[Amezarak]

> not paying monthly fees,

It really gets my goat that some banks even charge monthly fees. Having a checking and savings account should be free. Withdrawing from and depositing to the account should be free. Writing checks and using a debit card should be free.

I am not a fan of overdraft fees, but I can see that they're at least justifiable.

Please don't patronize banks that have these fees.

[anoncoward111]

Highly agreed my friend. I have never ever been charged a single fee for anything by my credit union. I've been there for 10 years now. Aside from the money they make loaning out my deposits there, I don't think they've ever made a cent off me. They have a direct deposit from my employer, but they pay me 1% APY monthly and I am sure they're losing money on me in that regard,

[toast0]

If they're paying you 1% APY on deposits now, they're not losing money. The going rate rate on deposits these days is a little over 2%.

[anoncoward111]

I agree, but what I think I mean is, whatever theyre making on my direct deposit (probably $10 a month in fees to my employer) is less than the 0.83% of xx,xxx in my checking :)

I would surely love 2% on my checking though! I thought 2% was on cash back, I will need to search for 2% checking with no restrictions somewhere

[toast0]

I think I see where you're going about the fees from your business. I agree, there's really not a lot of income directly generated, but a checking/savings account doesn't generate a lot of costs either. My understanding is it your credit union originates and services loans, that can be a pretty significant interest generator.

My credit union will give you 2% in checking if you meet all of these:

10 debit or credit card purchases per month

enroll in and maintain eStatements, eNotices, eTax & eCoupons for your accounts and loans

$300 minimum monthly ACH credit transaction or $5000 in deposit or loan balances

Previously, they required 10 debit card transactions per month, and I'm not sure I've made that many in my life. I'm going to check a bit closer on this, thanks. Credit union is StarOne.