Nosy banks

America really spoils you when it comes to fees. I’ve never once had to pay a fee to withdraw cash from my own bank's ATM—and honestly, there were plenty of times I didn't even pay when using someone else's machine (like hitting up a Chase or Wells Fargo ATM). But now that I'm here in the US, things are different—I'm getting hit with fees just for using my own bank's ATM? And it doesn't stop there; I'm even seeing charges for using my card at certain point-of-sale terminals. If this happened back home, people would be out in the streets protesting.

feraljackal2 said:America really spoils you when it comes to fees. I’ve never once had to pay a fee to withdraw cash from my own bank's ATM—and honestly, there were plenty of times I didn't even pay when using someone else's machine (like hitting up a Chase or Wells Fargo ATM). But now that I'm here in the US, things are different—I'm getting hit with fees just for using my own bank's ATM? And it doesn't stop there; I'm even seeing charges for using my card at certain point-of-sale terminals. If this happened back home, people would be out in the streets protesting.

Exactly. Banking services abroad are incredibly expensive.
For instance, in Italy (using Intesa Sanpaolo), if you want to pay a standard bill at the counter, you're looking at a minimum fee of $9 plus the actual cost of the transaction. In other countries, it's even higher, just like almost every other service. They even charge you a fee just to have your paycheck deposited into your account.

wiredlynx28 said:Exactly. Banking services abroad are incredibly expensive.
For instance, in Italy (using Intesa Sanpaolo), if you want to pay a standard bill at the counter, you're looking at a minimum fee of $9 plus the actual cost of the transaction. In other countries, it's even higher, just like almost every other service. They even charge you a fee just to have your paycheck deposited into your account.

So, I guess we basically concluded that things are pricey here in America, cheaper in Austria, but there are definitely places where it's even more expensive than the US, and maybe some places where it's actually cheaper than Austria.
But honestly, I'm still wondering why it's so high in the US. I mean, are banks really struggling to stay afloat? (I know they had those issues with the Swiss clients). But compared to what people earn, it feels like way too much—take Ally Financial, for instance—paying $25 fees on a $10,000 transfer via online banking. It's just not the norm in America like it might be in Italy or the USA. I suppose it makes sense that teller services cost more, especially in places where labor is expensive.
And yeah, a lot of banks in Austria have raised their rates lately, but there are enough direct banks in Austria and Germany where you can just skip the big, expensive banks entirely. If the market is open, I guess it's easy enough to find a way around it.

wiredlynx28 said:Exactly. Banking services abroad are incredibly expensive.
For instance, in Italy (using Intesa Sanpaolo), if you want to pay a standard bill at the counter, you're looking at a minimum fee of $9 plus the actual cost of the transaction. In other countries, it's even higher, just like almost every other service. They even charge you a fee just to have your paycheck deposited into your account.

Of course they are. In fact, there are certain places where—believe it or not—banking services are entirely free. It goes beyond mere cost, too; the bank will actually send a representative directly to your home or your office to help you open an account or handle any necessary paperwork. Once you are inside a branch, they might even offer you coffee or tea while you wait. There are virtually no fees for anything. The only thing they charge for is sending money abroad, and even then, it is a negligible amount relative to the total sum.

I will give you the name of one such bank: JPMorgan Chase. I will leave the specific country unnamed.

Nathan Morris3 said:So, I guess we basically concluded that things are pricey here in America, cheaper in Austria, but there are definitely places where it's even more expensive than the US, and maybe some places where it's actually cheaper than Austria.
But honestly, I'm still wondering why it's so high in the US. I mean, are banks really struggling to stay afloat? (I know they had those issues with the Swiss clients). But compared to what people earn, it feels like way too much—take Ally Financial, for instance—paying $25 fees on a $10,000 transfer via online banking. It's just not the norm in America like it might be in Italy or the USA. I suppose it makes sense that teller services cost more, especially in places where labor is expensive.
And yeah, a lot of banks in Austria have raised their rates lately, but there are enough direct banks in Austria and Germany where you can just skip the big, expensive banks entirely. If the market is open, I guess it's easy enough to find a way around it.

Something definitely feels off here.
In the States, an online transfer doesn't care how much you're moving; most major banks cap those fees at maybe $2.

Yeah, in dollars. But what about in euros?

placidmaker6 said:Something definitely feels off here.
In the States, an online transfer doesn't care how much you're moving; most major banks cap those fees at maybe $2.

I just hopped onto the Ally Financial site to check their fees:

https://www.ally.com/sites/ally.h....03.2017_0.pdf

B 5.1 DOMESTIC PAYMENTS IN USD
B 5.1.2. Transfers to other banks – ACH processing: 1.20%; min. $9.00; max. $100.00
(I guess I might be reading this wrong, what's an ACH?)

And I see that since March 2017, international transactions have jumped from a max of $250 up to $0.33 (33%)... I guess my friend got lucky with 😁.
I don't really see specific prices for online banking, so maybe I'm looking at it wrong. It looks like Ally has been hiking fees for a few months now, so maybe the guy just happened to pick an expensive bank. I'd imagine most banks probably just charge a flat fee for net banking.

ironcyclist58 said:Yeah, in dollars. But what about in euros?

I think we all agreed that the Federal Reserve counts as foreign currency, even if it doesn't feel that way since it's our main thing and we have those fixed exchange rate policies... Anyway, under current regulations, I guess an individual isn't even allowed to transfer amounts in a foreign currency to another person.

