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they are charging me $5/month for the ability to use my debit card. why would i pay that? that's $60 every year for the privilege of accessing my money, that I park in their bank, that they loan out to charge 5% interest on, or if it's a credit card, 19% interest. at what point is enough enough? My 50 cent ATM fees are now pretty much standard at $3. did it get more expensive to process an ATM transaction in 2011 than in 1995? no...this is a bank looking for more ways to make money.
if Verizon started charging you $5/month to pay your bill, would you just say "ok, it's only $5"?
I think people got a pretty good deal with BAC thus far.
I've used banks all over the world and every bank issues credit card and debit card monthly charges. Actually, BAC is joining the fray so late and only becoz they're in hot water. They are not making any money, they are a few notches away from collapsing, given their price movement and the alarming levels of their CDS spread.
Again, if they collapse, this economy will collapse instantly (which will be prevented by a bailout). So it's better the customers stick to BAC and collectively improve the economy.
But you can get a little selfish and issue a bank run, along with 1000s others, and in the long run, the system is so interconnected that it's only gonna act as a boomerang.
I think people got a pretty good deal with BAC thus far.
I've used banks all over the world and every bank issues credit card and debit card monthly charges. Actually, BAC is joining the fray so late and only becoz they're in hot water. They are not making any money, they are a few notches away from collapsing, given their price movement and the alarming levels of their CDS spread.
Again, if they collapse, this economy will collapse instantly (which will be prevented by a bailout). So it's better the customers stick to BAC and collectively improve the economy.
But you can get a little selfish and issue a bank run, along with 1000s others, and in the long run, the system is so interconnected that it's only gonna act as a boomerang.
It's got nothing to do with a bank collapsing.
They are responding to a cap that was initiated by the Federal Reserve to prevent merchants from rising transaction fees. The banks responded by putting a fee on the customer.
so then open an account at every bank in the U.S. then it will look like our economy is doing better.
I'll do business with a company that can manage it's financials in a better way that it doesn't need to charge it's customers to use their own money.
I bank with BAC and Chase and am pretty satisfied with the service. I find it hard to stomach that the banks have become public enemy, when it's the people who made poor judgement in buying houses they "cannot" afford, and started the financial meltdown.
They are responding to a cap that was initiated by the Federal Reserve to prevent merchants from rising transaction fees. The banks responded by putting a fee on the customer.
Period. Nothing more or less.
Really?
Ok, let's see. A bank which has been posting consecutive losses in subsequent quarters.
Holds toxic mortgage assets.
Exposed to Greek debt, shouldering it with French banks.
CDS basis points recently touching as high as 400 in August if I recall correctly, higher than 2008.
And with new regulations it stands to lose 2 billion dollars in revenue, revenue it's supposed to use to sustain any form of possible growth, and importantly offset itself against the aforementioned toxic assets and short sellers.
If they continue to post losses for two more quarters, they will definitely collapse. This is everything about a bank churning up anything it can to push forward and survive.
they are charging me $5/month for the ability to use my debit card. why would i pay that? that's $60 every year for the privilege of accessing my money, that I park in their bank, that they loan out to charge 5% interest on, or if it's a credit card, 19% interest. at what point is enough enough? My 50 cent ATM fees are now pretty much standard at $3. did it get more expensive to process an ATM transaction in 2011 than in 1995? no...this is a bank looking for more ways to make money.
if Verizon started charging you $5/month to pay your bill, would you just say "ok, it's only $5"?
Hey, they paid me $2.71 in interest for all of last year
Ok, let's see. A bank which has been posting consecutive losses in subsequent quarters.
Holds toxic mortgage assets.
Exposed to Greek debt, shouldering it with French banks.
CDS basis points recently touching as high as 400 in August if I recall correctly, higher than 2008.
And with new regulations it stands to lose 2 billion dollars in revenue, revenue it's supposed to use to sustain any form of possible growth, and importantly offset itself against the aforementioned toxic assets and short sellers.
If they continue to post losses for two more quarters, they will definitely collapse. This is everything about a bank churning up anything it can to push forward and survive.
Is the reason why you are so comfortable taking the side of the bank because you work for one?
These new regulations have been churning around Congress and the Federal Reserve since 2007. Nothing new here.
Why don't you do some searching to see what these banks have been planning for the past 4 years (Pre-Greece, Pre-Mortgage Collapse, Pre-Bailout).
Because a lot of people do not have credit cards. Wells Fargo (my bank) is going to start doing this too with a $3 fee. I am not going to use it other than for ATM withdrawals from now on, and use my credit card exclusively for POS transactions.
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