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It's a value-added service and an expense to them whether or not they are forced to do it.
It's not a value added service..it's a requirement. A value added service implies there was a choice involved. The expense is a cost of doing business..and is tax deductable BTW.
Yep, that's what you willingly do. You could just put your money in a mattress if you like.
It's funny that you should say that..the banks are basically doing just that..they aren't making near as many loans as they did before the crash..and they have tightened the qualifications for obtaining a loan that it is nearly impossible.
I don't know about BofA but most banks clearly detail their intentions in the fine print.
Yes, fine print...we all know what that is. And, as you have stated, you don't know about BoA.
Well then maybe the CEO's need to take a pay cut. Maybe they need to come down from their ivory tower and live amongst the real people. I literally have NO sympathy. After the settlement I am gone from BoA and that is the ONLY reason I am not gone now. And before you have a chance to say it I don't care if it's 0.53 cents...
Everyone has the federal government to thank for this. The provision in the Dodd-Frank bill introduced by Sen. Richard Durbin (D., Ill.) lowered swipe fees to the point the banks claim to be losing on every use. The only real winner is the high volume retailers (Wal Mart etc.) so this is more of an issue with stupid (and maybe corrupt) government action.
Geez, let's be fair... if I recall the same bill also prevented the credit cards from gouging their customers with ridiculously high interest rate, which for those customers will probably save more than $5 a month.
This is a lot of hype about nothing. One has other options, pay by credit card or switch banks. Over time, competition will even the playing field.
Geez, let's be fair... if I recall the same bill also prevented the credit cards from gouging their customers with ridiculously high interest rate, which for those customers will probably save more than $5 a month.
This is a lot of hype about nothing. One has other options, pay by credit card or switch banks. Over time, competition will even the playing field.
It really says a lot about how we pass bills in this country.
It really says a lot about how we pass bills in this country.
It does.
Rather than going back and rearranging some punctuation, adding or subtracting a paragraph or two...
and by that relatively simple means making the change in the old law that are needed...
an entirely new bill can be created to which all manner of other business can be attached.
And if all that just clutters up the intent of changing the old law?
Well, that's OK too... after all it gives work to lawyers and Courts to sort out later. Right?
Rather than going back and rearranging some punctuation, adding or subtracting a paragraph or two...
and by that relatively simple means making the change in the old law that are needed...
an entirely new bill can be created to which all manner of other business can be attached.
And if all that just clutters up the intent of changing the old law?
Well, that's OK too... after all it gives work to lawyers and Courts to sort out later. Right?
what does that even mean? they are providing a service and charging a fee for it. i dont see the significance of the question "who is providing the greater service." i would also argue that one of our jobs is to maximize our assets. the two are not mutually exclusive.
What would the banks do without all that deposited money? My banks hold a fortune of mine. Am I charging them a fee for the ability to use my money?
(just playing devil's advocate, btw--I don't personally care one way or another what they charge)
What would the banks do without all that deposited money?
All what deposited money?
The banks aren't charging these nickle and dime fees to people with even modest deposits.
This is just for the people who *think* they have assets.
Quote:
My banks hold a fortune of mine.*
Am I charging them a fee for the ability to use my money?
Yes; you are. But like the debit card transaction costs (until now) it isn't a line item on the statement.
Even if real interest were also being paid (ha!)...
what other value do you receive from that relationship with the bank?
---
*ps: If they're holding more than six months worth of your living expenses...
you should probably look into another place to park that pile.
Last edited by MrRational; 09-30-2011 at 04:21 PM..
What would the banks do without all that deposited money? My banks hold a fortune of mine. Am I charging them a fee for the ability to use my money?
(just playing devil's advocate, btw--I don't personally care one way or another what they charge)
If your bank holds a fortune of your money, you will not be charged a fee...!
It's only charged to people who have basic accounts, the ones the banks lose money on. If you do enough business with the bank that you aren't costing them money, they won't charge any fees. Pretty simple.
If your bank holds a fortune of your money, you will not be charged a fee...!
It's only charged to people who have basic accounts, the ones the banks lose money on. If you do enough business with the bank that you aren't costing them money, they won't charge any fees. Pretty simple.
Yes, but it does get old having to go in and speak with the manager to getfees reversed...
One would think in the computer age it could be down with a software notification.
The bar keeps getting higher...
At one being 65 was all that was required...
Then it was direct deposit...
Later it was a minimum balance...
Lately, it is you must have a Debit Card... (Don't have to use it... yet)
I'm sure I have given more thought to my banking relationships than my parents or grandparents have in their lifetimes.
Last edited by Ultrarunner; 09-30-2011 at 11:05 PM..
Some banks are trying to take advantage of that impulse. The regulation doesn't apply to banks with $10 billion or less in assets, which may give some community banks and credit unions an edge.
This is something to look into!
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