member of FG how few posts there have been re: FINANCE, not revelation of personal finances, but general discussion of things like credit interest rates, mortgage rates, savings and investment rates, financial scams, banking etc. etc.

So-----let me ask----------Do you have free checking with your bank? Do you have a multitude of fees? Do you bank online?

Post by **Bryn Mawr** » Thu Mar 31, 2011 4:09 pm

Lon;1356725 wrote: It's seems odd to me that since I have been a member of FG how few posts there have been re: FINANCE, not revelation of personal finances, but general discussion of things like credit interest rates, mortgage rates, savings and investment rates, financial scams, banking etc. etc.

So-----let me ask----------Do you have free checking with your bank? Do you have a multitude of fees? Do you bank online?

Yes, I have free cheque usage on my accounts - the only time I've paid for cheques was on my business accounts where it was £0.65 per.

Single monthly fee unless I go overdrawn when I pay a small interest charge.

I will not allow on-line banking to be activated on any of my accounts. As yet I do not trust the bank's security systems to keep outsiders outside.

Trouble with discussing finance is that it varies so much between members given that we're spread worldwide. Not only the rates that are available to us but the way the banking system is run can be completely different from one country to the next.

CARLA · Post by **CARLA** » Thu Mar 31, 2011 4:24 pm

Free banking as well no charges for anything. I don't pay for checks either. I do all my banking online just so easy and fast. I pay all my bills online as well I don't have any paper bills being mailed to me waste of paper.

chonsigirl · Post by **chonsigirl** » Thu Mar 31, 2011 5:44 pm

My husbands account is free, I pay for mine. I pay alot of bills online, but not the mortgages. I mail checks for those.

Post by **LarsMac** » Thu Mar 31, 2011 6:55 pm

I was an early adopter of online banking. Have been banking online since it was first offered. Pay nearly all my bills via online payments.

I used to be terrible at paying bills. Having time to sit and write checks each month was hard, since I travel 60-80%.

Now I can pay my bills at the hotel, before turning in for the night, or at the airport, while waiting for a flight.

I write a check now and then, but not often.

No fees, and no charge for checks.

Bank makes their money off interest on my savings, and that's it.

Haven't quite taken the step to "mobile banking" yet. Still appears to be some security issues, there.

Odie · Post by **Odie** » Thu Mar 31, 2011 7:15 pm

I have everything free at my bank, including my cheques....no fees whatsoever.

I refuse to pay useless bank fees.

I do all of my banking on line, paying my bills, transfers etc.

Lon · Post by **Lon** » Thu Mar 31, 2011 7:19 pm

Bryn Mawr;1356727 wrote: Yes, I have free cheque usage on my accounts - the only time I've paid for cheques was on my business accounts where it was £0.65 per.

Single monthly fee unless I go overdrawn when I pay a small interest charge.

I will not allow on-line banking to be activated on any of my accounts. As yet I do not trust the bank's security systems to keep outsiders outside.

Trouble with discussing finance is that it varies so much between members given that we're spread worldwide. Not only the rates that are available to us but the way the banking system is run can be completely different from one country to the next.

Though we are spread out world wide I think there are many generalities that we can discuss. New Zealand for example (of which I am familiar) has more nickel and dime fees than you can shake a stick at in their individual check accounts.

It's a real irritant to the Kiwi's. I have not personally been inside of a bank in 16 years and have done all my banking online. I feel comfortable with it and so far have had no problems. Unlike when I dealt in the traditional fashion of physically going into the bank for deposits/withdrawals etc. I am no security expert by a long shot, but with encryption etc. and all the passwords and hoops that must be jumped to access some of the accounts I fail to see how the security could be breached.

Of course if I had $$$$$$$$$$$$$$$$ galore I guess some smart techie could figure out a way to breach the security.

Lon · Post by **Lon** » Thu Mar 31, 2011 7:27 pm

Does anyone get interest on a NO MINIMUM BALANCE checking account? Does anyone get totally reimbursed for the fee imposed for accessing your checking or savings account via ATM with a bank or ATM other than your own?

Nomad · Post by **Nomad** » Thu Mar 31, 2011 11:04 pm

Lon;1356725 wrote: It's seems odd to me that since I have been a member of FG how few posts there have been re: FINANCE, not revelation of personal finances, but general discussion of things like credit interest rates, mortgage rates, savings and investment rates, financial scams, banking etc. etc.

So-----let me ask----------Do you have free checking with your bank? Do you have a multitude of fees? Do you bank online?

Free checking, bank fees....seriously?

Bruv · Post by **Bruv** » Fri Apr 01, 2011 4:54 am

Checks or cheques................what are they ?

gmc · Post by **gmc** » Fri Apr 01, 2011 6:41 am

Bruv;1356757 wrote: Checks or cheques................what are they ?

Cheque is the correct spelling unless you are using american english. Haven't used a cheque in yonks reckon it's only a matter of time before they are phased out.

Do you jhave direct debits in the US?

mikeinie · Post by **mikeinie** » Fri Apr 01, 2011 7:15 am

hardly ever use a cheque anymore, not even sure where the cheque book is. Yes, do a lot of stuff on line now.. so easy

Lon · Post by **Lon** » Fri Apr 01, 2011 7:42 am

gmc;1356758 wrote: Cheque is the correct spelling unless you are using american english. Haven't used a cheque in yonks reckon it's only a matter of time before they are phased out.

Do you jhave direct debits in the US?

Yes we have direct debits.

Bruv · Post by **Bruv** » Fri Apr 01, 2011 8:34 am

The spelling was an aside that didn't really matter much, but who uses cheques these days? none of the super markets take them anymore, I believe.

Post by **Bryn Mawr** » Fri Apr 01, 2011 8:53 am

LarsMac;1356737 wrote: I was an early adopter of online banking. Have been banking online since it was first offered. Pay nearly all my bills via online payments.

