Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Bank of America voluntarily dropped its fees. It voluntarily did this, as it found out the government was going to make them do it anyways.
Bank of America said it's the biggest bank to eliminate the fees so far and that it was reacting to customers' comments.
"Customers were saying, 'Don't let us spend money we don't have," spokeswoman Anne Pace said.
So even if you don’t carry a balance month to month, credit card companies still make money every time you use your card. As a result, it makes sense for them to offer incentives for more usage of plastic over paper. This is also why your bank encourages you to use your check card as a credit card and stores would prefer it if you used your PIN number.
While big chain stores like Wal-Mart or Target can leverage their business volume to negotiate down the merchant fees they pay to some degree, your typical mom and pop shop cannot. In order to make up that cost, businesses then have to raise prices for everyone and put the burden back on all their customers.
It’s illegal for businesses to only charge merchant fees for card-using customers, so they have to spread it out across the board
....overdraft fees is that they disproportionately are levied on the poor. The billionaire is not typically the one who pays these fees. About 80% of bank fees are paid by 20% of bank customers, and according to the FDIC low income (people who earn less than $30,000) earners are nearly twice as likely to have paid an overdraft fee. Even worse, it is not uncommon for poor people to rack up many fees and owe the bank money they can not pay. Eventually their account is closed by the bank. Once your account is closed it’s extremely difficult to open an account at another bank. The fees shut the poor out of formal banking.
[LEFT]
**************************
[LEFT]
So here's the kicker:
Since the banks can't make money off of the old suckers / or the poor the old way, they get to make money off of even more people the new way. In other words, me.
That's right, ME. Mr. Greedy (Mr. Responsible?) , right here. I don't pay a dime for bank service fees. Or overdraft charges. But that is soon to change.
Banks have decided to stop having one particular group of people pay for most of the other people's perks to having a larger group of people pay for everyone's perks and to enlarge the banks bottom line. Credit card companies have been doing this for years. Those people who actually pay credit card fees have been subsidizing my rewards for years.
Which is similiar to Obamacare. The people with the greater ability to pay get tasked to pay for everyone. However, unlike Obamacare, I'm not seeing how millions could benefit from this.
Did you know
Obama is giving free loans to banks to go buy 3% return USA bonds. Banks are being given billions upon billions in free no interest loans to get 3% on that money for free.
I don't like that Obama move one bit.
Then you wonder why they don't want to or have to make any potential homeowners loans.
As far as cards, who cares. Pay cash or don't buy it.
Regarding bank's behavior, our incompetent government got us into our crisis with their bad regulations that told banks to make loans to people who never had money or jobs.
Now that government mortally wounded banks, Obama comes along and want to further regulate something else, so banks raise their fees and rates (surprise).
From the market, if one bank is bad to a customer the one who is better will get them. That is the good thing about competition.
Regarding the rest of your rant. Kind of so what IMO.
Lastly, B of A had all the clients banking information stolen in some inside job a few years ago, so if you've been banking more than 4 years with them lots of crooks have all your personal information at this time, so smile. ;-)
Get $30 back: Your Amazon.com Rewards Visa Card will automatically be credited $30 within a few days of your first purchase with the card. The discount will appear as a credit on your credit card statement.
Get Instant Credit: Instant use of the card after approval.¹ Shipping to a new address? Update your Address Book before applying.
Earn Rewards Points: Earn points on every eligible purchase²; 3 points for every $1 spent on Amazon.com, 2 points for every $1 spent at gas stations, restaurants, and drug stores, and 1 point for every other $1 spent.
Redeem Your Points: Choose rewards for as few as 2,500 points! Redeem for $50 cash back with 5,000 points.
Get $30 back: Your Amazon.com Rewards Visa Card will automatically be credited $30 within a few days of your first purchase with the card. The discount will appear as a credit on your credit card statement.
Get Instant Credit: Instant use of the card after approval.¹ Shipping to a new address? Update your Address Book before applying.
