Message Font: Serif | Sans-Serif
 
No. of Recommendations: 1
JeanDavid,

You wrote, I admit I am biased against big banks (as a customer).

I can certainly understand that for deposit accounts. But big banks usually offer the best deals on credit cards.

Also, 2.) I then got a Visa card from my local credit union. Here in USA there are a few establishments that will not take American Express, but will take Visa and Master Card. And there is no annual fee for that Visa card. I do not like Visa because they charge very high fees and instant interest on some transactions*.

* As an example, if I want to send money by Western Union, they add a $25 fee to the amount in addition to Western Union's already high fees, and they start charging interest immediately, not just starting at the beginning of the next billing period.


I recently needed to send some money an old school chum that was in a financial bind. I investigated Western Union to see if it was as bad as I remembered. The fees were outrageous. And the time lag was horrible, unless I was willing to pay something like a $60 wire fee. I don't know why anyone would use them.

I opted to have Amazon send a Visa Gift card instead. I think there was a $6 activation fee for the card, but as an Amazon Prime member they sent it second day free of charge. I followed that up by having him open a cash management account online at Fidelity (free to open, no minimums, pays interest). Of course he had to wait to have a debit/ATM card mailed to him to access that cash. But he received the gift card quickly to cover basic expenses. And now if what I sent him wasn't enough I can get him cash the same day he asks for it.

All in I was out $6 plus what I gave him.

And no, I wouldn't do that for most of my school friends; but he and I were best buds for quite a while and we've kept in touch...

- Joel
Print the post  

Announcements

What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.