Citi Bank hikes fees on checking accounts....

[stonedface]

Originally Posted by trunks206

Originally Posted by sole vintage

So %$+!+$! true.

 

[voidemperor]

Originally Posted by Cluex

Originally Posted by UptownsDotNetStacky

Originally Posted by ThunderChunk69

they charge poor people more fees

BRILLIANT!

The ironing is killing me

I hope.... nevermind, you'll figure it out.
Couldn't help myself.

 

[lightweight champion]

Originally Posted by sweetz12

Originally Posted by TheWatcher1

Originally Posted by DaBulls23

Why are people acting like banks are some sort of non-profit organization. If you ran a business and the government passed regulations that took away a huge portion of your revenue, would you not do something about it like, i don't know, raise prices or your product or services? or would u just sit there and operate as you were before and lose 30% of your revenue? Checking accounts 15-20 years ago, there was barely any free checking anywhere, now banks have added services like debit cards, online banking, online bill pay, etc...

Why are you defending banks as if they are victims? These banks are almost all terrible companies. They took bailout money! The only reason they exist is because the United States government saved them. We, the taxpayers, saved them. The entire industry needs to be wiped out and have new companies with good business models take over.



Yes, I get it that they are trying to make up revenue and get rid of unprofitable accounts. Its just a desperate move for a terrible industry. I should know -- i work at a major financial institution (that didn't take bailout money). There needs to be change

pretty much this. the $5/month hike on top of american outrage over their greed, is going to ruin big banks....it's inevitable

Except that banks weren't begging for bailouts. Regulations were enforced and "bailouts" were handed to banks when they didn't need them. They were forced upon them, it was a way for government to get their hands in banking. Now I'm not saying banks are clean and white collar crimes don't happen, but When an idiot like **** Durbin runs his mouth saying he's sticking up for the little guy all he's really doing is hurting them. I don't think a lot of you understand what the Dodd Frank did. Banks weren't charging personal customers $.44 every purchase, they were charging businesses like walmart, target, chevron, etc. $.44 for debit transactions. Those profits DID NOT come from bank consumers, I know somebody here has to understand this. But what the Dodd Frank Act is doing is forcing banks to charge merchants no more than half of what they used to for debit transactions, in effect, banks now take from their customers because if they don't, they'll go belly up.

Really what we're witnessing is the end of the debit card era.

 

[o fenomeno]

IF YOUR BANK DID YOU DIRTY (like mine did, s/o to bank of america) AND YOU'RE STUCK WITH THESE BS FEES THEN JOIN A CREDIT UNION ASAP.
seriously. credit unions are not for profit and they literally exist solely to be the best bank you'll ever deal with. there is probably one in your area. mine gives me free checking and savings, free debit card usage, and access to any credit union or 7/11 atm, and most importantly, absolutely no bs charges on my account for doing god knows what. 

 

[mr jordan04]

Originally Posted by Lightweight Champion

Now I'm not saying banks are clean and white collar crimes don't happen, but When an idiot like **** Durbin runs his mouth saying he's sticking up for the little guy all he's really doing is hurting them. I don't think a lot of you understand what the Dodd Frank did. Banks weren't charging personal customers $.44 every purchase, they were charging businesses like walmart, target, chevron, etc. $.44 for debit transactions. Those profits DID NOT come from bank consumers, I know somebody here has to understand this. But what the Dodd Frank Act is doing is forcing banks to charge merchants no more than half of what they used to for debit transactions, in effect, banks now take from their customers because if they don't, they'll go belly up.

Exactly. But all people say is the bank is taking our money blah blah blah.
At the end of the day, they're a business. If you run a business and your profits are being cut substantially, you're going to find new ways to re-coup those losses and get back to those profits. You think all their stockholders are going to be ok with them losing out on millions/billions of dollars?

  

 

[shatterkneesinc]

Originally Posted by Mr Jordan04

Originally Posted by Lightweight Champion

Now I'm not saying banks are clean and white collar crimes don't happen, but When an idiot like **** Durbin runs his mouth saying he's sticking up for the little guy all he's really doing is hurting them. I don't think a lot of you understand what the Dodd Frank did. Banks weren't charging personal customers $.44 every purchase, they were charging businesses like walmart, target, chevron, etc. $.44 for debit transactions. Those profits DID NOT come from bank consumers, I know somebody here has to understand this. But what the Dodd Frank Act is doing is forcing banks to charge merchants no more than half of what they used to for debit transactions, in effect, banks now take from their customers because if they don't, they'll go belly up.

