BE AWARE: Banks Are Increasing Charges/Fees

  • metta

    Posts: 39104

    Oct 05, 2011 7:20 PM GMT
    Bank of America's debit-card fee at a glance

    Fee to be phased in starting early next year
    http://www.chicagotribune.com/business/yourmoney/la-fi-bank-fees-box-20110930,0,7507956.story

    Did Bank of America Get Hacked for Gouging Customers?
    http://gawker.com/5845518/did-bank-of-america-get-hacked-for-gouging-customers

    Been Giving Enough Money to Citibank? You’re in Luck!
    "Citibank announced today that it's raising monthly fees for checking accounts—doubling them, in fact, for its mid-level option—and bumping up the minimum balances. They're basically looking at their customers, identifying the ones who have the least amount of money, and charging them more."
    http://gawker.com/5846985/feel-like-you-havent-been-giving-enough-money-to-citibank-youre-in-luck


    "The monthly maintenance fee was raised from $7.50 to $15, and the minimum balance customers have to keep in linked accounts in order to avoid the fee jumped from $1,500 to $6,000."

    Read more: http://moneyland.time.com/2011/10/05/citi-raises-balance-requirements-fees-on-accounts/#ixzz1Zw9qRP8f

    I wonder if Chase will follow....
  • Bigolbear

    Posts: 528

    Oct 05, 2011 7:57 PM GMT
    The good news is that if this fee bugs you then you have a choice to switch to another bank or credit union that doesn't charge the fee. If enough of their customers do this then they will have to change the practice or fail.
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    Oct 05, 2011 8:17 PM GMT
    So they use our money to bail them out, and now they raise fees on us?
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    Oct 05, 2011 8:25 PM GMT
    Goodbye Bank of America account!
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    Oct 05, 2011 8:31 PM GMT
    I wonder if there's a list of banks that have publicly announced that they will not be charging or raising fees for accounts and debit card use?
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    Oct 05, 2011 8:32 PM GMT
    As much as it pains me to admit it, SB is right about this one. If the government mandates that you lose revenue in one place you're probably gonna try to find a way to make it up somewhere else.
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    Oct 05, 2011 8:39 PM GMT
    There are 3 WORDS that will solve all your banking problems:

    Local Credit Union.
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    Oct 05, 2011 8:44 PM GMT
    I foresaw this months ago, and persuaded my partner to cancel his BOA accounts, as I was doing. I hope BOA is cutting it's own throat.

    Now whether our new bank is any better I can't say. Time will tell. But I was damned if I'd have us do anything more with Bank of America. icon_razz.gif
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    Oct 05, 2011 8:47 PM GMT
    LET'S HAVE A PROTEST!

    320043_187185551357577_100001984010666_3
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    Oct 05, 2011 8:48 PM GMT
    295777_187179828024816_100001984010666_3
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    Oct 05, 2011 8:49 PM GMT
    mynamesadonis saidSo they use our money to bail them out, and now they raise fees on us?


    No, you missed thew Wall Street Consumer Protection Reform Act (or w/e it's called, Dodd-Frank).

    That's what caused this.
  • Posted by a hidden member.
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    Oct 05, 2011 8:58 PM GMT
    Occupy! FUCK YEAH!

    296198_187190721357060_100001984010666_3
  • FRE0

    Posts: 4863

    Oct 05, 2011 9:06 PM GMT
    Bigolbear saidThe good news is that if this fee bugs you then you have a choice to switch to another bank or credit union that doesn't charge the fee. If enough of their customers do this then they will have to change the practice or fail.


    True, at least in theory, but it's not easy anymore to change banks.

    Most of us have some automatic withdrawals, such as for insurance payments, health clubs, and mortgage payments. We also have automatic deposits, such a salaries, stock dividends, etc. That greatly complicates changing banks and makes people slow to do so.
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    Oct 05, 2011 9:07 PM GMT
    motov8 saidThere are 3 WORDS that will solve all your banking problems:

    Local Credit Union.


    SHADDAP
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    Oct 05, 2011 10:20 PM GMT
    Alll those banking fees (and ridiculous credit card fees) are used to subsidized the huge perks given to high rollers.
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    Oct 05, 2011 10:24 PM GMT
    JackNWNJ said
    motov8 saidThere are 3 WORDS that will solve all your banking problems:

    Local Credit Union.


    SHADDAP


    Big multinational banks aren't scared of little, tiny credit unions, are they now?

    David-Goliath-480858.jpg
  • Lincsbear

    Posts: 2605

    Oct 05, 2011 10:37 PM GMT
    There`s been a long running case in the UK about overdrawn customers and banks.The customers seem to have won the day,so now the banks are talking about charging everyone(with a previously free current account) a monthly fee! Apparently we`re about the only country in the world where you can still get free basic current accounts.
    Banks are businesses.They`re always on the lookout for making more money.The only thing we can do is shop around for one who doesn`t,or minimally.
  • hyperionx

    Posts: 232

    Oct 05, 2011 10:40 PM GMT
    motov8 saidThere are 3 WORDS that will solve all your banking problems:

    Local Credit Union.


    HEAR-HEAR-!

    I love my credit union.
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    Oct 05, 2011 10:43 PM GMT
    my credit union is doing it for me...
    and they totally smile and make real eye contact while i am there
  • Posted by a hidden member.
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    Oct 05, 2011 10:49 PM GMT
    Yes, the credit union is good for the little people.
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    Oct 05, 2011 10:59 PM GMT
    This will work itself out. The banks willing to work with consumers (and not s c r e w them) will win the lion's share of new customers.

    If the majority of national banks adopt this policy, the smaller community banks will pick up the slack, consumers will be smarter about when and how they use debit cards, credit cards and ATM's. If any of you happen to b i t c h about the increase in fees but aren't willing to adjust to the short-term inconvenience of changing how you purchase products, then you only have yourselves to blame.

    If banks go too far, consumers will start using checks again, paying for things with cash ... consumers are great at adjusting. Big business never has been. Regardless of the final outcome, this will prove to be good for consumers and communities.

  • metta

    Posts: 39104

    Oct 06, 2011 12:45 AM GMT
    Credit Union Search: http://www.creditunion.coop/
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    Oct 06, 2011 12:59 AM GMT
    FistersChoice saidTwo words:

    Credit Union.
    Have done 100 % of my banking that way for the last 25 yrs.

    The banking system gets nothing from me.
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    Oct 06, 2011 1:12 AM GMT
    DoomsDayAlpaca saidAlll those banking fees (and ridiculous credit card fees) are used to subsidized the huge perks given to high rollers.


    You're kind of duped. The big banks hardly make a mint off of nickel and diming you little people. That isn't where they make their real money.

    The places where they make their actual money are places you will never see.
  • styrgan

    Posts: 2017

    Oct 06, 2011 1:12 AM GMT
    The Overdraft Protection reform isn't the only reason banks are looking to make up lost income. Diminishing credit spreads mean that banks make less money off every dollar in investable income, and the balances a client needs to keep to remain profitable for a bank are going higher and higher.

    Deposits only matter to a bank if they can find worthwhile commodities to invest in or qualified borrowers to lend those deposits out to. In both cases, there's not much room for optimism. The credit markets are still shaky, and let's face it, the stock and bond markets aren't much better off.

    Southbeach is partially right. The banks are businesses and in a capitalist market, they will simply find an alternate avenue to run up their profit margins. If they can't get that through every idiot who runs his debit card for a $5 latte when he only has $3 in his account, the cost will be spread out to wider groups of unprofitable or "less profitable" customers.