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Non-Tech : Datek Brokerage $9.95 a trade
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To: Mama Bear who wrote (8833)6/15/1998 11:10:00 AM
From: pae  Read Replies (1) of 16892
 
OT - bank fees

I would very much LIKE to dump my bank and their laundry list of fees!

The trade-off we face is ATM network breadth. We (spouse and I) basically stay with Mellon Bank in spite of its shifting fee structure, arrogant culture and tendency to sell your mortgage because my wife can use a Mellon ATM inside her place of work without an ATM fee. (Around here the major ATM players have erected fee barriers to use by outside banks.) Have to watch out for their manipulative practices however: they are pushing their "Mastermoney Card" to replace ATM cards (Works as an ATM or debit card to replace checks). However they are also tweaking their checking fee structure so that the electronic auto deposit no longer exempts you from a minimum balance. The combination: a new minimum balance and faster access to your cash ... lower balances therefore more fees for the bank. They probably still find a way to make money off the float.

I too would rather deal with a non-fee-oriented institution, but doubt the trade-offs are worth it. And as spreads in the fixed-income markets shrink, more banks will be moving to a fee orientation.

I guess Mellon has to find some way to pay the Chairman so much he thinks he can thumb his nose at buyout offers! :-)

Can you think of a broker that offers free checking? If I could find one of those, perhaps ...
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