New Bank fees coming

[krome2ez]

What are you saying that this type of capitalism is acceptable to keep ripping off people in the name of profit.

Come on Heavy, that was a very socialist type statement.

That's the beauty of capitalism.

One can provide a product or service,

and demand a price that the market will pay.

The reason we are now seeing these fees,

is because congress enacted the Frank Dodd Bill.

This bill took away thier profits made from another

source. Thier choice is now make up those lost

profits now from you, cut back their services, or

go out of business.

Again we are losing sight of the true source of the problem.

Government Regulations.

When government get involved with business,

then the patron/citizen pays the price. Always.

I'm not happy with the fees either,

but I'm putting my anger toward the government

where it belongs.

Bump

For banks, the situation is likely to get worse before it gets better. They are due to begin reporting earnings this week, and the numbers are likely to leave investors as frustrated as ever, making the banks even more desperate to impose new charges on consumers’ accounts and rack up bigger trading profits. Over all, revenue is expected to fall 4 percent in the third quarter, slipping back to 2005 levels, according to data from Trepp. The industry’s earnings are expected to be about what they were in late 2002.

The biggest banks are expected to be hit hard by a sharp slowdown in their Wall Street-related businesses because of the chaotic third quarter in the markets. But the growth prospects for traditional banking are not great either. Tough new federal regulations restricting overdraft charges and other penalties are already taking a big bite out of profits. And then there are the government-mandated cuts in once-lucrative debit-card swipe fees, which have prompted banks to try to recoup billions of dollars in lost revenue with increases like Bank of America’s controversial new $5 monthly debit card fee.

Besides leaving consumers infuriated, the debit card fees have also drawn the wrath of the White House, with President Obama warning last week that customers should not be “mistreated” in pursuit of profit, while Vice President Joseph R. Biden Jr. characterized moves to hit consumers with new charges “incredibly tone deaf.” Senator Richard J. Durbin of Illinois, the No. 2 Senate Democrat, took the unusual step of denouncing Bank of America on the Senate floor, urging customers to “vote with your feet, get the heck out of that bank.”

Investors certainly have. Bank stocks are at lows not seen since the wake of the financial crisis, and shares of Bank of America, the nation’s biggest bank, are down more than 50 percent since the start of the year, while Citigroup is down more than 40 percent.

Read more:

[fnbplanet]

Anyone sympathizing with the Occupy Wall Street people, try to get them a message:

You're in the WRONG CITY! Chris Dodd, Barney Fwank and Dickk Durbin all have their offices in WASHINGTON, on K Street.

[krome2ez]

Anyone sympathizing with the Occupy Wall Street people, try to get them a message:

You're in the WRONG CITY! Chris Dodd, Barney Fwank and Dickk Durbin all have their offices in WASHINGTON, on K Street.

I'm with you on this one FNB.

It should be easy to contact the "Flea" party aka Occupy Wall Street.

Just call them on their Sprint, AT&T or Verison phone.

Or maybe just e-mail them. I'm sure they can read that on thier Dell, Compaq, or Apple computer,

as they're drinking thier Starbucks coffee, while wearing their GAP or Old Navy shirts.

Ya man, down with the corporations.

[fnbplanet]

....while they roll around imbibing drugs and alcohol in their own feces and urine.....

power to the useful idiots!

[Heavyduty053]

Come on Heavy, that was a very socialist type statement.

That's the beauty of capitalism.

One can provide a product or service,

and demand a price that the market will pay.

The reason we are now seeing these fees,

is because congress enacted the Frank Dodd Bill.

This bill took away thier profits made from another

source. Thier choice is now make up those lost

profits now from you, cut back their services, or

go out of business.

Again we are losing sight of the true source of the problem.

Government Regulations.

When government get involved with business,

then the patron/citizen pays the price. Always.

I'm not happy with the fees either,

but I'm putting my anger toward the government

where it belongs.

Bump

For banks, the situation is likely to get worse before it gets better. They are due to begin reporting earnings this week, and the numbers are likely to leave investors as frustrated as ever, making the banks even more desperate to impose new charges on consumers’ accounts and rack up bigger trading profits. Over all, revenue is expected to fall 4 percent in the third quarter, slipping back to 2005 levels, according to data from Trepp. The industry’s earnings are expected to be about what they were in late 2002.

The biggest banks are expected to be hit hard by a sharp slowdown in their Wall Street-related businesses because of the chaotic third quarter in the markets. But the growth prospects for traditional banking are not great either. Tough new federal regulations restricting overdraft charges and other penalties are already taking a big bite out of profits. And then there are the government-mandated cuts in once-lucrative debit-card swipe fees, which have prompted banks to try to recoup billions of dollars in lost revenue with increases like Bank of America’s controversial new $5 monthly debit card fee.

