New Bank fees coming

[Heavyduty053]

Nov 5 has been set a side for protest day to move your accounts from the Big banks that want to hit you with more fees because they say they lost money. It is being recomended that people move they money and accounts from the big banks such as Citi, BofA Regions, Chase, and all the others who are following suit with one another to relieve you of even more of your money. Now a 5.00 fee might not sound like much to some people but where will the greedyness end. Instead of making a projected 3.3 billion dollars off debit transactions they want more and guess who it always falls down to......you and me. It is recomended that you go to a small hometown bank or credit union.....This stuff has got to stop and we the people are going to have to boycott and hit them in the only place they know........profits and loses dept and then maybe common sense will help them remember that if they drive people away their money drys up...I know the corporate world has to make a profit but profits in the billions of dollars a year while they are not helping the economy with the bailout money and projecting to lay off 10,000 people as BofA while giving exiting CEO's a 11 million dollar bonus has said... is beyond wrong it is greed..........Your Congress has made it possible over the years as being business friendly with their regulations to the point where the corporate world has the upper hand and it will not stop at a debit fee. Where will it end and what will have to happen. I am thinking the people of the United States have been pushed to far for two long and and they are in survival mood now and its gonna get ugly before its gets better........Just a heads up on how you can help persuede them that 3 billion profit is enough..........Heavyduty053

[DinarThug]

I Want to Open Up an Account in Belize.

Hurry Up Shabbi and Push The Button !

B)

[TonyDownTheShore]

Great idea Heavyduty, we the people can show them that we can make a difference to their bottom line, thats the only thing that matters to them.

Thanks for the post

[DaveH]

Closed my B of A acct today. Had them for 10 years, but the 5 dollar fee is unacceptable

[sheik]

Keep your money under your mattress if you can't afford $5.00 per month.

It is what it is.

[SINGH]

Slowly reducing my balance, then closing the account. It's kinda like torture before the kill!!! .........................BWAHAHAHAHAHAHA!!!!!!!

[dhardage]

Closed my B of A acct today. Had them for 10 years, but the 5 dollar fee is unacceptable

GOOD FOR YOU! BofA bought my house mortgage a few years back and I IMMEDIATELY refinanced through another bank. I can't deal with them

[DinarMillionaire]

Hear, hear! Moving all assets to my Credit Union acct. from Chase.

Edited October 13, 2011 by DinarMillionaire

[GhostDawg]

I am a firm believer in crushing the monster that is big banking. I have operated without a bank account for quite some time, and it is not a difficult thing to do these days. As checks have become virtually a thing of the past, credit cards and their evil finance charges have caused more problems than good, and big banking mortgages that seem to care only about their bottom line and not you keeping your home, I have tossed them to the side and live by cash only. Cell phone bill, paid in cash. Car insurance, paid in cash. House, no mortgage as it is mine. All other bills such as power and water/gas I go to a CREDIT UNION and get a cashiers check that I have made out for the amount of the needed payment. I would much rather "give" my money to them than the BIG 4. I feel better about having my money at home, locked in a safe than in some fat cat's paws using it to manipulate things to his advantage. Take away YOUR money and they will have none. Making a "RUN" on the banks can be a good thing, but also a bad thing on the value of the USD. But, I would rather see the banks crumble and fall than watch them flush more American's hopes and dreams down the bowl. I think if we all did this, it would send a very clear message that things DO need to change.

[cbs71]

Hello credit union!

[fnbplanet]

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"

[ChrisGo]

I am a firm believer in crushing the monster that is big banking. I have operated without a bank account for quite some time, and it is not a difficult thing to do these days. As checks have become virtually a thing of the past, credit cards and their evil finance charges have caused more problems than good, and big banking mortgages that seem to care only about their bottom line and not you keeping your home, I have tossed them to the side and live by cash only. Cell phone bill, paid in cash. Car insurance, paid in cash. House, no mortgage as it is mine. All other bills such as power and water/gas I go to a CREDIT UNION and get a cashiers check that I have made out for the amount of the needed payment. I would much rather "give" my money to them than the BIG 4. I feel better about having my money at home, locked in a safe than in some fat cat's paws using it to manipulate things to his advantage. Take away YOUR money and they will have none. Making a "RUN" on the banks can be a good thing, but also a bad thing on the value of the USD. But, I would rather see the banks crumble and fall than watch them flush more American's hopes and dreams down the bowl. I think if we all did this, it would send a very clear message that things DO need to change.

