Your Bank May Not Be Your Good Ol’ Bank

By LIFELines Staff

Along with the anxiety we are all facing by the current financial crisis, consumers have something else to worry about – “Your bank may not be the bank you signed up with.”

Wachovia, Washington Mutual, National City Bank, Countrywide and many others have been bought or traded to larger banks. The rules and benefits may not be what you think.

Here are some of the benefits that may change:

1.    Free checking – Some banks offer it, others require a minimum deposit or mortgage account to qualify. If your bank changed hands you’d better check it out.

2.    Free Online Banking – Fees may be attached or a maximum number of transactions required to maintain your “free” status.

3.    ATM Fees – No ATM fees may change to as-much-as $2 per ATM transaction.

4.    Bank Credit and Debit Transaction cards may be outsourced to a third party.  Credit card bills may take up to 5-days to post resulting in unexpected late fees.

5.    Online Bill Payment may add new per transaction fees or a limit on total number of bills you can pay online. 

6.       Weekend hours, early morning and evening hours may be eliminated.

7.       Check holding – Cashing or depositing checks in your account may change without question. Instability in the financial system makes personal checks, company pay checks, even checks to yourself suspect. Banks are holding anything that doesn’t come to them by direct deposit.

8.    Direct Deposits/Direct Withdrawal – Check your account frequently. Direct deposits from any source, particularly the government, can be taken back without notice.

LIFELines advice; pay bills on time and stay on top of your finances. The Navy says the most serious problem facing service members and families is poor money management.