5 Top worst bank accounts of America

*Not financial advice -For entertainment purposes only!

This website represents only the opinions of the author.

*For December 19, 2019

                What’s up you guys ? I prepared a great article for you  today, at the end of 2019.

                Get ready because this is about to be quite a long article, yet I feel like we should all be reminded from time to time how well we are doing, that is why I researched the WORST 5 Bank accounts in America! Also, I do have to mention that this article took me AGES to prepare and structure, because they simply love to hide their fees at the bottom of their paperwork, in that fineprint

                So if you appreciate this work, do not forget to share and to subscribe and bookmark.

                If you would like, I will research and do a similar article for the BEST bank accounts in 2020, but if you are interested in this, do not forget to comment and subscribe , and bookmark this website. I mention this this is how the Google algorithm functions ,and this is also how I find out about what you want to learn more .

                This article is not for those of us who are more expense-sensitive, but if you do not like excessive fees you should take a look at this and compare your situation.

Friendly reminder to subscribe- the first one is for WordPress,second one for Mailchimp -Emails with great content only-Which suits you best?

Processing…
Success! You’re on the list.

5.Chase Bank

Despite the fact that their CREDIT CARD game is remarkable (I am referring to the Chase Sapphire Reserve- search the website for more information), I must say that:

                You need to PAY a monthly fee of 12 dollars each month, as you can see in this picture

                As you can see, the alternative is to  put in as deposits at least 500 dollars ,to start each day with 1500  or an average between your accounts in their bank of  at least $ 5000 ..Damn!

                That means that, if you get your money from your tenants  and then transfer the money you will receive not a notification ,but rather a direct expense in you bank account records of 12$ ,just because you did not  respect what you signed.

                It’s almost like Chase Bank just sits there and waits salivating for the moment when ,temporarily ,the balance accidentally drops below $1500 just so that they can swiftly extract $12 more from my account but no it doesn’t stop there if you scroll down just a little bit more you’ll read that other miscellaneous fees apply click on that and you’ll see that that includes

  • two dollar and fifty cent ATM fee within the U.S. for any non chase ATMs
  • A $34 overdraft fee
  • A $35 wire transfer fee if you want to send money out (Domestic wire – A banker helps you send a wire to a bank account within the U.S. )- PER TRANSFER!
  • ONLINE DOMESTIC WIRE- You think that this should be quite low ,because everybody is using  the internet and we are in the XXI century? NOPE- 25 $!
  • You get taxed for money coming INTO you bank account,15 $ per transfer!
  • STOP PAYMENT REQUEST FEE- 30 $- Per request- So take care of your wallet ,and wear a fake one ,just like you do when you travel :D.
  •  8 $ for a cashier check – For  each check issued by the bank, for any payee that you designate.

By now you must be saying– Ok, but what about the interest? The words before that are -LACK OF…interest…

Because Chase Bank does not offer any (for a basic checking account) !

For a checking account, besides the 12  $ monthly fees you will be searching forever on their website until you realize that in order to get any interest from Chase Bank you need to  SELECT CHASE PREMIER PLUS CHECKING TM   !!!  

Oooh, So fancy!

To reach this level, you need to upgrade yourself to this ELITE level

by  paying a 25 $ monthly fee

or keep $15,000 or more in your accounts or have a linked ( to chase) mortgage enrolled in automatic payments from your chase account oh and you’re also going to be able to earn actual interest ?!?

So let’s see how great this is…

…………………………………

…………………………………

…………………………………

So

okay so you can earn a whopping …….0.01% regardless of how much money you have

Now, just to put that in perspective, if you have $10,000 sitting in the account you’re going to be earning 83 cents per month in interest

Honestly I think you’re better off walking around the streets picking up loose change  

Stephen G. ,the O.G of Financial Minimalism. and the entertaining mind behind this article

Surely their SAVINGS accounts are going to be a lot better than this right no wrong no?

NO! Wrong!

