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Sixth Bank Failure of 2017: Fayette County Bank, Saint Elmo, IllinoisMSN Money's article on when banks turn evil
POSTED ON BY Ken Tumin
Nothing hurts a bank deal more than being charged with fees. With more and more bank fees, you have to be careful. This MSN Money article describes some of the worst fees and banking practices. And it also has some good advice to avoid them. Here's a summary of their list:
On the last bad practice, the article mentioned the incident at ING Direct when many Electric Orange customers received emails telling them their checking accounts would be closed due to their low credit scores. This turned out to be a mistake by ING. According to ING, the bank only uses credit scores to determine the size of the customer's overdraft line of credit.
- Checks clear almost immediately; deposits take days.
- Largest checks processed first which can increase the number of overdraft fees
- Charging for potential overdrafts
- High fees and interest from Courtesy overdrafts
- Large fees for using personal finance software
- Closing accounts when credit score drops
On the last bad practice, the article mentioned the incident at ING Direct when many Electric Orange customers received emails telling them their checking accounts would be closed due to their low credit scores. This turned out to be a mistake by ING. According to ING, the bank only uses credit scores to determine the size of the customer's overdraft line of credit.
As part of your application, ING DIRECT will obtain information about you from a consumer credit reporting agency (a “hard pull”) to confirm that you are eligible for Electric Orange.