Financial Reform just as Obama wanted.
Wait til he gets cap & tax.
FUBO
Yup. That didn't take long, did it?
Chase Bank is making its customers op-in to their existing over-draft checking accounts and then chargeing over-draft fees even as the over-drawn check is paid from their over-draft account which is basically a high-interested credit account.
One of the things I was amazed at when I entered the world of banking was the cost of maintain each account on the system. When you have checking accounts and savings accounts that have small balances, they net for the account is negative each month.
What people do not understand is that there is a “cost” to keeping your money in a bank—and that cost includes the physical costs, but also the data system costs. Think $4-8 a month just to keep your account active. If you have $100 in there, they will never be able to recover that with the use of your money.
But, folks will not “get that” and they will cry about the imposition of fees on the most basic account. And secretly, the banks will pop a bottle of champagne when the customer closes the account and leaves.
I am not surprised.
This was standard about 40 years ago. “Free checking” was a way to get people to change banks. It soon became the new standard.
People will go back to paying cash or use money orders.
Take your cash out and go to a local back or credit union. At a time when banks need deposits you can really stick it in BOA’s ass by moving the funds.
In addition to all the factors mentioned in this thread, the fact that interest rates are effectively 0 now, enters into this as well. If a bank could use your money from your “free” checking account to generate income for the bank, that paid for the “free” account. If the real return on say, T Bills, is close to 0, then that scheme doesn’t work so well any more.
Another point is that opting out of the banking system seems less and less doable nowadays, with the roles that plastic (debit or credit) and direct deposit now play.
zerO!
The Won saves us ever more money grabbing by the eeevil banks
sarc
Not even that necessarily. A lot of it is extra regulation and paperwork added on just to do the same things that are already being done.
that’s right...just keep ginning up new demand for the Gubbermint to step in and regulate you...suckers!
As if Zero isn’t into our lives and freedoms enough. Now he wants to get more money from the voters. What a slime.
My son was soooo happy that Congress outlawed overdraft fees.
I told him that he will have to pay for it one way or another.
There is still NO free lunch.
This isn’t the change we hoped for...
I seriously doubt that figure.
The Nov. elections are too late!
The wrong side was won!