Earn Rewards Points: Earn points on every eligible purchase²; 3 points for every $1 spent on Amazon.com, 2 points for every $1 spent at gas stations, restaurants, and drug stores, and 1 point for every other $1 spent.
Redeem Your Points: Choose rewards for as few as 2,500 points! Redeem for $50 cash back with 5,000 points.
Did you know
Obama is giving free loans to banks to go buy 3% return USA bonds. Banks are being given billions upon billions in free no interest loans to get 3% on that money for free.
I don't like that Obama move one bit.
.......
What about the "greed" associated with a business that takes out a loan to make a better widget, pays back the loan with interest, rakes in a HUGE profit, and makes people more productive? Is the bank greedy for charging 10% interest for the loan? Is the widget maker greedy for raking in a 50% profit margin for the quarter? Who's greedy?
The fed has the prime set at 0.25%, what the banks are doing with the money is buying T-bills with it at 3%. The good old carry trade. Google the carry trade and you'll find info. As far as I'm concerned it falls into the common knowledge realm.
Bank of America voluntarily dropped its fees. It voluntarily did this, as it found out the government was going to make them do it anyways.
Bank of America said it's the biggest bank to eliminate the fees so far and that it was reacting to customers' comments.
"Customers were saying, 'Don't let us spend money we don't have," spokeswoman Anne Pace said.
So even if you don’t carry a balance month to month, credit card companies still make money every time you use your card. As a result, it makes sense for them to offer incentives for more usage of plastic over paper. This is also why your bank encourages you to use your check card as a credit card and stores would prefer it if you used your PIN number.
While big chain stores like Wal-Mart or Target can leverage their business volume to negotiate down the merchant fees they pay to some degree, your typical mom and pop shop cannot. In order to make up that cost, businesses then have to raise prices for everyone and put the burden back on all their customers.
It’s illegal for businesses to only charge merchant fees for card-using customers, so they have to spread it out across the board
....overdraft fees is that they disproportionately are levied on the poor. The billionaire is not typically the one who pays these fees. About 80% of bank fees are paid by 20% of bank customers, and according to the FDIC low income (people who earn less than $30,000) earners are nearly twice as likely to have paid an overdraft fee. Even worse, it is not uncommon for poor people to rack up many fees and owe the bank money they can not pay. Eventually their account is closed by the bank. Once your account is closed it’s extremely difficult to open an account at another bank. The fees shut the poor out of formal banking.
[LEFT]
**************************
[LEFT]
So here's the kicker:
Since the banks can't make money off of the old suckers / or the poor the old way, they get to make money off of even more people the new way. In other words, me.
That's right, ME. Mr. Greedy (Mr. Responsible?) , right here. I don't pay a dime for bank service fees. Or overdraft charges. But that is soon to change.
Banks have decided to stop having one particular group of people pay for most of the other people's perks to having a larger group of people pay for everyone's perks and to enlarge the banks bottom line. Credit card companies have been doing this for years. Those people who actually pay credit card fees have been subsidizing my rewards for years.
Which is similiar to Obamacare. The people with the greater ability to pay get tasked to pay for everyone. However, unlike Obamacare, I'm not seeing how millions could benefit from this.
Smells like .....Sharing the wealth to me.
Have you ever turned down a raise? If you haven't, that makes you greedy.
Location: Georgia, on the Florida line, right above Tallahassee
10,471 posts, read 15,835,178 times
Reputation: 6438
I've asked for a raise because my workload doubled. I was hired to do 1/2 a page worth of tasks, and when I got through outlining my request, I had a full 8 X 11 page full of tasks, many of them very different in scope from what I had been hired to do; namely a test engineer position turned into test engineer + project manager position.
You better believe I asked for a raise. I got it, too. But I didn't ask for one without justification.
I asked for one because I could prove my worth and because I did not consider myself to be compensated enough for that worth.
I don't consider that to be greed. Maybe I'm wrong.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.