Mustachian problem - small bank fee

[mozar]

My bank charges $5 for online banking if you pay 5 or fewer online bills. I only have five bills a month and sometimes four, thus I get charged the $5. I don't have any more bills to pay online. I looked into paying my virgin mobile phone through my bank but they don't have virgin mobile listed as an option. I can't add it because virgin mobile doesn't have a physical address. Argh!

What would you do? I don't want to change banks because it is walking distance to my house. I could try to opt out, but what a pain to send 4 checks a month and they charge for checks too!

[ender]

Why do you need a physical bank?

[ausername]

When my bank had similar conditions a few years ago I simply paid the bills in bits.  For example if I paid a bill for 50 euro by paying 25 euro twice it counted as 2 bill payments. That was in Ireland though, but it might be worth a try with your bank?

[mozar]

It's not so much that I want a physical bank as much as I love being a part of my neighborhood credit union. But, that is something to consider. Splitting my bills in two is a good idea. I'm going to try that.

[taekvideo]

Is this like a "bill pay" thing? Where they send physical checks for you?
Can't you just setup through each of the other companies to have it charged electronically instead?  There shouldn't be any fee for that.

[mozar]

I could set that up for each one. I wonder if I can opt out of online bill pay without opting out of online banking tho. I'll look into it. Thanks.

[Ohio Teacher]

Aren't there any other credit union options in your area?  I was with a credit union a few years back that tried this crap and I ditched them for another one.  The one I'm with now is awesome --- free coin counting machine!

[mozar]

This is the only credit union in the area.

[taekvideo]

I could set that up for each one. I wonder if I can opt out of online bill pay without opting out of online banking tho. I'll look into it. Thanks.

definitely better way to do it... also much less problematic... my parents have had problems with checks getting lost/delayed/forgotten from the billpay thing, and companies won't accept that as an excuse and will charge a late fee... much more reliable electronically, and easier to fix the rare problems that do come up.

[mozar]

heh, there is a fee for paying individuals. $2 i think.
i was always thought it would be better to go through your bank then set up automatic bill pay with each company. I've had problems with companies taking the wrong amount out, charging me late fees they shouldn't, etc.

[rmendpara]

You shouldn't have to pay fees. Even Bank of America gives you a free account if you keep $1,500 in it.

[Cyrano]

It's not so much that I want a physical bank as much as I love being a part of my neighborhood credit union. But, that is something to consider. Splitting my bills in two is a good idea. I'm going to try that.

Spending time and effort to split your bills to avoid a fee doesn't help you, and doesn't help the institution that you like the idea of being a part of.

If you really support the mission of the CU, put your money where you think your values are and pony up the $5.

Or if the exercise makes you realize that your values in business are what's right for the customer, take your custom to a place that offers free checking.

[mozar]

I dont think i need to leave my credit union just because im cheap. I think there are other solutions besides all or nothing solutions. I looked into online banks today and my top two choices issue mastercard which is a bummer because i actually do use the visa benefits.

[frugaliknowit]

You probably can pay your Virgin Mobil by credit card, then have your Credit Union pay your credit card.

[Numbers Man]

Fire your bank and find someplace better.

[eil]

Have you actually called the credit union and explained your concerns to them? I'm pretty sure they will be very willing to lay out the options available to you.

Odd that it's a credit union doing this. We bank with a credit union specifically because they don't nickel and dime us with arbitrary fees.

[mozar]

I 'll think about paying off the virgin mobile with the credit card.
Yes it is odd.

[Ohio Teacher]

The smaller ones tend to do things like this.  The credit union that I mentioned earlier ended up being gobbled up by a larger credit union earlier this year.  It was trying to survive by adding fees.  I agree with an earlier poster that the whole reason I believe in credit unions is that they are owned by their members and do not generally have the exorbitant fee structure of the GMMB (Giant Monster Mega Banks, to borrow from Clark Howard).