Posted on 06/19/2010 9:38:28 PM PDT by apillar
Bank of America Corp. (NYSE: BAC - News) and other banks are preparing new fees on basic banking services as they try to replace revenue lost to regulatory rules, in a push that is expected to spell an end to free checking accounts for many Americans.
Customers will likely be required to pay new monthly maintenance fees on the most basic accounts that don't generate a lot of activity. To avoid a fee, customers will have to maintain certain account balances or frequently use other banking services, such as credit and debit cards, automated teller machines and online accounts.
(Excerpt) Read more at finance.yahoo.com ...
Well this is the result, essentially those that never overdrafted their entire life are going to be subsidizing the check bouncers.
over draft protection. line of credit.
EVER HEARD OF IT??
So that’s why my bank no longer had the small business free checking account it had about a week ago.
Thanks a lot, Congress; if I could maintain the minimum daily balance now required, my business would be doing just fine.
Bank of America is the Bank for Illegals in California.
B of A is the crappiest company on the planet.
This is one of the many reasons why I use a credit union.
America is in decline. There are too many STUPID PEOPLE.
After years of listening to whining and crying and complaining about ATM fees, the people doing all the bitching vote for the people bringing us this stuff.
And they’ll vote for it again, this Fall.
Bank of America is the Bank for Illegals in California.
::::::::::::
That is the BANK OF AMIGO....
Savings accounts were still free, so I closed my checking and kept my savings. I redirected my direct deposit to the savings account. The savings only allows 4 withdrawals a month, so every payday I transfer enough to paypal to pay all my bills. I only withdrawal cash once a month and use my credit card for everything else. Giving me 1 withdrawal should any emergencies pop up.
Yeah it can be a hassle, but like I said I'm a cheapskate. I wondering how long it will be before they catch on and put a stop to it.
Don't count on this not impacting credit unions also. I work for a large credit union and between this and the regulation that will likely change interchange income (when you use your debit or credit card for purchases), there will be a need to increase income in other areas to cover expenses.
Having a drop or two of Scottish blood in me and very little money to spare for fees when a bank has the use of my money anyway, I’m not inclined to throw away money that I need to pay bills with. Your, ahem, frugal approach may come in useful for this penny-pincher. You deserve a tip for your tip, but you know how we frugals are. ; )
Kind of like they helped us out with credit cards.
I’m killing my savings accounts next week. My last statement will be with me. They will make them into one and very fluid. Bigger Fish to follow.
they dems will make mandatory free checking.
This is a government mandated and government funded stealth inflation tax.
In the end though, if the 20 to 50 million Americans and non-Americans affected by this return to a cash based and prepaid credit card economy, it’s all the better towards the eventual collapse of the fiat currency tyranny in the country.
Historically, when nations put restrictions such as this on physical cash withdrawals from the banking system, it results in collapse of the currency, the government, and a debt jubilee.
That is, if the stupid fat Americans will get off the damn couch and take to the streets.
2 words: Credit Union
Who writes checks? I haven’t written one in years and wouldn’t know where to find my check book.
And of course it will be the banks who will get the blame and be labled as “Greedy”.
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