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Poster you replied to is talking about deposits, not withdrawals. Banks treat cash very carefully. If you bring in a stack of cash that they have to count onc

Poster you replied to is talking about deposits, not withdrawals. Banks treat cash very carefully. If you bring in a stack of cash that they have to count once to see how much it is and then again to verify it's going to take time and they might charge you for that.

morgante 10y ago
> Poster you replied to is talking about deposits, not withdrawals. They literally said "withdrawal fees." I don't know of any bank which charges you to deposit cash. I occasionally drop off large stacks of cash and have them count it—there's never been an issue.
- saryant 10y ago
  Many (most?) business checking accounts charge for large cash deposits.
- dogma1138 10y ago
  Banks that don't charge those fees directly bake them into other fees. Maintaining ATM's and counting and transporting cash costs money, cash isn't free I don't know about US banks specifically.
  - morgante 10y ago
    > Banks that don't charge those fees directly bake them into other fees. What other fees? I've literally never paid a fee to my bank for anything. And it's a major bank (Chase).
    - dragontamer 10y ago
      What's the interest rate on your savings account? Because the bank is buying Treasuries at ~1% or so and making money off of your deposits, and is likely only giving you 0% or maybe 0.05% interest. If you've got $10,000 in the bank, that's basically a profit of $100 / year that the bank is getting from your account.
      - morgante 10y ago
        My interest rate is maybe 0.3%, so they're definitely making money on that. But that's not a "fee." Obviously banks cover their operating expenses somehow. That doesn't mean they charge me to have an account or to deposit cash (in fact, charging for deposits would be counterproductive).
        dogma1138 10y ago
        They do it directly or indirectly, I don't know how US banks works but usually over the world bank accounts vary accounts with no/low fees give low interest and vice versa.
- CydeWeys 10y ago
  It is true that business bank accounts typically aren't free, but that isn't what the poster was talking about. If you get paid via direct deposit then you almost certainly have many options for getting a free checking account regardless of what city you live in.

morgante 10y ago

> Poster you replied to is talking about deposits, not withdrawals. They literally said "withdrawal fees." I don't know of any bank which charges you to deposit cash. I occasionally drop off large stacks of cash and have them count it—there's never been an issue.

saryant 10y ago
Many (most?) business checking accounts charge for large cash deposits.
dogma1138 10y ago
Banks that don't charge those fees directly bake them into other fees. Maintaining ATM's and counting and transporting cash costs money, cash isn't free I don't know about US banks specifically.
- morgante 10y ago
  > Banks that don't charge those fees directly bake them into other fees. What other fees? I've literally never paid a fee to my bank for anything. And it's a major bank (Chase).
  - dragontamer 10y ago
    What's the interest rate on your savings account? Because the bank is buying Treasuries at ~1% or so and making money off of your deposits, and is likely only giving you 0% or maybe 0.05% interest. If you've got $10,000 in the bank, that's basically a profit of $100 / year that the bank is getting from your account.
    - morgante 10y ago
      My interest rate is maybe 0.3%, so they're definitely making money on that. But that's not a "fee." Obviously banks cover their operating expenses somehow. That doesn't mean they charge me to have an account or to deposit cash (in fact, charging for deposits would be counterproductive).
      - dogma1138 10y ago
        They do it directly or indirectly, I don't know how US banks works but usually over the world bank accounts vary accounts with no/low fees give low interest and vice versa.
CydeWeys 10y ago
It is true that business bank accounts typically aren't free, but that isn't what the poster was talking about. If you get paid via direct deposit then you almost certainly have many options for getting a free checking account regardless of what city you live in.