I have been using post office money orders for years, (anything that has to has to have paper check) plus put it in the mail while your there and they are cheaper than cashiers checks ($1.10). Everything else is paid on line!!

[Mommyof3boys]

Closed my B of A acct today. Had them for 10 years, but the 5 dollar fee is unacceptable

Wells Fargo is doing the same thing... and changing their account monthly fee system. We have talked about switching banks but if they are all doing it.......?

[GhostDawg]

I have been using post office money orders for years, (anything that has to has to have paper check) plus put it in the mail while your there and they are cheaper than cashiers checks ($1.10). Everything else is paid on line!!

Yes, but in order for you to pay that bill "online", wouldn't you be required to have a bank account?

I used to pay my bills online as well, however, I lost or rather gave up that luxury when I told Wells Fargo to Fack Off when they told me due to not having direct deposit into my checking account any longer (changed jobs), that I would need to "degrade" my checking account AND open a savings account where I WOULD NEED TO TRANSFER X AMOUNT each month to or from my checking account. I said thank you for the 22 years of business, give me all of my money right now, and have have a nice day!

[ChrisGo]

Yes, but in order for you to pay that bill "online", wouldn't you be required to have a bank account?

I used to pay my bills online as well, however, I lost or rather gave up that luxury when I told Wells Fargo to Fack Off when they told me due to not having direct deposit into my checking account any longer (changed jobs), that I would need to "degrade" my checking account AND open a savings account where I WOULD NEED TO TRANSFER X AMOUNT each month to or from my checking account. I said thank you for the 22 years of business, give me all of my money right now, and have have a nice day!

Yes , I have a checking account at a little bitty bank here in town. I put enough in every month to cover my bills. WF did the same to me, 15 months after my direct deposit stopped they started charging me 8 bucks a month for the account. Our 15 year relationship ended right then. At cow auction, bulls coming up, need a good one. Gotta go, take care!!

[LUHRST32]

Been with a credit union since the late 60's. All I pay for is checks at around .02 each.

No other hidden fees. I find them much more consumer oriented. They

appreciate my business and remember that it is my money.

[Heavyduty053]

Nov 5 has been set a side for protest day to move your accounts from the Big banks that want to hit you with more fees because they say they lost money. It is being recomended that people move they money and accounts from the big banks such as Citi, BofA Regions, Chase, and all the others who are following suit with one another to relieve you of even more of your money. Now a 5.00 fee might not sound like much to some people but where will the greedyness end. Instead of making a projected 3.3 billion dollars off debit transactions they want more and guess who it always falls down to......you and me. It is recomended that you go to a small hometown bank or credit union.....This stuff has got to stop and we the people are going to have to boycott and hit them in the only place they know........profits and loses dept and then maybe common sense will help them remember that if they drive people away their money drys up...I know the corporate world has to make a profit but profits in the billions of dollars a year while they are not helping the economy with the bailout money and projecting to lay off 10,000 people as BofA while giving exiting CEO's a 11 million dollar bonus has said... is beyond wrong it is greed..........Your Congress has made it possible over the years as being business friendly with their regulations to the point where the corporate world has the upper hand and it will not stop at a debit fee. Where will it end and what will have to happen. I am thinking the people of the United States have been pushed to far for two long and and they are in survival mood now and its gonna get ugly before its gets better........Just a heads up on how you can help persuede them that 3 billion profit is enough..........Heavyduty053

