We recently changed our schedule of fees and besides the fact that I think the fees are unrealistic and will lose us deposit customers there was one thing I thought was just a bit on the shady side. For a checking account we say the minimum to open is $100 but they have to maintain a balance of $500 to not get charged a fee. I know that we do specify in the fee schedule that $100 is the minimum but $500 average balance in your checking? How are people supposed to maintain that in our little community? I know I couldn't. Does anyone else think this is BS?

It must be a small community thing, because our bank does that also. I'm not sure of any bank locally that does it any differently.

I think this is BS too!!!

Sorry to say but a an average of $500. in a checking account. when you add up all the costs the bank is still loosing money if this is the only service that they provide to a customer.

A bank like any buisness is going to make a profit or close. Banks are not non-profit orgs.

I agree with the bank making money on customers that only have that deposit account.

But what about the loan customers that have their checking account with us also?

What about them?

IMO, $500 balance is small (ours are in the $2500 for most products) but that figure must be compared to the other local banks in your community, and not based what we as a banks all across the country require.

People, we are in community banking. When the bank makes money, we have a job and we make money as well. We are not running not-for-profits or alms houses. No bank will make money fully servicing $100 deposit accounts. I can almost guarnatee you that the small charge you charge your customer for a monthly fee is smaller than one check cashing fee they would pay at a non-bank institution and the purchase of money orders, and they need to be reminded of that. They are still getting a great value for their money.

We're running banks here people, not charities.

Do you give them a full statement cycle before charging?

Yes, I know we are a for profit institution but it just seems like a high balance. The banks in our community don't charge as much or need maintained balances this high, that was my concern.

It could just be me because this is the only bank I have worked at so maybe I am just not used to it.

Mad at the World: Yeah we give them a full statement cycle. That was another concern because if we didn't then you couldn't hit that $500 average with a $100 deposit if it was opened at the end of the cycle.

We have done this for ages and our system is set up to waive req for first statement cycle - this gives the customer the opportunity to change direct deposit, etc.

It's only shady if it's not fully explained to the customer. Hopefully your new account reps are trained to be able to explain this properly.

Hey, how did the Saluki's do yesterday - watched part of the game yest, but didn't see the finish.

The consensus seems to be that the 1-2 punch of the Reg E overdraft fee opt-in requirement and the FDIC's FIL 47-2010 "Regulatory Expectations" will so dramatically cut bank OD fee income as to force more realistic pricing of the basic checking account product.

They Lost 63-62. It was tied 62-62 in OT when one of SIU's players called a Timeout without having any left. The kid from Notheastern sunk one of the two Technical free throws and left us with 2.1 seconds on the clock. Terrible way to lose a game.

That sux - I'm originally from IL (Springfield) but have spent time in Marion, Carbondale, Benton, etc. Remember SIU used to be known as the big Halloween party school - that still the case?

They shut down the Strip in Carbondale on Halloween for a number of years because it was just getting out of hand then they recently reopened it but it is much more relaxed now with only the occasional car/dumpster fire.