Chase Savings  involves a 5 $  monthly fee ,even though there are ways to get by though that sum of money. But ,out of sheet curiosity, what is the interest that Chase Bank is going to give YOU for your SAVINGS account?

                It’s the exact sum of money that a standard checking account —> 0.01% (for all balances)

                They also have a PREMIER CHASE SAVINGS  account, where you have to pay a 25 $ monthly fee OR keep  $ 15.000 dollars EACH DAY  in that account, in order to enjoy to earn  the …  relationships rates   

                This might be just me , but I  see quite a few red flags here :

-getting 0.09% for more than 10 million dollars seems quite …uh…unviable.

                For this much money I think that the bank should put the secretary with the sexiest voice, calling me every day   to  wish me  to have a great day at the office , not offering such ridiculous rates !

                Despite their …disappointing interest rates and overall bank account game, I have to say that their  website ,their app and their overall mortgage is quite amazing.

 Let us skip to number 4 ,and that is….

4.Bank of America

Just like the one before this one, if you want to find a great credit card ,they got you covered ( cash rewards card) and they also have really great mortgage rates I were re-financed one of my properties through them and they were nothing but spectacular and one more thing I want to mention before I absolutely roast them is that their mobile app is really easy to use and their online website it’s just a phenomenal user interface that is very easy to use but for me the friendship ends there and this is where

I draw the line here- You have to really search their paperwork  in order to find out the fees and cots that  they will take from you ,on one hand , because ,as I said, their website is web-built and they simply love to wow you with colorful images and  pictures with happy people ..in order to distract you from your goal, to find the real cost of a 12% monthly maintenance fee !

Now , of course, they will waive the fee if you:

  •  Have at least one qualifying direct deposit of $250+ dollars,
  • If you maintain DAILY a minimum of $1500
  • Are enrolled in Preferred Rewards (Keep reading)
  • You are a student under 24 years old.

But let’s talk about the fees which I think what you find will haunt you in your dreams forever

You’ll find

  • a $35 overdraft fee
  • a $30 wire transfer fee
  • a $15.00 incoming wire transfer fee
  •  a $15.00 cashier’s check fee unless you are a preferred rewards customer or higher

And even though they have a whole bunch of random fees on top of other random fees at

least those are waived if you become a preferred rewards customer so that makes

it just slightly better …………until you see the interest rates

Let’s start here your normal checking account, the one you’re  going to be using all the time pays no interest….. sorry to be the bearer of bad news but if you want to earn some of that sweet sweet interest you’ll need to sign up for their Bank of America interest checking account but alas…something as glamorous as that does not come without a price and that price is either $25 a month or a combined balance of $10,000 or more

However I couldn’t find anything on their website about how much they actually pay an interest besides this business checking account :

That pays 0.01% on all balances!

So let’s move on to the savings accounts because this is where things get interesting the

regular savings account pays you a whopping 0.03 percent interest but then let’s say you got $20,000 to throw around then you can join their preferred rewards

(ooh!!)

And that means you could be a gold tier member that will give you 0.04 percent interest up to $50,000 and if you have more than $50,000 you could join their platinum tier which gets you 0.05 percent in interest and then if you have more than $100,000 you could join their platinum honors tier and get 0.06 percent in interest

Needless to say Bank of America is really great if you’re a  student and use their credit card ,their neat and easy to navigate websites and app and also want to scream every single night and all of those excessive fees!

But in terms of the actual bank account to me it’s an absolute disaster but it still gets worse than this because that brings us to…

Number 3 —> Wells Fargo !

And they  certainly are  no stranger to controversy  over the last few years ( Just google them and Phily).

But , full transparency, Wells Fargo has been one of the only bank accounts I have ever gone out of my way to go and  cancel so you typically it’s easy for me to keep $1,500 in an account just to keep it open and maintain that relationship with the bank in the event I ever want to get a mortgage with them but nope this one was just so bad that I could not keep it open let’s begin with the checking accounts and I love on their website that they advertise you can open up an account with $25…….

