[Hidden-tech] re: Bank North vs. Bank of Western MAss

James Triplett jm-hiddentec at vj8.net
Mon Jun 27 09:46:11 EDT 2005


> Sovereign Bank also offers direct connect with Quicken and Quickbooks.
>  
> We have a totally free business checking account with up to 300
> transactions per month free, no cash handling fees, and great money
> market rates. Our  branches in this area are in Chicopee, Westfield,

Since you brought it up (with some blatant advertising), let me share 
one of my pet peeves with the current
banking system: "free" accounts.  I don't like them, and I wish 
the banks would get off this kick.

An important rule to remember:  TANSTAAFL
(There Aint No Such Thing As A Free Lunch)

Those accounts are not free:  the bank obviously has some way to make money
off those accounts.  If not, then the bank will be losing money.  Do I
want to do business with a bank that is losing money and thus destined to 
fail (or more likely, be bought)?  Is it worth saving say $10 a month
to risk having to move all my accounts and screw up my bookkeeping?

NO.  But have no fear, there are some ways the bank will make money.
Likely it will be major fees if you do something out of the ordinary.
Stop Check? Probably $35. Perform 301 transactions in a month?
A big wallop per transaction.  There's gotta be something.

The bad thing is that those charges are all hidden.  I would much
rather have a reasonable-cost checking account where I know what I'm
paying than some lottery-style deal where there's a big gorilla
waiting around the corner.

It's like the 0% credit cards that keep showing up in the mail.  They
sound great, but when you read the fine print- look out!  The marketing
people at banks are preying upon naive person's desire to get something
for nothing.

My suggestion is for people to reject the "free" accounts, and instead
demand a fairly priced service where all the costs are in the open,
where the bank is making enough of a return that they can afford to
staff their branches with helpful people, and where I can count on
good, dependable service and just get on with my business.

James Triplett
Thelix Internet



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