New Banking Fees Headed Our Way

[mrjarrell]

The law of unintended consequences has struck after congress' interference in the banking system "on behalf of consumers". We're going to be looking at new fees for using our money now. Debit cards may have an additional yearly fee tacked on and we're likely to see transaction fees going up, too. Watch your mail in the coming weeks and months as your bank will try to sneak these by you as just another ad announcement. And don't forget to thank your congress critters for "making things better" for consumers.

At Banks, New Fees Replacing Old Levies - WSJ.com

 

[SemperFiUSMC]

What makes you think it's an unintended consequence? Congress gets sweet deals and big funds from the financial industry in general, and banks specificially.

 

[Will0369]

This is exxxxccceeeelllleennnt!!!!!!!!!

By the way Montel Williams is a bad MOFO

 

[starbreather]

Just another way to keep us under the thumb of the gonvernment.

 

[eldirector]

I've always wondered who actually pays these fees. My checking actually pays me, and I don't think I've paid a debit card or cash machine fee in years. Do folks actually use ATMs that charge a fee?

I guess I'll keep an eye on my credit union. They've been good so far....

 

[mrjarrell]

I've always wondered who actually pays these fees. My checking actually pays me, and I don't think I've paid a debit card or cash machine fee in years. Do folks actually use ATMs that charge a fee?

I guess I'll keep an eye on my credit union. They've been good so far....

Your CU will likely not charge you an ATM fee for using their ATMs. It's when you use another banks that they'll gig you. They may well start charging you a fee for your debit card, tho. I don't use ATMs that aren't my banks. If I need cash I'll get it at the store and get cash back when I purchase something.

 

[rjstew317]

that's what happens when they pass bills just so they can see whats in them

 

[kevinj110]

that's what happens when they pass bills just so they can see whats in them

Seems to be alot of this lately.

 

[rjstew317]

Seems to be alot of this lately.

who has time to read all those bills, i mean, come on.

 

[singlesix]

You can still shop around for a better deal. It is your money. My credit card company stopped having grace periods (interest charge at the moment of the transaction). I told them to cancel my card. They changed their mind on the grace period.

 

[trnsplntfrmohio]

i really don't have a problem with this,

last time i checked the majority of banks are not owend by the federal government and this still is a free market economey...

i don't agree with it and think it's bad buisiness but still it's their right..

 

[Blue Tile Spook]

I have already received two mailings from First Merchants Bank, based out of Muncie, IN, that have informed me that fees at the bank (no necessarily fees on the accounts that I hold) will be (aka starting immediately) going up for anything as simple as receiving a statement in the mail vs. online banking. For those that bounce checks, the fees have gone up and a daily fee for every day overdrawn will be assessed. Minimum balances in accounts will be charged on a sliding scale for the minimum amount that a person keeps in their account.

Merchants is a regional bank. The other banks in the area have all matched (Merchants matched) their fees, so moving my money to another bank or FCU will not solve the problem.

 

[teknickle]

I've always wondered who actually pays these fees. My checking actually pays me, and I don't think I've paid a debit card or cash machine fee in years. Do folks actually use ATMs that charge a fee?

I guess I'll keep an eye on my credit union. They've been good so far....

A credit union is not a bank. It is a financial institution, but then again, so is a pawn shop (as defined and regulated by Indiana commerce laws).

A credit union is technically a 'thrift institution'.
They are NOT, and should not be referred to as 'banks'.

No bigger a deal than the following conversation:
mall_ninja "i am looking for some high-cap clips for when I double wield my Glock 17's"

responsible_gun_owner "wow, did you convert that to a top-loader..or did you mean magazine?"

mall_ninja "mag, clip..same thing man. you say toe-may-toe, I say toe-mah-toe. LOLZ you probably never seen someone double wield Terminator style"

responsible_gun_owner "I see. Good luck with your hopes and dreams"

What _is_ a bigger deal, is that credit unions (aka Thrift Institutions) do NOT fall under the regulation of the FDIC. They do NOT borrow money from the privately controlled Federal Reserve banking system.

