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Bank of America has responded by saying that they have "a right" to make a profit. Well, what about our rights? We also have a right to prevent our taxpayer funds to be used to bail out greedy and despicable institutions like Bank of America... if not for the public they would be out of business right now.
Bank of America has responded by saying that they have "a right" to make a profit. Well, what about our rights? We also have a right to prevent our taxpayer funds to be used to bail out greedy and despicable institutions like Bank of America... if not for the public they would be out of business right now.
Are you even aware that Bank of America paid back their TARP money with interest? It doesn't sound like it. And no, I am not a fan of BofA; I removed all my money from them over two years ago because of their basic sleaziness. But the truth is still the truth, which is why I wrote my first sentence above.
As a taxpayer and citizen, you have a right to work against any and all bailouts, but you have no right to be successful in preventing them. You do not have a right to get your way. It seems your emotionalism has overwhelmed your rationality on this issue.
By the way, it should be obvious that BofA has no "right" to make a profit either. They have a right to engage in business and attempt to make a profit. If, in so doing, they break the law, they can be fined and their top leaders even imprisoned. After all, that's what happened to the leaders of Enron, and to Bernie Madoff. The high and mighty are not exempt from being laid low.
I am not closing my account because I don't have a B of A account. B of A has been a greedy bank for many years. I'm surprised it's taken people this long to figure it out. I figured out more than 15 years ago that the big banks were not a good deal for most people. What planet have people been living on???
There are a lot of smaller neighborhood banks and credit unions out there. I converted mine a few years ago to a local community bank. I LOVE IT!!!!! Have had no problems and the bank has remained strong through this banking crisis. I do not know if they will start to charge like the others. I do know this. My deposits are credited to my account right then and there. They know me so well I do not even fill out a deposit slip they do it for me. Try that one at your mega bank. I banked with BoA years ago. For many years. They held a $500.00 check for a large company for ten days because it was out of state. Guess who they did not tell at time of deposit. Guess who had a few $35. fees from money that should have been credited to the account. People say.. "To big to fail." That's BS. Should be.. "So big they need to fail."
There are a lot of smaller neighborhood banks and credit unions out there. I converted mine a few years ago to a local community bank. I LOVE IT!!!!! Have had no problems and the bank has remained strong through this banking crisis. I do not know if they will start to charge like the others. I do know this. My deposits are credited to my account right then and there. They know me so well I do not even fill out a deposit slip they do it for me. Try that one at your mega bank. I banked with BoA years ago. For many years. They held a $500.00 check for a large company for ten days because it was out of state. Guess who they did not tell at time of deposit. Guess who had a few $35. fees from money that should have been credited to the account. People say.. "To big to fail." That's BS. Should be.. "So big they need to fail."
They do seem to take their sweet time crediting deposits, even cash sometimes. After 10 years with them I'm moving to a local credit union. I stayed with BOA because they had really good online banking/bill pay and good account monitoring. The last week for them hasn't been good, the $5 debit card charge, their website being randomly offline for 6 days, and rumors and articles hinting at possible hacking and claims of money being lost from customers accounts.
[FONT="Comic Sans MS"]I quit BOA a few years ago when I kept reading they'll be the #1 bank and because I don't like how they take things illegally.[/FONT]
Are you even aware that Bank of America paid back their TARP money with interest? It doesn't sound like it.
I am well aware of that (also aware of the fact that this may or may not be the truth since there is so much accounting fraud going on). The fact remains that public money was used to bail them out which was a risk that could've resulted in the public losing all it's money. The paltry interest they paid hardly matches the risk that was taken...please!
Well, BOA won't be alone on the added fees. It's been widely predicted for a long time on CNBC and in financial publications that the costs of new banking regulations, which are costing the banks billions, will be passed along to the consumer. Quote from a CNBC vid describing the issue:
Quote:
well, let's be honest about the Durbin rule. the banking industry built the debit card business. and all the functionality in the debit card business and the merchants were tremendously advantaged.
they dramatically reduced the amount of cash they had to do business with. they dramatically reduced the number of checks they had to process. they dramatically or virtually eliminated all the fraud that was involved with check-writing. so they were tremendously benefitted by the development of the debit card business. consumer was benefitted as well. but the merchant got immediate cash with the elimination of all the operating expense and fraud expense.
and as a result they were paying $0.44 for the service for a long period of time. the high volume people were paying less as they always do.
well, the Durbin amendment comes along and says the government's going to get involved in price fixing. and, as you know, there was a great deal of lobbying on behalf of the merchants into that bill. and of course the fed was given the responsibility of only allowing us to recover marginal costs.
but we built an entire system, the debit card is now an integral part of the checking account, the checking account we have to keep information for seven years, we incur fraud, all the rest, we have to provide fraud protection, protect against hacking and retailers have eliminated all that expense.
the fed comes out 24 cents or 26 cents depending on whether it's the included fraud protection or not.
so the banking industry lost $6 billion of pre-tax income. so you take the $6 billion worth of pre-tax income that we lost on that product and then actually you combine it with almost zero interest rates.
so what's happened is we're not really making money on the deposit business anymore the way we used to. so the industry is now repricing their retail relationship with their customer.
There are two basic sorts of fees.
The ones you're told and know about and the ones you aren't.
Which do you prefer?
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