You’ve got to hand it to the bankers. (Actually, we pretty much already have.) They blow themselves and the economy up while paying themselves grotesquely large salaries. Then, working with government officials, they figure out multiple ways to get taxpayers and customers to fund their recapitalization. [...] And how does the industry that has received so much largesse from taxpayers repay the public? By jacking up fees for basic services. According to Bankrate.com, the average surcharge for using a money machine rose from $1.78 in 2007 to $1.98 in 2008. It’s probably higher now. Last week, when I stopped payment on a check, I was astonished to find the charge was $32—about what it costs to sponsor a child for a month through Save the Children. Meanwhile, consumer complaints about being hit with massive and repeated overdraft fees have led to threats of congressional action.
The reality is that banks feel they have no other choice. Newsweek’s Steve Tuttle recently argued that the outrage over overdraft fees is overdone because people incur them only when they spend money they don’t have. Of course, banks are in the business of enabling just that sort of activity. They lend money to businesses and consumers to spend on stuff—cars, factories, houses—for which they can’t pay cash. The problem for the banks is that the demand for that core business of spending money you don’t have is way down.
That’s good, moss. Now go to Wells Fargo and request overdraft protection be canceled.
They won’t do it. No joke.
I only use banks and charge cards that pay ME for using them and don’t charge for services.
Just shows the need for more Credit Unions in this country. My 1st savings & checking accounts were at a Credit Union. Better hours, rates & better service than any bank. People should Google for local CU’s you might be surprised that you have one to join.
I tried Wachovia 2 years ago because it was down the street & the credit union was a 20-30 min drive away. It was $20 to open a checking account & I ordered a bank card. They told me it would be 3-4 days till the check card came. After 2 weeks I went in to ask where my card was I was told that since I only had $20 in the account that I didn’t need a check card, how nice of them decide that for me. After a 10 min fight to get them to give me my $20 back I showed them the $900 I had been planning on depositing. It went right back to my Credit Union that I’m still a member of & have been with for 18 years. Wachovia was my 1st time trying a bank & last.
Put your money in a credit union, problem solved.
#4, Hey Liberty Lover – 100% reserve would mean that the bank would not be able to lend!
EXACTLY!!!
It seems in general that the more customers a bank has, the worse it treats them.
In several decades of having bank accounts, I have _never_once_ paid an ATM fee. I know where my bank’s ATMs are and don’t use any others.
It also helps that I don’t live in a major Eastern Seaboard metropolis or in California. The cost of living is a lot lower in “fly-over country.”
I used to have automatic debits for recurring expenses debit the same day as my ach deposit. One day they stop recording the deposit first (even though it was sent at midnight) in favor of the debits. They started that little BofA trick, too, where the big checks go first, to maximize the fees.
I quit them for another CU, and first thing I did was cancel overdraft protection. The reinstate it almost immediately now, every time they update their tos. They also started holding manual deposits for a week, including gov’t. checks.
The free market does work. Dump the bank off
your back and move to a credit union.
For 40 years I have paid no fees for anything
after I left BofA
Overdraft is one thing, how about 29% interest rates on credit cards. How is that even LEGAL? Because congress is in the pockets of the financial industry,(along with several others). Shameful.
Free market, my butt. Credit unions pay their bosses too, and both of mine pull almost as many stunts as the banks.
Banks have been allowed to pull these stupid stunts since the usury laws were systematically dismantled by the banking corporations who bribed, wheedled and otherwise bought off our elected law makers.
Good luck turning this crap around, unless we can get some honest lawmakers, AND get some laws passed that make it illegal to accept bribes, services, etc. How is it that some of these politicians (our prez, included) can go from penniless to millions? WTF!