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Say goodbye to traditional free checking - Yahoo! Finance (http://finance.yahoo.com/news/Say-goodbye-to-traditional-apf-1888087707.html - broken link)
Quote:
Free checking as we know it is ending.
It's happening because a raft of new laws enacted in the past year, including the financial overhaul package, have led to an acute shrinking of revenue for the banks.
"I've seen more regulation in last 30 months than in last 30 years," said Robert Hammer, CEO of RK Hammer, a bank advisory firm.
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.
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.
But, but, but......he promised not to tax the middle class!
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.
the banks that I've been too have required Direct Deposit or min balance to avoid monthly charge for a long time now. this is not new. B of A has always had ridiculous charges and poor services. That combined with their wooing of illegal alien customers made me leave them long ago.
Of course you fail to leave out that you can avoid these fees by banking online, and many banks actually have already charged this You also leave out the whole issue with hidden fees and how that is more regulated. What would you rather, being charged something and know about it, or being charged hidden fees that you did not know about?
Of course you fail to leave out that you can avoid these fees by banking online, and many banks actually have already charged this You also leave out the whole issue with hidden fees and how that is more regulated. What would you rather, being charged something and know about it, or being charged hidden fees that you did not know about?
Good point. For many years, I have never used ATMs because I did not want to pay $2 or more to take my own $$ out. I have always linked a monthly deposit from an online bank (ING or Emigrant) to any checking account that needs a direct deposit to avoid a monthly charge. It's nice to know that the bank or credit cards will not charge me an exorbitant fee in case I forget to pay my bill on time.
My national bank hasn't offered free checking for years -all new accounts have a monthly fee. Only credit unions in my town continue to offer it. It pre-dates Obama so I can't blame him for that.
The price of a product may rise to match its costs? What horror!
There's no such thing as free checking. Checks are grubby little physical pieces of paper that have to be manually handled, counted, tallied, verified, signed, folded, spindled and mutilated. Probably the most expensive and least precise way of doing banking.
When a bank offers "free" checking, it has to make up for those expenses in other ways. Generally, by adding ridiculously high fees on other transaction types.
Before moving to the US, I wrote perhaps 4 checks per year. No employer would want the trouble of printing paychecks. No utility or landlord wanted the damn things. European banks hate them, for all the reasons I've listed above.
Make ATM/online transactions cheaper, and raise the cost of checking to reflect the actual cost of dealing with checks. Not only will the market then be allowed to trend towards the more effective way of doing business (that's what markets are good at, right?), US banking practices may get dragged into - well, if not the 21st century, then at least the 1990s.
I prefer the new structure - I'd rather have my fees reasonable and upfront than outrageous and hidden. Besides, I'll (and most people) still have free checking - I use direct deposit.
I remember this one time Wells Fargo charged me some stupid 2 dollar fee in error. I called customer service to point out the error and they gladly refunded the 2 bucks. On my next month's statement I found out they charged me a $3 customer service fee for using a live representative. That's the last time I ever banked with Wells Fargo.
But, but, but......he promised not to tax the middle class!
I find it hard to put this in a manner that doesn't appear confrontational, but: Checking fees are not taxes.
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The price of a product may rise to match its costs? What horror!
