Embattled banks - "The decline in overdraft/ATM fees...it's KILLING US!"

[GloryB]

Originally Posted by cdelena

Like any business, banks must find a way to make a profit on the services they provide. If they don't charge for what has worked in the past I suspect that 'free' checking, bill pay, ATM, even teller transactions will become charge items.

I think you are correct. Never minding that most of their customers will probably also face a tax hike somewhere down the road for their bail out.

[wheelsup]

Originally Posted by GloryB

I think you are correct. Never minding that most of their customers will probably also face a tax hike somewhere down the road for their bail out.

Banks have to have free check/savings accounts. Otherwise people would pull their money and flock to the ones that do. Competition is a beautiful thing.

[le roi]

Originally Posted by wheelsup

Banks have to have free check/savings accounts. Otherwise people would pull their money and flock to the ones that do. Competition is a beautiful thing.

Agreed, if BoA or Wachovia started charging me new fees, I would be pretty P.O.'ed over that. That's definitely grounds to find a new bank..

On a related note, an auditor friend of mine was commenting on how the small/midsize banks in this area were doing fine. They are sitting on millions in cash, and don't have any "toxic" assets. They just weren't lending because inter-bank rates were too high. Just hearsay..

[mimimomx3]

Originally Posted by evilnewbie

I am waiting for the no more free checking or savings accounts to be replacing all the free accounts... if that ever happens, I am putting my money in a safe...

Good luck with that. There is a full fledged war being waged against the use of cash. It should be illegal very soon. Too anonymous.