Seems easy right after all that is their most popular option

Except when you see that comes with the $10 monthly maintenance fee unless you make 10 or more debit transactions,  have qualified direct deposits totaling $500 or keep $1,500 minimum in the account which means if you don’t read the fine print and only deposit 25 dollars that is going to be gone and two and a half months just from the fees !

And then afterwards, if you forget about it and forget to deposit more money in the account, you’re going to be hit with a $35 overdraft fee meaning you’re $25 initial deposit has now turned into a negative $30 balance by month 3!

+25 dollars – 10 $/Mo -10$/Mo-10$/Mo-35$/Mo= -$30

But on the bright side I do have to hand it to Wells Fargo they did make these fees very apparent right on the front page instead of making me scroll through the entire website trying to find it so for that Wells Fargo.

While we are on the subject, you will enjoy

  • a lovely $15 wire transfer fee for incoming money
  • a $30 wire transfer fee for outgoing wires
  • a $10 fee for cashier’s checks and yeah a lot of other fees all without paying any interest

But now let’s say you’re too good for the regular checking account and you have $10,000 and you want to join the PREFERRED CHECKING ACCOUNT ….that means you can enjoy

No fees on cashier’s checks

a $10 discount on personal style checks

And 0.01 percent interest on all balances above $500

Yikes

                But now of course I’m sure you’re asking yourself but great ,I don’t have $10,000 to join preferred checking , how can I still do this if I don’t have $10,000 ?

Well, I had some good news because you’re in luck that is only going to be costing you $15 a month you’ll even get a platinum debit card with chip technology ……..Wow

Even though that comes standard on pretty much every single debit card ever these days that’s amazing that they include that for $15 a month or $10,000 but now we’re going to be discussing the top tier of Wells Fargo the best of the best as good as it gets the PORTFOLIO CHECKING ACCOUNT

Oh, sure there’s a $30  monthly maintenance fee or you need to keep $25,000 or more in your accounts but of course like they say they do give you back……… „favorable interest rates” which I guess is open to interpretation because their idea of favorable interest rates is paying 0.05% on balances above $5,000 and of course they reserve their best features for those who keep 250,000 dollars or more in qualifying balances and that includes no overdraft protection transfer fees except I’m reading that and the first thing I could think of is does someone actually need  overdraft protection if they have two hundred and fifty thousand dollars sitting in their bank account like you’re not over drafting on anything if  you got a quarter million dollars sitting in your bank account unless of course your custom Ferrari had too many options and it came to two hundred and fifty one thousand dollars …..oops …stuff like that happen so maybe actually this is a pretty useful feature anyway this Bank to me takes the number three spots because the way I see it their interest rates are just absolutely horrendous but also you get a bank that’s settled five hundred and seventy million dollars for creating fake accounts but that’s none of my business

2.US Bank

Not to mention it looks like their website hasn’t really been updated for at least a decade or two now to start you have a few options if you want  to bank with US Bank and that begins with this easy checking account for $6.95 a month but if you want to waive that you’ll need direct deposits totaling $1,000 or more or the usual $1,500 minimum account balance and then they love to hit you with that  additional $2 a month paper statement fee which I have a feeling a lot of people might just forget to enroll in statements which would waive that fee and then just never get around to noticing that $2 monthly charge….

Now, in addition to that you’ll also have a $36 overdraft fee which is higher than anything else that I mentioned in here so far…

They’ve also got a $20 wire transfer fee for incoming wires and a $30 wire fee for outgoing wires Now in terms of the interest you’re going to get for all of these fees………No interest.

Seriously though their checking account pays nothing and to their standard savings account pays you 0.01% interest  on all balances but the good news is that for $14.95 a month or if you open up a u.s. bank personal loan or credit card you can enjoy a savings account that pays you a whopping 0.04 percent all the way up to zero point zero seven percent if you have more than $500,000

okay now that’s kind of high but if you have the Platinum checking account meaning you have more than $25,000 available or pay $24.95 per month you’ll get a whopping wait ….wait  a second….. it’s

still only a 0.01% in interest okay fine but at least you can open up a retirement money market savings where you can earn all the way up to 0.6% !!