This day Nov 5th has been set aside to make a sudden impact all at once. Netflex is the only one so far that was thinking about raising their rates and they backed down and announced that they decided to stay with current rates because of consumer email backlash and let me add that a record 14 or more million people have lost their jobs because of the corporate world of business and they are beginning to get fighting mad because there is no end in sight with. While the Occupy protests in NewYork should be also centered around Washington and it is for the most part still unorganized, it is growing on a daily basis and they will eventually get it together. It is said that the Wall St people would take launch breaks on sit on the balcony and laugh it the protesters. If this goes so long as to have violence these same people will not be laughing. I hope and pray that someone will have enough concern to sit down together before its gets ugly..................Honor the move your money day on NOV 5 and remember United We Stand. May God help us to be treated right and the business world to do business with integrety.

Edited October 13, 2011 by Heavyduty053

[maleko05]

Thanks for the Info. Greed is rampett.

[krome2ez]

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"

Exactly.

Bump:

Banks Brace for Fallout on Earnings

By NELSON D. SCHWARTZ and ERIC DASH

Published: October 9, 2011

The protesters who have gathered for weeks near Wall Street and the highly paid investors and analysts in the buildings that surround them don’t agree on much.

But when it comes to the nation’s biggest banks, they have a lot more in common than you would think. Both are deeply frustrated with financial institutions in general and have little faith in the message coming from bank executives.

Earnings season is about to upset one of those groups even more. Never popular to begin with, the nation’s biggest banks are rapidly becoming a focus of public dissatisfaction with the economy, uniting opponents including consumers upset about new fees, protesters who blame the banks for the nation’s economic woes, and lately, Wall Street types who have dumped their bank shares en masse.

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.

David H. Ellison, a mutual fund manager for FBR who invests in financial companies, likens owning bank stocks these days to holding airline stocks in the months after the Sept. 11 attacks in 2001. “Nobody wants to own the group,” he said. “Everybody thinks it is not the place to be.”

And in a kind of unusual convergence, protesters and bank analysts alike have had it with bank management.

For the protesters, financial institutions, among other things, symbolize growing economic inequality in the United States, with bank executives enjoying huge pay packages even as their companies benefit from government support. Investors distrust them because they have disappointed the Street in quarter after quarter, and seem unable to grow.

“There is a huge skepticism, that goes way beyond normal healthy doubt, about how reliable their numbers and guidance are,” said Chris Kotowski, an analyst with Oppenheimer. “People who were bullish are frustrated and beaten down.”

Michael Mayo, a longtime financial services analyst, has been traveling around the world over the last year, calling attention to what he calls his “Japan lite” thesis — the view that the United States and its banks are in for a prolonged period of very slow growth, not unlike Japan’s so-called lost decade in the 1990s.

A year ago, he said, about four in five clients brushed off his investment thesis. Today, he said, most agree.

1 2 Next Page »

http://www.nytimes.c...on-arrives.html

Read more:

[stargazer55]

Wells Fargo is doing the same thing... and changing their account monthly fee system. We have talked about switching banks but if they are all doing it.......?

Read fnbplanet's post to get a better insight to what's really going on. Another setup by big government & it looks like a lot of folks are falling for it. If you really want to do something about ,it do it at the polls in November, 2012.

[Heavyduty053]

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"

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

[WallyWeaver]

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).

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.

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.

Thank you for bringing sanity to this thread. Excellent post and +1 from me.

[Danan]

Keep your money under your mattress if you can't afford $5.00 per month.

It is what it is.

See, that is why we are where we are. We sit back and let them do tlhis to us. No, it is not what it is. I have a business account with BofA and will be closing it tomorrow. When they started charging for a simple money order and then a cashier check and now this. Nope, I would rather pay that money to my local small town bank where the President might make 85000 a year versus a couple million bonus. We have to stand up and say this is enough. We are not going to pay you to use our money and charge us for it.

[fnbplanet]

"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.

[Miss Peg]

Hello credit union!

I have used credit unions for over 25 years .and wouldn't have it any other way!