Conference 7.286::dcu

But, on all checking accounts, don't you have to pay monthly fees of a 
few dollars a month (maybe waived with a high minimum balance?)

I left baybank a few years ago when they started levying said fees on 
direct-deposit accounts.

    
    re -1: You pay $2.50 monthly fee with direct deposit, and no charge
           on checks.
    
    

    re:.1
    
    That was the same reason why I left BayBanks as well.

    Re .1, .3:
    
    I was also a bit miffed when BayBank started assessing a monthly
    fee on direct-deposit accounts.  By keeping $1000 in the savings
    half of the account, they do waive the monthly fee.  The loss of
    interest relative to keeping the same $1000 in DCU's RSVP is less
    than the $2.50 monthly fee.
    
    At present, BayBank ATM transactions (other than the new Account
    Update transaction @ .50) are FREE.  Considering DCU's cost per
    transaction, the $2.50 per month doesn't look so bad.  I use one
    or another of the 800+ BayBank ATMs at least once a week.

       What do you mean by 'no fee for checks'? Don't you pay for them
    when you order new ones?
                                        Denny

    
    I meant the charges for writing checks. Like x amount per check. Yes
    like all banks you still pay for ordering blank checks.
    
    

    For those of us who use the BayBank machine (or other machines in the
    area) instead of DCU ATMs, switching to BayBank is still cheaper.  As a
    customer of DCU, I used BayBank's ATMs 8-12 times a month...thats $8-12
    in network usage fees...because we don't have an ATM here at ACO. The
    nearest to me is Maynard (which means a drive at lunch).  The $2.50
    flat fee at BayBank looks better to be just for that reason AND I drive
    by the one in Acton on the way to work every day.
    
    My other reasons (see .0) are what makes BayBank most attractive. 
    
    Also, in re: check charges, the first order of 200 checks is free at
    the moment, so I'm putting another $8+ in my pocket.  I don't write a
    lot of checks, so those will last me a year anyway.  $8 is not a lot,
    but it's better in my pocket than the banks. 
    
    BayBank also makes Direct Deposit attractive...they charge $2.50
    flat instead of the normal $7.00 (for one style of checking) or
    $2.50 + 30� (for another style of checking).  Also, minimum balance
    requirements waive the fee altogether.

    
    	I am a recent new hire that was a co-op last year.  I have a
    little in my DCU account from co-op.  Today I get my first paycheck.
    I considering DCU vs. BayBank (I'm a real go-getter!)
    
    	What is the comparison for interest rates (savings and checking
    accounts)?

        Call DCU.  Call BayBank.  They can tell you.  Do you expect
        someone else to do this for you?  After all, the rates are
        subject to change without notice.
        
        Tom

DCU's advantages generally:  no fees, offices located in the credit union.
Baybank: FREE ATMs everywhere.

Rates vary, but not greatly, and each has their own variety of special
accounts. 

Browsing this notes file (or even this topic) will call out other 
differences.  What's important to you?  That will help us better 
answer your question.

    I would like to tell my good experience with Baybank. I have been
    banking with First Bank at Chelmsford for a long time. I am
    currently banking with Shawmut which acquired First Bank for
    the past one year. I think everything at Shawmut from processing
    your credit card/loan application to data entry in their system
    is very slow.
    
    One day I just visited Baybank for a one time deal because
    Shawmut was closed on Wednesday afternoon. I thought 'Why not
    open an account with them?' So I opened an account with $100.
    They immediately gave me a personal credit line of $1500 on
    my checking account and a few checks. I received Baybank ATM
    card within the next 4 days! I called the Baybank loan dept.
    for a credit card. They took my information. Within a minute
    they told me that they approved my Gold card and I received it
    within the next 4 days!
    
    To obtain a personal credit line on my checking account at Shawmut, 
    it took them 3 weeks to approve it, and another 2 weeks to enter
    it into their system. For a credit card application, it takes them
    about 4 to 6 weeks before they give me an answer. Comparing my
    experience with Shawmut and Baybank, I definitely rate Baybank
    very high in their efficiency. By the way, I just expressed my
    experience and feelings. This is not a paid advertisement either.
    
    Raj 
    

                 <<< BEIRUT::DUA2:[NOTES$LIBRARY]DCU.NOTE;3 >>>
                                    -< DCU >-
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Note xxx.0                     Bay Bank incentives                    No replies
NAAD::TEDESCO                                        10 lines  22-SEP-1989 13:55
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I just learned today that Bay Banks if offering Digital employees a discount
on mortgages. You would save $100 on application fees, 20% on attorney fees
and 1/2 point for new and refinance loans.

This is incredible to me that they would offer incentives to Digital employees
while the DCU rates are generally on the high side and do not encourage
Digital employees by giving them any breaks.

John

    Do you know what their current rates are?
                                              Denny

    RE: .11
    
    OK, if they're giving you all this great stuff so fast, is there any
    catch? Like what is the interest on that $1500 checking line of credit?
    Or the interest for the credit card? What do they charge for their
    checking services?
    
    Perhaps they are so efficient and will give you anything you want ASAP
    because their fees are outrageous. I don't know, I'm just asking. One
    thing I've heard is that they charge $1 per ATM transaction.
    
    -Glenn-

    Re: .14
    
    The interest rate on my Baybank Gold card is 13% as of Aug. 89.
    The annual fees is $45. The interest rate on my Shawmut Gold card
    is 16.75%; the annual fees is $45. The interest rate on the personal
    line of credit in the checking account is also lower with the Baybank.
    About the $ 1.00 charge on the Baybank ATM machine, I don't know.
    I believe the service charges of the checking account is also lower
    with the Baybank as compared with Shawmut.
    
    I don't see any catch. I am still very impressed by the Baybank's
    efficiency and their quickness of response. Sometimes, I value
    time more than money. If you want, you can call Baybank and get
    all the information you need; and then, you may want to share
    that with another reply.
    
    Regards,
    
    Raj
    

    Re: <several>
    
    BayBank now offers several flavors of its savings/checking account. 
    Several of them waive both monthly service charges and (most) ATM
    charges if you keep a minimum balance in one half or the other and/or
    have direct deposit to the account.  I keep $1000 in the savings half
    of my account and have had NO service charges whatsoever in several
    years.  Even though I could be earning more interest on that $1000
    elsewhere, the fees I've saved more than compensate for the difference.
    
    I have an American Express Gold card through BayBank and the $2000 line
    of credit that backs it is also my checking overdraft protection. 
    That's a feature, believe it or not.  When one applies for a mortgage
    or other major loan, the lender usually adds up all the applicant's
    POTENTIAL debts (and the monthly payments thereon) before deciding on
    their creditworthiness.  The shared line of credit gives one most of
    the flexibility desired without appearing as twice the debt.
    
    In general, I've had good luck with BayBank and would recommend it.

re Note 96.14 by CVMS::DOTEN:

> I've heard is that they charge $1 per ATM transaction.
  
        No -- for normal ATM transactions the fee is 35�, but that is
        waived if you have direct deposit or if you fit into one of
        the minimum balance categories.

        They do charge $1 for Cirrus network transactions at other
        ATM's.

        Bob