Bank fees on the rise

#26
#26
MystifyingVol said:
Chase did this a while back (I became a Chase customer when they took over WAMU).... I called customer service and tried to get it removed, they said no dice, so I left.

About a month later, got a call from Chase saying, if you open an account, we'll wave the fees... why didn't they think of that when I called them?
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Cause they already had you. It's just about like Directv offering great new rates for new customers, while jacking up existing customers bills every year.
 
#28
#28
Cartervol said:
Cause they already had you. It's just about like Directv offering great new rates for new customers, while jacking up existing customers bills every year.
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If you ever want to lower your DirecTV bill, say these 6 words, "I'm thinking about switching to Comcast." Their tune changes real quick once you say that. I like them though and overall, I've had good service from DTV.
 
#29
#29
I'm currently at USBank and have never been charged a bank fee. If that ever changes I would look for a new place to bank with. They do encourage their customers to run debit cards as credit when possible. I even get a small cash back reward for choosing credit instead of debit with my check card.

Another reason we like USBank is because they're inside Kroger so they have longer hours. They're open 7 days a week also although I rarely need to see a teller for anything.
 
#33
#33
615 Vol said:
I'm currently at USBank and have never been charged a bank fee. If that ever changes I would look for a new place to bank with. They do encourage their customers to run debit cards as credit when possible. I even get a small cash back reward for choosing credit instead of debit with my check card.

Another reason we like USBank is because they're inside Kroger so they have longer hours. They're open 7 days a week also although I rarely need to see a teller for anything.
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Yeah but you have to pay $7 a month for monthly statements. That is the same thing as paying a monthly fee its jsut called something else.


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#35
#35
Dems want DOJ to investigate banks for antitrust violations for charging a $5 debit card fee. They are off their f'ing rockers.
 
#36
#36
vols4sure said:
Dems want DOJ to investigate banks for antitrust violations for charging a $5 debit card fee. They are off their f'ing rockers.
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Just dumb. They are going to do everything they can to vilify the banking industry.
 
#37
#37
vols4sure said:
Dems want DOJ to investigate banks for antitrust violations for charging a $5 debit card fee. They are off their f'ing rockers.
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Not really any different than demonizing the banks for making crap loans that the federal government required them to make.
 
#38
#38
bamawriter said:
Not really any different than demonizing the banks for making crap loans that the federal government required them to make.
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Don't let the banks off that easily. They did a bunch of shoddy underwriting too. They sure didn't push back on some unfathomable appraisals littered with just absurd assumptions. Some of that crap was like getting a document from Gibbs on Cuba.
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#39
#39
BigPapaVol said:
Don't let the banks off that easily. They did a bunch of shoddy underwriting too. They sure didn't push back on some unfathomable appraisals littered with just absurd assumptions. Some of that crap was like getting a document from Gibbs on Cuba.
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I don't excuse the banks at all, but it isn't a coincidence that underwriting standards took a nosedive as CRA quotas rose.
 
#40
#40
People predicted debit cards fees were going to be a result of the new regulations. Just like a tax, they are going to look for a way to recover lost revenue. At least the fee is transparent. Plenty of other options to avoid the fees.

Honestly, I see this as strictly vote buying and complete disregard of the effects to the economy. Regardless of the feelings you have regarding the fault of the banks, we need them to be able to recover for our economy to recover. The demonizing has to stop.
 
#42
#42
Someone explain to me where the 44 cents/transaction that the retailers were paying the banks was going? 44 cents per electronic transaction seems ridiculous in my mind. Are you telling me that it really costs that much to do a debit transaction for the banks?
 
#43
#43
Rasputin_Vol said:
Someone explain to me where the 44 cents/transaction that the retailers were paying the banks was going? 44 cents per electronic transaction seems ridiculous in my mind. Are you telling me that it really costs that much to do a debit transaction for the banks?
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No, the interchange fee didn't simply cover cost for the banks. There was a bit of profit involved, which is 100% fair since it's the banks' system and the banks' cards that they allow the merchants to accept (and the merchants prefer cards to cash or checks).

The interchange fee also covers the cost of fraud. Unless gross negligence can be proven, when a customer's card is used fraudulently the banks eat that cost. So the merchants pay interchange fees in order to avoid eating the cost of fraud.
 
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#44
#44
At the core, banks earn money via money exchange. Congress was dumb to price fix what they could charge for some of those exchanges. Regulation should be based on transparency that allows risk assessment.
 
#45
#45
GAVol said:
Just dumb. They are going to do everything they can to vilify the banking industry.
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They are just trying to stoke the fires. Maybe when the Occupy idiots start getting violent the Dems will be happy they accomplished something.
 
#46
#46
theFallGuy said:
They are just trying to stoke the fires. Maybe when the Occupy idiots start getting violent the Dems will be happy they accomplished something.
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You mean like taking dumps on cop cars or fighting security guards at the Air and Space museum? That media coverage was simply overwhelming...
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#48
#48
So apparently the reason BOA is charing the $5 fee is because they had such a huge influx of deposits this summer and are basically saying, "if you want to keep your money with us, it will cost you $5 per month". We will see if thats true in tomorrow earnings
 
#49
#49
VolsNSkinsFan said:
So apparently the reason BOA is charing the $5 fee is because they had such a huge influx of deposits this summer and are basically saying, "if you want to keep your money with us, it will cost you $5 per month". We will see if thats true in tomorrow earnings
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I really, really doubt that was the cause. BOA has been hemorraging deposists lately.
 
#50
#50
VolsNSkinsFan said:
So apparently the reason BOA is charing the $5 fee is because they had such a huge influx of deposits this summer and are basically saying, "if you want to keep your money with us, it will cost you $5 per month". We will see if thats true in tomorrow earnings
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consolidation in banking has become extreme. Bush's admin basically pushed us back toward near monopolies again, in several industries. ATT becoming what they have is utter crap. The largest 5 banks eating up share like they have and becoming too large to fail is lunacy. Community banking is the heart of our entrepreneurial system and allowing these guys to roll up that business into crap like we see now is tragic. It lessens the burden on the overbearing but lazy regulators and makes their bloated paychecks easier to earn. I understand BofA moving toward solely those depositors that make them money because of the deposit levels, but the fact that they're using government policy to veil the move is pathetic. Just come out and tell the world that you aren't interested in small depositors. They'll leave and you can have what you retain.
 
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