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Old 06-27-2010, 10:15 PM
 
Location: Michigan
29,391 posts, read 55,399,350 times
Reputation: 22042

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Several banks are putting an end to free checking accounts for millions of customers. The least they can do is give fair warning, Sen. Chuck Schumer said Sunday.

Schumer is calling on Fed Chairman Ben Bernanke to police large and mid-sized banks that are slapping fees on free checking accounts. Culprits include Wells Fargo and Bank of America. The banks are looking to recoup revenues they'll lose from changes in rules about overdraft charges.



Read more: Schumer: Banks should warn customers when they end free checking accounts
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Old 06-28-2010, 07:25 PM
 
939 posts, read 3,377,756 times
Reputation: 620
Banks do warm customers. The problem is people don't read their mail or statements.
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Old 06-28-2010, 07:48 PM
 
Location: MMU->ABE->ATL->ASH
9,317 posts, read 20,905,456 times
Reputation: 10443
One of the down side of Quiken/MS money is I get my statement as a download, so when he paper comes i never look at it. So they can slip that stuff in.. I back in my credit union and so far they have not done anything like that, They do Email info about changes, from fee's to office x is closed due to power being out.
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Old 06-28-2010, 11:36 PM
 
48,505 posts, read 96,502,821 times
Reputation: 18301
Its like so many things they mailout like the notices on overdrafts. No one reads what is include with their statements really.
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Old 09-07-2010, 01:17 PM
 
3,219 posts, read 6,560,043 times
Reputation: 1852
Quote:
Originally Posted by texdav View Post
Its like so many things they mailout like the notices on overdrafts. No one reads what is include with their statements really.
Yep just got one today from BOA that as of November 3, 2010 if my checking balance falls below $1500.00 I'll be charged $8.95/month.

I feel that's a little too much! Thieves!

Thanks Obama
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Old 09-08-2010, 10:24 AM
 
Location: Victoria TX
42,618 posts, read 86,592,874 times
Reputation: 36637
If there's fine print in the contract that they don't have to, then they don't have to. You signed it.

What's the big deal. You see the $5 charge on your statement, you take your money to a different bank that still has free banking, you lose five bucks.

I opened an account at a local bank, because it's impossible to cash $1 rebate checks if you don't have one. But I never used it. After 90 days, I got a $5 charge for "inactivity fee". So I opened another account at the same bank, and set up an automatic transfer from account A to account B every month of $10, and another automatic transfer back the other way. Presto. No inactivity fees ever, and they do all the work. My branch manager laughed and said "Even better, I get a bonus for each new account---Thanks!" And, he waived my inactivity fee and credited it back to my account.

Last edited by jtur88; 09-08-2010 at 10:33 AM..
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Old 09-08-2010, 10:34 AM
 
Location: MMU->ABE->ATL->ASH
9,317 posts, read 20,905,456 times
Reputation: 10443
I've Noticed that one of my credit cards has been send a $0.00 Monthy Tranaction fee to my Quicken Download each month. For the last 6? months or so, I have a no-fee for life credit card, but my thinking is that they will send $0.00 so you get use to it, then some month. A computer 'error' will occur and a fee will start showing up. Since you are use to seeing it it may slip past. Then they wait to see how many call in, and they only 'fix' (remove) the computer errror for those who call in.
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Old 09-09-2010, 05:53 PM
 
513 posts, read 537,667 times
Reputation: 874
Hmmmm.... maybe Mr. Schumer ought to take a gander at current Bank Regs - it's already there.

But never let a phony grandstanding opportunity go to waste!
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Old 09-15-2010, 11:38 AM
 
9,732 posts, read 9,683,624 times
Reputation: 6407
Heaven forbid that people expect their money to be kept safe in a bank for free. How do you think banks earn their money? It sure isn't on the interest generatated on a $1500 month average balance.
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Old 09-15-2010, 12:43 PM
 
Location: West Orange, NJ
12,546 posts, read 21,332,213 times
Reputation: 3730
Quote:
Originally Posted by kevinm View Post
Heaven forbid that people expect their money to be kept safe in a bank for free. How do you think banks earn their money? It sure isn't on the interest generatated on a $1500 month average balance.
there was a great podcast on this the other day (either planet money or npr fresh air). banks used to make money by taking deposits and paying interest (let's say, 2%), then taking that money and loaning it out and charging interest (let's say, 4%). the spread was their profit. but, the word "bank" doesn't mean the same thing anymore. due to years of deregulation and other policy changes, banks can do a lot more. so the traditional bank has changed, and now they make money from all these fees.

if i give citibank $5,000 in deposits, i'm not keeping my money safe for free, i'm loaning my money to the bank, who in turn loans it out to someone else and makes profit off of that. now, they want to further make profit by charging me to access the money i loaned to them? well then, i should be able to tell them not to loan my money out and take risks with it. of course, i can take my money elsewhere, but Bank of America has me locked in now because they used to not charge a fee to pay my mortgage electronically, now they charge me $2 if i pay from a non BAC checking account. That's absurd!
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