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They sucked us dry for years and now the feeding continues...
Although I wouldn't say it is funny what is going on with people who still do business with a bank, but ironic, because most will *still* do business with a bank when there are credit unions in their area, but they prefer doing business with a bank because they're used to being sucked dry.
I am *SO* glad I dumped any affiliation with *ANY* bank over 3 yrs ago. One of the best decisions I've ever made and I don't regret it one bit.
Whether one does business with Wells Fargo, Chase, BofA, etc. they're all the same. They're in it for the profit and as long as the industry "norm" is raising fees, they'll all do it. Meanwhile, the credit unions are staying strong and look at the % of banks that fail vs. the % of credit unions.
They sucked us dry for years and now the feeding continues...
Yeah, those darn banks.
Let's say we keep an average balance of $1,000 in checking and they make a 2% float off of the money for a gain of $20. In return we want ATM's, free checking and any of the various other services (notary etc.) we want?
Okay, I can understand that actually, but people shouldn't make it make out to be MY fault, or anyone else in my position. I can't force my employer to offer direct deposit.
You are right, they are making it out to be the banks fault or the illimunati etc. if you read some posts.
Sometimes, no one is at fault. A business has to make a profit and people don't want to pay for the service or don't like some aspect and that's just the way things are.
Hey, they discontinued shows I've liked, magazines I liked....I can't find a pinball game I would love to play and they cost $3,000 or more to buy one.
I also long for the days of flying to Florida for <200 round trip but I'm not here blaming the airlines either.
My Point is: It's about the effects of a Cash Less Society.
Just wait until the government has all the necessary tools in place to track your every move, and then takes steps to gradually impliment there program.
People will start trying to bi pass the government etc. from tracking all there under cover transactions thru electronic means.
Most of these transactions are done now with Cash.
It is done for many reasons such as Taxes, Drug Deals, Money laundering, privacy issues, etc. etc. And it is HUGE.
Think of the Tax and Fee structure when they get total control of all transactions.
With Cash Gone, the small guy for example with what they consider legitimate reasons, will be looking for any viable method to save a buck "off the record".
It won't be bartering with Walgreens.
It will be everything and anything that is "Viable to Barter" in one form or another so as to save the money and eliminate records of transactions of all kinds.
The authorities are setting things up to have complete control of money and records over all situations possible.
They probably would have done this sooner if they had both the technology and inclination in place.
We are not near this senerio yet, but just wait till the time comes that they decide to close the Net.
That is the O.A. goal.
Let's say we keep an average balance of $1,000 in checking and they make a 2% float off of the money for a gain of $20. In return we want ATM's, free checking and any of the various other services (notary etc.) we want?
If you don't like it, shop around.
I am sure they make more than 2%. But it isn't just that. they also make money every time you use your debit card.
And of course the big reason, checking accounts are the gateway drug of the financial world. If you have a checking account at Bank A you are likely to visit Bank A when you need a mortgage or investment accounts. Things that make Bank A a lot more money. Retail banks make a lot of money off of these relationships.
I have USAA. There is no better bank. Maybe a credit union could be comparable.
They refund you up to $20 dollars per month in ATM transactions. They also let you deposit all your checks from home by simply using a scanner, or smart phone. There are no holds on checks you deposit. At least it has never been for me. No minimum balances or other fees. i can make bank to bank transfers and the funds are available instantly, no holds. ( again, this is in my case, but I have been with them for 7 years.) EXCELLENT customer service. The best you can ask for. www.USAA.com
Last edited by glass_of_merlot; 03-21-2011 at 11:19 PM..
My company doesn't offer direct deposit and in these tough times I don't always have $1,500 just laying around.
I agree. My bf's company doesn't offer direct deposit, either. He has a good paying job but it's in the hotel industry, and the hotel industry is notoriously crappy about stuff like that.
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