Besides leaving consumers infuriated, the debit card fees have also drawn the wrath of the White House, with President Obama warning last week that customers should not be “mistreated” in pursuit of profit, while Vice President Joseph R. Biden Jr. characterized moves to hit consumers with new charges “incredibly tone deaf.” Senator Richard J. Durbin of Illinois, the No. 2 Senate Democrat, took the unusual step of denouncing Bank of America on the Senate floor, urging customers to “vote with your feet, get the heck out of that bank.”

Investors certainly have. Bank stocks are at lows not seen since the wake of the financial crisis, and shares of Bank of America, the nation’s biggest bank, are down more than 50 percent since the start of the year, while Citigroup is down more than 40 percent.

Read more: http://dinarvets.com.../#ixzz1akfvqOwm

i agree with you on the point of govt regulations and maybe i didn't present this right......to me the govt let this happen when they deregulated back in the 1970's. These banks have bought out, stock swiped other smaller banks so they could become bigger over the years which is fine but along with that comes the opportunities to search out more and more profit even at the expense of the public. Now with that said when things are as bad as they right at this time i do not believe that it is in the interest of these companies to stretch their arm into families money when it is hard to make ends meet now. If you are only making a profit of 3 billion dollars company after expenses why not wait until the downturn in the economy gets better and everyone is back to work then revisit the increase it would not be looked at so hard as now when people are hurting.......Is it all their fault, No but they took their rightful place in this backlash when the CEO came on tv and announced what they were doing and then said they were paying an exiting CEO 11 million, this is not good business practice. YOU DON'T GIVE A REASON AS WE ARE GOING TO CHARGE NEW FEES UPON THE PEOPLE BECAUSE WE ARE LOSING MONEY WITH THE DODD ACT AND THEN STATE PUBLICLY THAT YOU ARE GIVING THESE KIND OF BONUSES. They have already pulled this with the bailout monies. You don't give away money when and if your company is truly losing money.

[fnbplanet]

What business is it of ours what anyone else negotiates for their compensation?

Does an unemployed person, because they envy your income, get to rightfully negotiate YOUR pay rate to be lower because they think what your business charges the public is too high? Really?

Be careful how this plays out. If you have a job and pay taxes, HALF of the country now wants YOUR money. A pure democracy is mob rule. We live in a representative republic, so that (allegedly) there is some common sense injected into the process.

I assume you have dinar, and anticipate at least a moderate amount of wealth. YOU will be one of those "fat cats" that these people are going to accuse of unfairly obtaining your money, only worse, because you didn't EARN it, and they didn't get their "fair share"!

[hrvat67]

WRONG.

The reason that you are being presented with the extra fees: The Dodd-Frank Bill, courtesy of an add-on amendment from Dem. Dickk Durbin. He was trying to over-regulate the banking industry (without proper research) into lowering fees, and the amendment took away fees that the banks used to fund free ATM card use (which were the old ATM fees that everyone was upset about).

Sounds good, but in a capitalist society (which I support), and with the banks losing this funding, they had to make it up somewhere, as they are beholding to their investors (check your 401K, you more than likely own a banking stock). Durbin failed to note that the banks would make it up somewhere else, and this is where we get the new fees.

Once again, with progressives trying to control every aspect of our lives and businesses via their "big government" model, they failed to consider the consequences of their feeble actions.

To add insult to injury, Durbin himself addressed congress about these fees, denouncing the bank's "greed"! He unabashedly advised consumers to leave BOA in protest.

IT IS DISGUSTING AND APPALLING THAT A MEMBER OF OUR GOVERNMENT URGES CITIZENS TO BOYCOTT A SINGLED OUT BUSINESS, PARTICULARLY BECAUSE HE WAS THE ONE WHO CAUSED THE FEES IN THE FIRST PLACE!!!!

Wake up everyone. This is what a big government does.

"Now", as the late Paul Harvey used to say, "you have the rest of the story"

I was working in the banking industry back when the ATM technology started to make inroads. The perception from the banks was that they were doing this to save money to their "valued" customers in that they could save teller wages by using those dumb ATM terminals. For once in my life, I told everyone that was within earshot that, once that happened, banks were then going to start charging for ATM's, etc. once there were no alternatives!!!!! Well, that brings you to today....

Yes, the banks have a right to make a profit. BUT, face it, this is a two-sided business -- if you don't like the fees and excessive charges, take YOUR business elsewhere. IT IS YOUR RIGHT....

[wealthhound]

"What are you saying that this type of capitalism is acceptable to keep ripping off people in the name of profit."

Listen up-

There is only one type of capitalism ( unless you call the "crony capitalism" that our most current administrations have been practicing). When government interferes, there are what I call "capitalistic reflex reactions".

If you are backed into a corner by a superior force who makes up the rules as they go along, you will fight to the death to save yourself/family. Same thing with capitalism in it's true form. It is self-correcting. It operates on a balance, like a mathematical equation. When it gets interference from BIG government, it reacts to save itself and it's investors, just as you would.