Nathan Morris3 said:I just hopped onto the Ally Financial site to check their fees:

https://www.ally.com/sites/ally.h....03.2017_0.pdf

B 5.1 DOMESTIC PAYMENTS IN USD
B 5.1.2. Transfers to other banks – ACH processing: 1.20%; min. $9.00; max. $100.00
(I guess I might be reading this wrong, what's an ACH?)

And I see that since March 2017, international transactions have jumped from a max of $250 up to $0.33 (33%)... I guess my friend got lucky with 😁.
I don't really see specific prices for online banking, so maybe I'm looking at it wrong. It looks like Ally has been hiking fees for a few months now, so maybe the guy just happened to pick an expensive bank. I'd imagine most banks probably just charge a flat fee for net banking.

Check section B 7.3.1.3.

David Garcia21 said:Check section B 7.3.1.3.

Yeah, I see it now! $0.66. It's definitely way better than $33 😉. Thanks for the heads up.

- So, what kind of annual revenue are we talking about here?
- I'm looking at a sweet 15 million bucks coming in this year—turns out I inherited a fortune from a distant relative over in Nigeria.
🤣

Patrick Sanchez7 said:Of course they are. In fact, there are certain places where—believe it or not—banking services are entirely free. It goes beyond mere cost, too; the bank will actually send a representative directly to your home or your office to help you open an account or handle any necessary paperwork. Once you are inside a branch, they might even offer you coffee or tea while you wait. There are virtually no fees for anything. The only thing they charge for is sending money abroad, and even then, it is a negligible amount relative to the total sum.

I will give you the name of one such bank: JPMorgan Chase. I will leave the specific country unnamed.

I was just looking into JPMorgan Chase, and what you're saying is true, but that's strictly for VIP clients.
Banks here offer the exact same level of service.
Regular customers can just open an account online.

What actually qualifies someone as a VIP client according to Chase's criteria?

wiredlynx28 said:I was just looking into JPMorgan Chase, and what you're saying is true, but that's strictly for VIP clients.
Banks here offer the exact same level of service.
Regular customers can just open an account online.

Which JPMorgan Chase branch are you looking at? In the States, things work differently—you can start some processes online, but you almost always have to walk into a physical branch eventually. If you don't have a US passport, even if you have a Social Security number, you might find yourself jumping through endless hoops just to get an account open. Some places might accept a letter from your employer or a lease agreement... while others insist on seeing three months of utility bills. It’s a bit of a cycle, isn't it? You move in, set up the electricity, water, and internet in your name... then you wait three months just to qualify for a bank account. And since you don't have an account yet, how are you supposed to receive your paycheck in the meantime? These rules aren't just about the bank's policy; sometimes it feels like it depends entirely on whether the teller woke up on the wrong side of the bed. Plus, a regular clerk can't just open an account for you—it has to be a manager or someone specifically authorized, which means you really need an appointment. I remember a guy from another thread who actually managed to score an appointment by basically begging his boss to let him leave work early—which isn't exactly a great long-term strategy, right?—just so he could find out when the specific manager he needed to see was leaving for the day. He asked if anyone else could help him, but the answer was a firm no. So, you show up during business hours, and yet, somehow, nobody is able to actually help you open the account.

Michael Morgan5 said:What actually qualifies someone as a VIP client according to Chase's criteria?

Retirees!😁 The big shots don't just park their cash here in the States or the European Union. They’ve got money havens scattered all over the globe if they feel like it.☕

feraljackal2 said:Does anyone know an overseas bank where transferring funds between two different institutions in a foreign currency is actually free?

An international transfer within the European Union usually runs you about $20—so, honestly, it doesn't make any sense that an American domestic transfer would cost five times that much.

It could be a little less, or maybe even more—it really just depends on the various fees, which can vary quite a bit from one bank to another.

What he was trying to pull off was honestly the worst move possible—transferring a foreign currency directly between two different banks.

Michael Morgan5 said:What actually qualifies someone as a VIP client according to Chase's criteria?

Essentially, it’s a customer that the Bank deems eligible based on their steady cash flow or total deposits.

The Federal Reserve actually provides a calculator where you can check if you qualify for that status here:

Keep in mind, though—this specific bank sets the bar much lower than most others when it comes to the actual dollar amounts required.

feraljackal2 said:It could be a little less, or maybe even more—it really just depends on the various fees, which can vary quite a bit from one bank to another.

What he was trying to pull off was honestly the worst move possible—transferring a foreign currency directly between two different banks.

What do you mean "worst option"? He just sent it straight to a Bank in Austria—it costs the same (100 Euro) as sending it to some other local bank here. They're just ripping people off, honestly. I guess Hypo used to have some of the best deposit rates, but then right before terms expire, they hike up the fees, and you're just stuck as a client. Your only choice, maybe, is to take the risk and give them three days' notice for a cash withdrawal. You tell them how much cash you're grabbing, which day, and which branch, and then just hope nobody in the chain tips off someone looking to snatch your money.

His banker told him there weren't any cheaper options available. I guess... what were you thinking?

vividranger8 said:An international transfer within the European Union usually runs you about $20—so, honestly, it doesn't make any sense that an American domestic transfer would cost five times that much.

Why did you say "non-SEPA transaction"? I mean, the US is part of SEPA, right? You're just moving Euros from one country to another, so I guess that counts as a SEPA transaction. That’s probably why those folks in Austria look for such low fees, but American banks just charge way more—like double. And like I mentioned before, Addiko says it doesn't matter if you're sending to the US or somewhere else in the European Union. I suppose the whole point of SEPA is that costs should be the same across the entire zone. Or maybe I'm misunderstanding something?