Someone else mentioned that banks are "privately" held and not "owned by the government". In what sense?
The FDIC can come in at ANY time and shut a bank down if their "confidence" rating falls to say, 3%. Think those banks voluntarily shut down?
NO.
Government shuts them down on Fridays and then FDIC takes over operations on Monday (washing out any account greater than the limit insured by FDIC).
Then they sell off the assets to someone like Chase bank, CitiGroup or Goldman Sachs.

FDIC does not regulate the credit unions like they do the banks.

 

[BillyT]

Well i dont use cards somethin about spendin money i dont have on me is offensive to me i hate debt so may be that is why.
i dont care much for banks but living in this world its kinda mandated

just another way to legally rob us

 

[Stschil]

i really don't have a problem with this,

last time i checked the majority of banks are not owend by the federal government and this still is a free market economey...

i don't agree with it and think it's bad buisiness but still it's their right..

The gubbermint may not be on the 'ownership' papers, but rest assured, there are no Banking Institutions in the US that do not bow down to it. Just like GM... Credit Unions are a different animal altogether.


And what's this about a 'free market economy'? When did that happen? I've read about it in history books, but haven't seen it around these parts in my lifetime. Sure would be nice, though...

 

[trnsplntfrmohio]

well my job, let me explain free market economey...

i need 1,000 of thing A.
thing A costs .25 cents
thing A has patent fee of .25
thing A has royalties of .50 cents
I pay 1.00 for thing A
Customers are willing to pay 10.00 for thing A
However my customer demand for thing A is 1,500
So I use my magical device (which is just my time and labor which is free anyway because i am the buisness owners and I do not take a pay check) and copy thing A 500 times, I now have 500 of thing A that I did not pay for, only using my time

That is a free market economeny, playing dirty little tricks and getting away with them. If the police ever come to arrest me for patent infringment I'll just say, well the goburment does it all the time.

 

[Hotdoger]

This is exxxxccceeeelllleennnt!!!!!!!!!

By the way Montel Williams is a bad MOFO

Stoners are people to idolize.

 

[jedi]

I got 3 letters/packages in the mail from CHASE regarding new fees. One for each of my aco****s. Each package had 3 letters (english, spanish and italian (i think)) along with 3 new booklets with the new rules (again in 3 langauges).

Every fee chase had before appears to be going up (late fees, bounced checks, non-CHASE ATM withdraws, getting paper statement, etc..). In addition a $10 MONTHLY fee just for having an account with them!

For my personal checking aco**** with them there was 3 ways to be exempt from the $10 monthly fee.
- Have direct deposit with at least one monthly deposit greater than $500
- Maintain a $10,000+ monthly balance
- Maintain a $1,000+ daily balance

For my two business aco****s there was also 3 ways to be exempt from the monthly fee. Needless to say I closed my business accounts on Monday and opened up an account with ING (online with NO FEES!). Explaining to them that while I could take their exemption I was not. I would not do business with a bank to is going to charge me or anyone else money to hold my money. Sure I'm exempt right now but sooner or later they could remove the exemption as they have shown they can by adding the fee in the first place!

I plan on closing my personal account later this month once I get some auto-pays (ie. water, credit card, etc..) off that account.

Merchants is a regional bank. The other banks in the area have all matched (Merchants matched) their fees, so moving my money to another bank or FCU will not solve the problem.

This is what I fear in the long run. The big national banks are already jacking up the fees and now so are the regional ones so I'm sure sooner or later all will. @ at point what then? No way I'm ever going to pay a bank to hold my money. Heck they don't even have my physcial money but a digital "record" that I have "xyz money". Now if they were holding say real GOLD for me that would be a different story but as it stands now. nope!

 

[level.eleven]

Stoners are people to idolize.

Are you really busting a guys chops who graduated from the Naval Academy, served 20+ years receiving multiple medals and levels of recognition, had a sucessful television career (Emmy), and was diagnosed with Multiple Scelrosis later in life?

Sorry to thread jack, but that one is hard to let go as the foils of pain management have struck those that I love. I hope you and your loved ones are never effected by a quality of life, debilitating, painful disease.

Back to bank bashing.