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It's a bad thing for those people that used to have jobs processing those paper checks though.
And the people that had jobs researching the ENORMOUS amount of check fraud in this country.
Seriously, I used to work in a bank and not a week would go by that somebody didn't come in complaining that their son/maid/brother in law had forged one of their checks....
It's a bad thing for those people that used to have jobs processing those paper checks though.
One of the first full time jobs I had was processing mortgage payments.
It wasn't always cut and dry though.
You had those folks with extra payments to this, that or the next thing scrawled on their checks. Or those that were late but only made partial payments.
Someone had and still has to read that stuff and figure it out and then make sure what they want you to do is legal.
Oh wait..what am I thinking..banks checking for legality TODAY ?
Banks like BofA are NOT making their prime money from checking fees....
The point is that most major banks in this country are racking up BILLIONS of dollars in overall profits. If legistlation was "hurting" the banks that wouldn't be true.
The point is that most major banks in this country are racking up BILLIONS of dollars in overall profits. If legistlation was "hurting" the banks that wouldn't be true.
Bank of America
Q1 2010 Profits $2.834 Billion Dollars
Q2 2010 Profits $2.783 Billion Dollars
It's called HFT. No one is forcing anyone to do business with them.
I certainly wouldn't do business with ANY of the bailout banks.
But if you do..then don't complain when they fleece you with fees, fines, high loan rates, low saving rates.
There are other choices out there yet.
Canadians can use the Interac Email Money Transfer network. You can send money from your bank account to another person's account at a different bank. All you need is their email address - you don't know their banking details or what bank they are depositing to. Interac is equivalent to the Plus network (the Plus symbol on the back of your debit/credit card).
That is the system that is used by Paypal. There are fees involved for the merchant using Paypal -- don't know how they compare to credit card fees. Case in point, I am going to a retreat next weekend. The proprietor has asked that instead of paying in advance using Paypal which he is set up for, he would prefer that we pay by check when we get there. He wants to avoid the paypal fees and he knows us all and isn't afraid that we will stiff him.
And the people that had jobs researching the ENORMOUS amount of check fraud in this country.
Seriously, I used to work in a bank and not a week would go by that somebody didn't come in complaining that their son/maid/brother in law had forged one of their checks....
The fraud continues, its just the manner thats changed. Now people can randomly generate account numbers, and since routing numbers are online, your account can be wiped out without you even knowing it..
The difference, now you have no clue who took your money...
Say goodbye to traditional free checking - Yahoo! Finance (http://finance.yahoo.com/news/Say-goodbye-to-traditional-apf-1888087707.html - broken link)
Yes, the "transformation" obama was fond of saying he would do to America....right up our backsides.
Can we all just admit that obama and the democrats don't have a clue what they are doing? The laws and regulations they have enacted are having a severe negative impact on our everyday lives.
Maybe it's because he's never run a business, probably hasn't administered his own checkbook for a while now and when will they realize the new "regulations" supposedly meant to protect consumers are hurting them instead?
Just chalk it up to another bad liberal idea.
The man is an absolute disaster and he is intruding into our lives like no other administration before him.
Sandy, you are so right on! I have free checking. So far, my bank has not notified me that it will change. But I don't think I have seen that they are advertising free checking anymore (now that you mention it).
Obama is a living nightmare. I have been so nervous since his election, and I have never been a nervous person. I can't sleep at night anymore, and I know that he is the reason. I am scared for our country, and what kind of country our grand children will have.
I praise God for people like you, Sandy, who will speak up. Thank you so much for being you!
The fraud continues, its just the manner thats changed. Now people can randomly generate account numbers, and since routing numbers are online, your account can be wiped out without you even knowing it..
The difference, now you have no clue who took your money...
That's true, but those are crooks are a little more sophisticated. It's harder for your run of the mill, drug addict son-in-law to forge a check if you don't use checks. (I haven't written a paper check in over 2 yrs.)
The point is that most major banks in this country are racking up BILLIONS of dollars in overall profits. If legistlation was "hurting" the banks that wouldn't be true.
The fraud continues, its just the manner thats changed. Now people can randomly generate account numbers, and since routing numbers are online, your account can be wiped out without you even knowing it..
The difference, now you have no clue who took your money...
My bank caught one such incident. I don't care "who" took it, the bank reimbursed my account, and "who" became THEIR problem.
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