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this post was submitted on 20 Dec 2023
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Loophole of the "payment not received on time fee" of $40.
Obligatory - Join a credit union. They're non profit financial institutions that offer the same service as a bank. As a non profit, their fees and rates are much better.
Not always.
https://www.cutoday.info/Fresh-Today/Washington-State-Employees-CU-Paying-2.99M-To-Settle-Overdraft-Lawsuit
Washington State Employees Credit Union famously lost a lawsuit over overdraft fees. You can bet your ass if it's an accepted practice at major banks, your Credit Union can and will do similar things, if they want to.
When I moved states and closed my accounts with the local bank I'd been with since my first bank account (and never once paid a fee to) I looked into the credit unions in my area. The fees were absurd, I finally found one that looked decent and then found that there was a $6 fee any time you transferred or withdrew money from any savings accounts. I'm not paying to access my own money. Ended up going with another small local bank and haven't paid a fee yet. Customer service is great too, I give them a call and get a real person the next county over and the few times I've actually gone to a branch they've been almost too nice.
I probably come off as a Fidelity shill with how much I've mentioned them on Lemmy, but it's a genuinely good platform for banking. They're not a traditional bank. They're a brokerage that offers checking and savings accounts that you can directly buy/sell securities with.
I moved all my assets to them after Chase pissed me off one too many times and it was the greatest decision I've ever made. Account to account transfers are instant (I've transferred like $60k and they didn't give a fuck) and they front you the money for external incoming transfers that are still in pending. You never have time periods where you can't access your money because it's in the ether that is our antiquated banking system.
No minimums, no transfer fees, no stock/ETF purchase fees, and they pay ATM withdrawal fees automatically (including my $10 ATM fee in Vegas). The one time I had to call them to request a chargeback on my credit card the whole call, including waiting, took 5 minutes.
By far my favorite feature though is you can buy into money market funds like SPAXX in your normal accounts, so you get 5% APY on your money. However, it's still treated as normal USD so any transactions automatically pull from it.
The problem is finding them. I'm still chained to a credit union in another state years after I moved, just because I cannot find a local credit union in my city that will accept me. Plenty of ones for teachers, cops, firefighters, and veteran's, but they won't let a Joe Shmoe with an office gig store money.
Wild! I've got nearly 20 in my metro area to choose from. I assumed that was the case in most populous areas.
Have you tried talking to them? Almost every credit union I've talked to had some loophole type thing to join, like "Donate $5 to this organization, and now you fall under X."
You could join an online credit union such as Alliant Credit Union. It costs $5 for a membership that they'll pay for you, though there are other options that you can easily join yourself for membership.
The $20/mo ATM fee rebate is nice.