March 6, 2015
I just called my bank to get a supply of cheques - and they tell me I have to pay $60.00! for cheques. This has never happened before. I am a 78 year old cancer patient living on my government pensions. I have been letting this bank use my money for decades. I am spitting nickles! I give them my money so they can lend it out at a profit and they want to charge me for the privilege of issuing a cheque or two each month! I am waiting for a call back.
Phyllis Carter - HERE'S THE DEAL FOLKS. For you who don't pay attention to what is going on at your bank. You put your money in the bank, directly or via pensions, etc. The bank lends your money to individuals and companies at interest - profit for the bank and its shareholders.
If you're like me and have only a savings account, you don't get interest. Your money doesn't earn anything for you, only for the bank. You just keep your money in the bank for safekeeping.
Now, if you need cheques to pay your rent and a few bills during the year - you have to pay $60.00 for those blank cheques. I blew up when the bank manager informed of this. I might use 20 cheques a year and I have to pay $60.00. Well, I am not going to pay for the privilege of letting the bank use my money.
I was offered a different kind of savings account for which I would have to pay $11.00 every month. That comes with free cheques and a few services that I would never use.
Finally we came to a compromise. The bank will provide 20 cheques for free but when they are cashed, the person or company cashing them would have to pay $2.00 per cheque. My landlord will not be pleased. I will have to add $2.00 per month to my rent cheque.
Mike - They should have deals for seniors. Too bad.