why do Germans allow their credit unions to charge them these fees? Why wouldn't they just vote to eliminate these fees?
Keep in mind that not every customer of a credit union is also a member. Sure, they have lots of members, but e.g. "my" Volksbank's lists about 60 % more customers than members. So in general, it may not be in the interest of ...
While the US federal reserve still puts a low but non-zero (0.25%) interest rate on the US$, the European Central Bank currently has a zero interest rate on the Euro. That means European banks currently do not make any money whatsoever just from having customer money in checking accounts. Sure, credit unions are non-profit, but they still have to cover their ...
The simple answer is "because many people do not care enough". There are still some (internet) banks that will offer you a giro account for free, though most of them require you to have a certain monthly income payed to this account.
The banking business is - as all services - subject to competition. If people do not care about finding a cheap bank....
I cannot tell for sure, but the idea of a non-fee account is quite new in Germany.
When I was young, before the Online Era, there used to be a Sparkasse in every village and a Volksbank or Raiffeisenbank in every second village. In cities and towns, there were several Sparkassen and Volksbanken in every quarter.
So that was where people usually were clients ...
One reason could be that in the US banks can ‘pick’ their customers, and will typically not accept ‘expensive’ customers (low credit score, many issues).
In Germany, banks are legally required to offer their accounts to anyone who wants them, including people that produce more cost than they bring money.
low fees for withdrawals from any ATM
I'll do you one better: not "low fees" but 0 fees.
And some credit unions literally give money to your account if you get charged a fee by an ATM operator (atm rebates up to some amount per month, usually enough to cover ~3 atm withdrawls).
Connexus Credit Union
SF Fire Credit Union
Lake Michigan Credit Union
My experience, in the US, is that Credit Unions do not necessarily have better rates than regular banks. There was a time they did but the banking industry has seem to normalize. I found this while shopping for banks over the past 5 years or so.
I found the best deal for me, initially was a reginal bank. Through several mishaps and attempts to solve ...
Unfortunately, just suck it up until you are 18. :-/
You won't believe me now, but when you are ancient (like, 27) you will look back and wish you had "bit your tongue" and just sucked it up, to keep a good relationship with your parents.
Really you can't officially move out until 18. But realistically when you are about 16, you'll have plenty ...
Until you are 18, your money is not your own. If you were a child star of stage or screen, California's Coogan Act could protect your earnings. If you're not a star, the law does not protect you from your parents' emptying your piggy bank.
This transaction may or may not be legal. You should consult a local attorney to determine if holding this money would be a crime.
Let me give you a non-crime scenario. His wife is a gambling addict. He is not going to divorce her, but he needs the money kept away from her.
That is perfectly legal. It is dangerous to him, though. You could die and the ...
He wants me to temporarily hold his money. he has issues with his wife and he did not want to have any extra money on his personal account.
Danger, Will Robinson! Danger!
If you're caught hiding money from her during a divorce, YOU will be up the fecal creek with nary a paddle to be seen.
Make this "transfer" a written loan with interest (he can ...
An idiot relative has involved you in his idiocy. That's unfortunate.
You can treat it as a zero-interest loan. There is nothing for you to report on your taxes. You can keep any bank interest that you earn on the deposited funds.
Banks have a directive under some anti-money-laundering regulations to report any cash transaction above $10,000 or any transaction that looks suspicious. I think this is what you came across on the internet. You don't have a requirement to report your own transactions.
To be clear, there's noting illegal about transferring large amounts of money. There's ...
Based on the extra details edited in, I want to modify my answer:
he wants me to temporarily hold his money. he has issues with his wife
and he did not want to have any extra money on his personal account.
This is dangerous. Depending on what is going on you could face legal problems, if the hiding of funds is related to a divorce, separation, or child ...
If a cheque is made out to you, and you don't sign it over to them, then it is illegal for them to cash it.
There is nothing physically to stop them depositing it to their account through and ATM. What will happen is:
The money will appear to be in their account, but they will not be able to take it out until the cheque has cleared.
During the clearance ...