I think it’s pretty safe to assume you’re never going to be retiring off of 0.6%!

Though I don’t get why anyone would go and do this but it still gets worse than this if you could believe it and that brings us to this next one this is the only other bank that I have gone out of my way to cancel because it was so awful and that would be to me

1.Citibank

Citibank now this is another one I wish I did not have to mention because I’m really a fan of the city double cash rewards credit card but besides that in terms of the actual bank itself Wow …

Now let me just say this one upfront one of the many reasons why I cancelled and why I think this one is so bad is because the mobile deposit limit is $1,000 a day .

Now you might think to yourself -Dude, $1,000 is a lot of money you’re out of touch with reality well yeah I guess  maybe a little bit but this is an issue when you use this bank to deposit rent checks into or any single check that is above $1,000 including a paycheck you just can’t do it you literally have to walk into a physical citibank branch location to deposit any check over $1,000 regardless of what or when it is even if you deposit only one check a month for 1,001 dollars you can’t do it from your phone so with that I was out

But it also did not stop there because  if you go and open the regular checking account you’ll enjoy the typical twelve dollar monthly maintenance fee that’s waves when you keep more than $1,500 in  your account you’ll also have the typical fifteen dollar incoming wire fee $35 outgoing wire fee and standard fees for a bank that’s featured in this article but here’s where Citibank takes a turn for the worst and this is with their interest rate with their normal checking  accounts you’ll get an interest rate of….. 0.01%

And with the regular savings account you’ll enjoy an interest rate of up to 0.13% in interest when you deposit more than $500,000 but then if you have priority savings which means you have $50,000 or more between all eligible accounts you’ll get to earn 0.03 percent interest in your checking account and 0.15 percent in interest when you have more than $500,000 in their savings account but things do get better because if you’re a city gold client which means you have more than $200,000 across your bank and investment accounts you’ll get the same 0.03 percent interest in your checking account and up to the same 0.15 percent interest for $500,000 or more but on the bright side at least you’ll get financial guidance from a wealth adviser and you’ll get $2.00 and 95 cent equity trades yes I think someone should really bring them up to speed to today and tell them that free stock trading IS a thing just look at Robin Hood or even Charles Schwab like here’s no need anymore to pay 2 dollars and 95 cents but anyway if you’re that good with money that you’ve saved up two hundred thousand dollars I personally don’t really think you need financial  guidance all you really need to do SHARE THIS ARTICLE AND for the search engine algorithm because this article took me forever to plan out .

So, anyway there you have it I hate to be  the bearer of bad news it just gets me so upset to see all of these fees and why people are still using these banks right now is just beyond my comprehension oh sure some of these banks are  convenient like I get it for people who like walking into a physical branch and Bank of America’s and Chase banks are pretty much on every street corner but in terms of actually being a financially responsible adults there are way better options out there in my opinion

Again, not financial advice like I can make another article in the future covering the top 5 best bank accounts out there and these are just a few to name some off you got a lie Bank no fees no minimums 1.7 percent interest by Goldman Sachs no fees no minimums interest and you get the idea I’m going to be covering some of these other ones in the future so anyway with that said you guys thank you so much for reading  this, I really appreciate it as always if you have not already subscribed make sure to  demolish the subscribe button  and you will be notified when I post a new article

I am grad that you have made it all the way up to here.

Now besides asking you to Follow and like and comment , I must tell you that if you want more,because I would like to rely on donations and not on erratic ads, please consider using the donate button .

Small donation for your content creator!

I am glad that you are here. Symbolically ,1 dollar would help me a LOT!I would like to rely on donations and not on erratic ads.

$1.00

See you soon!

David Mead, Financial Minimalist