One of my pet peeves is bank charges. While these charges may be relatively small compared to other expenses, they always seem so unnecessary. Everything is so automated and actionable on-line these days, and the banks have the use of our unused cash, and we still get charged! Yes, some banks provide a notional allowance based on the value of average balances, but the rate allowed is minimal, and the net may or may not cover charges, and these plans only work for those companies with a bunch of dollars! Either way, the annoyance factor is greater than the dollars.
I recently found a great offering from Wells Fargo whereby you can open two bank accounts, a checking account and a savings account, and regardless of the balance and number of transactions, there will be no bank charges provided that you sign an automatic monthly transfer of at least $100 per month from checking to savings. ( and there is no restriction on subsequently transfering the transfers back from savings to checking if thats were you need it!) I've opened and tried these with several of my clients and they work!
Im not sure how widely the banks advertize these offerings, and I only came across this plan by chance. I was wondering whether there were any other low profile special deals out there thaat Proformative members would like to share!