Limit the fees in place to companies that use credit cards to do business as they have since the invention of the credit card, they have to be made up somewhere.

I am for oversight, so that noone games the system, just not regulation because some politician thinks they know how to make something "more fair" in order to curry favor with their constituents to get re-elected.

This is what's holding back our economy. These cheesedicks (thanks Breitling) that want to control every aspect of business and your personal life in order to keep their jobs are mucking up the system so that the people WITH money can't be sure what the rules will be IF they dare try to start or expand a business.

If I had money, with that crap that's going on down in Wallstreet, I would hold out until the republicans get back in office next fall. Don't look for the economy to rebound until then.

GREAT post, I agree 100%

I pray that our great Nation can get back on track, we have about 13 months left of this crap!

[kiteman]

Come on Heavy, that was a very socialist type statement.

That's the beauty of capitalism.

One can provide a product or service,

and demand a price that the market will pay.

The reason we are now seeing these fees,

is because congress enacted the Frank Dodd Bill.

This bill took away thier profits made from another

source. Thier choice is now make up those lost

profits now from you, cut back their services, or

go out of business.

Again we are losing sight of the true source of the problem.

Government Regulations.

When government get involved with business,

then the patron/citizen pays the price. Always.

I'm not happy with the fees either,

but I'm putting my anger toward the government

where it belongs.

C'mon, every business out there has some form of regulations in place to protect both the consumer and/or the laborer. The business has the right to offer their products / services to the public within these regulations. They need to sit down, do the math, and figure out if they can get the profit margins they need to operate within these regulations.

State insurance departments limit premiums on insurance companies all day every day, should we remove this limit?

Banks are limited on interest rates based on Usery laws, should we remove that limit?

Trucking companies are limited based on driver hours and equipment standards, should we eliminate these?

Consumers were paying these fees in the first place. Do you think the retailers just ate the fees the bank charged for credit card usage? No, they passed it onto the consumer. By limiting the amount the banks can charge the retailer, the process is now out in the open for all to see. Now people can make a wise decision on who that want to bank with.

In the ever present need to increase profits to make Wall Street happy, banks keep raising other fees that are outside of the usery laws all the time. ATM Fees, Retailer Fees, Overdraft Fees, Checking Account Fees, Debit Card Fees. When do these fees become excessive? When should they be limited and regulated? Never? When does it end?

Again, now everyone can see the fees and charges by bank and make a choice of who to deal with. Let's see how thier profit margins look in the fourth quarter. We'll see if the fees raised the money they needed to satisfy the 'street' or if the # of people pulling accounts dropped the profit margins down.

[Heavyduty053]

What business is it of ours what anyone else negotiates for their compensation?

Does an unemployed person, because they envy your income, get to rightfully negotiate YOUR pay rate to be lower because they think what your business charges the public is too high? Really?

Be careful how this plays out. If you have a job and pay taxes, HALF of the country now wants YOUR money. A pure democracy is mob rule. We live in a representative republic, so that (allegedly) there is some common sense injected into the process.

I assume you have dinar, and anticipate at least a moderate amount of wealth. YOU will be one of those "fat cats" that these people are going to accuse of unfairly obtaining your money, only worse, because you didn't EARN it, and they didn't get their "fair share"!

fnb, you ask if i have dinar yes i do but i did not swindle, rip off, strong arm, decieve anyone to get it. and when it does revalve i already have in mind what and who i will help with it because first of all it is a blessing to me and i came by it honestly and without any hurt to anyone and therefore since it is going to be in abundance for me i will share with people i know and some i don't even know. After this reply i will not split hairs with you over this because it accomplishes nothing. Going back and reading all your replys to me i see that it appears that the love of money is well on your agenda. I am not that way if i have more than i need i will always share because that is what i was taught. Just because we do not see the same point hope we can still be friends.

[fnbplanet]

fnb, you ask if i have dinar yes i do but i did not swindle, rip off, strong arm, decieve anyone to get it. and when it does revalve i already have in mind what and who i will help with it because first of all it is a blessing to me and i came by it honestly and without any hurt to anyone and therefore since it is going to be in abundance for me i will share with people i know and some i don't even know. After this reply i will not split hairs with you over this because it accomplishes nothing. Going back and reading all your replys to me i see that it appears that the love of money is well on your agenda. I am not that way if i have more than i need i will always share because that is what i was taught. Just because we do not see the same point hope we can still be friends.

No worries, friend.

I am not money driven, just a patriot (not saying you aren't) who is passionate about how the system is supposed to work, and frustrated when it is abused. We just think different factions are doing the abuse. Good conversation!

[Heavyduty053]

No worries, friend.

I am not money driven, just a patriot (not saying you aren't) who is passionate about how the system is supposed to work, and frustrated when it is abused. We just think different factions are doing the abuse. Good conversation!

Thanks and yes it was a good conversation