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Old 10-04-2011, 06:44 PM
2,657 posts, read 6,125,307 times
Reputation: 3456


^ Yeah, sorry, I didn't mean to imply you supported the banks. And as I said, I agree that banks need to turn a profit. But I disagree that they have anyone to blame but themselves for the financial predicament many of them are in. The CRA act did not force banks to make bad loans. It did require them to examine their criteria for evaluating loan risk (some of which were discriminatory), but it by no means required banks to abandon safety and soundness principles. And when people walk away from a loan that's underwater, it means the banks made a bad loan decision. Believe me, I know how it works. Loans were basically given to anyone who had a pulse, and the banks should have known it was too good to be true. I have no sympathy for banks who pay big money to risk management professionals who should have known better.

So yes, they're forced now to cover their mistakes with fees that have little to do with cost or risk. As you say, the debit cards offer volume, so they see them as an attractive fee source. The recent backlash against BOA's debit card fee is interesting, and may become even moreso as it appears to be backfiring against them.
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Old 10-19-2011, 08:32 AM
204 posts, read 768,805 times
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We left Wachovia/Wells Fargo due to a number of problems that were their fault. After spending nearly 2 and a half hours on the phone last week trying to get them to fix a couple of rather small errors (theirs), we decided to bail.
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