I used to be terrible at paying bills. Having time to sit and write checks each month was hard, since I travel 60-80%.

Now I can pay my bills at the hotel, before turning in for the night, or at the airport, while waiting for a flight.

I write a check now and then, but not often.

No fees, and no charge for checks.

Bank makes their money off interest on my savings, and that's it.

Haven't quite taken the step to "mobile banking" yet. Still appears to be some security issues, there.

Why do you have to actively intervene in the bill payment process?

Set up direct debit mandates with each utility etc and the process is automatic - you are notified two weeks before payment is due and, unless you act to stop the payment and dispute the bill, it is paid on the date with no effort on your part.

Post by **Bryn Mawr** » Fri Apr 01, 2011 8:59 am

gmc;1356758 wrote: Cheque is the correct spelling unless you are using american english. Haven't used a cheque in yonks reckon it's only a matter of time before they are phased out.

Do you jhave direct debits in the US?

The date's been set for 2018 - how we'll manage person to person money transfers after that remains to be seen.

Lon · Post by **Lon** » Fri Apr 01, 2011 9:06 am

I write very few checks, but yesterday signed with a contractor here at home for an addition to our patio and had to write a check for a deposit. The day before I wrote a check to the man that washed the windows in our house.

Post by **Bryn Mawr** » Fri Apr 01, 2011 9:14 am

Lon;1356777 wrote: I write very few checks, but yesterday signed with a contractor here at home for an addition to our patio and had to write a check for a deposit. The day before I wrote a check to the man that washed the windows in our house.

Tonight I'll be posting my third cheque in as many days - nothing for years then three come at once :wah:

Ahso! · Post by **Ahso!** » Fri Apr 01, 2011 11:40 am

Bryn Mawr;1356775 wrote: The date's been set for 2018 - how we'll manage person to person money transfers after that remains to be seen.Mobile transfer using Visa. This is not yet available in the US with visa but I recall reading about an online service that does this from bank to bank provided bank participation. I don't remember the name of the service.

Visa Money Transfer | Personal | Visa USA

Lon · Post by **Lon** » Fri Apr 01, 2011 12:49 pm

Using a debit card in the U.S.A. -----To access cash from a checking account you can go to a Super Market, buy groceries and request via the machine, 20, 40, 60 dollars cash back with no charge. If you go to a ATM machine and request 60 dollars cash from your debit card from a bank or facility other than your own there will typically be a 2 to 5 dollar charge added to your withdrawal. Is this the same in the UK?

Bruv · Post by **Bruv** » Fri Apr 01, 2011 1:43 pm

I am getting a right chatterbox ain't I Lon ?

We can get 'Cashback' from many shops that take card payments, and most ATMs linked to the big Banks don't charge for drawing money from another Bank's account.

There are independent ATM's that charge far too much, in my opinion.

Many or possibly most Bank accounts have no charges attached to them, other than for over drafts or other 'services'. Most Banks have enhanced or premium type accounts that have a monthly fee attached, and tend to try and 'sell' these at every opportunity

Odie · Post by **Odie** » Fri Apr 01, 2011 3:34 pm

Lon;1356790 wrote: Using a debit card in the U.S.A. -----To access cash from a checking account you can go to a Super Market, buy groceries and request via the machine, 20, 40, 60 dollars cash back with no charge. If you go to a ATM machine and request 60 dollars cash from your debit card from a bank or facility other than your own there will typically be a 2 to 5 dollar charge added to your withdrawal. Is this the same in the UK?

savings or cheqing accounts in most large stores & supermarkets do give cash back free with no fees.

your own institution never charges you, if it's another or an ATM, its 1.75

so it is the same in Canada as well Lon.

Lon · Post by **Lon** » Fri Apr 01, 2011 3:53 pm

Odie;1356799 wrote: savings or cheqing accounts in most large stores & supermarkets do give cash back free with no fees.

your own institution never charges you, if it's another or an ATM, its 1.75

so it is the same in Canada as well Lon.

The average charge for bank access not your own in the US is $2.00 -----many at $4.00 and talk by some banks of going to $5.00

Post by **Bryn Mawr** » Sun Apr 03, 2011 1:03 pm

Ahso!;1356785 wrote: Mobile transfer using Visa. This is not yet available in the US with visa but I recall reading about an online service that does this from bank to bank provided bank participation. I don't remember the name of the service.

Visa Money Transfer | Personal | Visa USA

In the UK this is still in the proposal stage but could do the trick if it takes off. Another alternative is the faster payments system if the recipient is prepared to give his banking details out.

Post by **Bryn Mawr** » Sun Apr 03, 2011 1:06 pm

Lon;1356790 wrote: Using a debit card in the U.S.A. -----To access cash from a checking account you can go to a Super Market, buy groceries and request via the machine, 20, 40, 60 dollars cash back with no charge. If you go to a ATM machine and request 60 dollars cash from your debit card from a bank or facility other than your own there will typically be a 2 to 5 dollar charge added to your withdrawal. Is this the same in the UK?

Yes, purchase with cash back is available up to £100 (recently upgraded from £50 although not all supermarkets have implemented yet).

The banks tried to impose ATM charges a few years ago and the stink was so great they withdrew them pronto so it is free where it's your bank's ATM or not.

Odie · Post by **Odie** » Mon Apr 04, 2011 8:13 am

Lon;1356802 wrote: The average charge for bank access not your own in the US is $2.00 -----many at $4.00 and talk by some banks of going to $5.00

yet another government rip off Lon.

Lon · Post by **Lon** » Mon Apr 04, 2011 9:03 am

Odie;1356917 wrote: yet another government rip off Lon.

It's not government, it's BANKS