Exactly. But all people say is the bank is taking our money blah blah blah.
At the end of the day, they're a business. If you run a business and your profits are being cut substantially, you're going to find new ways to re-coup those losses and get back to those profits. You think all their stockholders are going to be ok with them losing out on millions/billions of dollars?

  

who gives a dam about the shareholders
shareholders invest money into banks 

depositors LENDS money to banks

what is gonna hurt a bank more?

everyone withdrawing liquid cash from a bank or investors dumping their stock?

 

[mr jordan04]

Originally Posted by shatterkneesinc

Originally Posted by Mr Jordan04

Originally Posted by Lightweight Champion

Now I'm not saying banks are clean and white collar crimes don't happen, but When an idiot like **** Durbin runs his mouth saying he's sticking up for the little guy all he's really doing is hurting them. I don't think a lot of you understand what the Dodd Frank did. Banks weren't charging personal customers $.44 every purchase, they were charging businesses like walmart, target, chevron, etc. $.44 for debit transactions. Those profits DID NOT come from bank consumers, I know somebody here has to understand this. But what the Dodd Frank Act is doing is forcing banks to charge merchants no more than half of what they used to for debit transactions, in effect, banks now take from their customers because if they don't, they'll go belly up.

Exactly. But all people say is the bank is taking our money blah blah blah.
At the end of the day, they're a business. If you run a business and your profits are being cut substantially, you're going to find new ways to re-coup those losses and get back to those profits. You think all their stockholders are going to be ok with them losing out on millions/billions of dollars?

  

who gives a dam about the shareholders
shareholders invest money into banks 

depositors LENDS money to banks

what is gonna hurt a bank more?

everyone withdrawing liquid cash from a bank or investors dumping their stock?

so what is everybody going to do with their money? keep it under the mattress? good luck with that one

every major bank is going to have these fees soon, it's just a matter of time. not everybody has a credit union around them or something as conveniet as far as branches/atms that the big banks do. not everybody has direct deposit, just go to the atm and avoid going into an actual bank. you'd be surprised at how dumb many consumers are and actually still go into the bank on a daily basis for things that can easily be done at an atm machine or with their online banking. 

i just find it funny that all these people with $83 in their account are raising hell like i their $83 actually makes the bank any money

. the bank will likely be happy that you close your account, it'll save them money. 

 

[iye2]

The simplest solution would be to get a CC from your bank and use that instead, assuming you can get approved.
If you're responsible enough, it can benefit you in the long run - especially if you get one with little to no yearly fees.

BofA website has been horribly slow this past week. Apparently because so many people have been canceling their accounts

Im thinking of opening an account with Ally. They have just about the highest APY that I can find, the scan to deposit is convenient, and the minimal fees, plus the reimbursement for atm usage is nice. Really though, I cant even remember the last time I withdrew money from an atm or teller. Ive been using my debit/cc for everything.

 

[Mark Antony]

Originally Posted by DaBulls23

Why are people acting like banks are some sort of non-profit organization. If you ran a business and the government passed regulations that took away a huge portion of your revenue, would you not do something about it like, i don't know, raise prices or your product or services? or would u just sit there and operate as you were before and lose 30% of your revenue? Checking accounts 15-20 years ago, there was barely any free checking anywhere, now banks have added services like debit cards, online banking, online bill pay, etc...

The bank is supposed to pay you to keep your money there via interest.  You give them your money, they take it and provide loans, and make a profit off the interest on those loans.  This is just greed to me.
And if you don't have a credit union around you, everyone has access to usaa, which even though i don't use them is the best rated and reviewed company i've come across in any industry.

 

[mez 0ne]

Direct deposit usually nullifies the fees in most banks, if you work I suggest you go that route.

 

[mr jordan04]

Originally Posted by Mark Antony

Originally Posted by DaBulls23

Why are people acting like banks are some sort of non-profit organization. If you ran a business and the government passed regulations that took away a huge portion of your revenue, would you not do something about it like, i don't know, raise prices or your product or services? or would u just sit there and operate as you were before and lose 30% of your revenue? Checking accounts 15-20 years ago, there was barely any free checking anywhere, now banks have added services like debit cards, online banking, online bill pay, etc...

The bank is supposed to pay you to keep your money there via interest.  You give them your money, they take it and provide loans, and make a profit off the interest on those loans.  This is just greed to me.

  

 So you think people's $83 in their checking account cover all the overhead?
People on here buy $200 shoes that cost $8 to make. Is that greed? Or is it a company out there for profit, not to lose money?

 

[Jordan8]

Originally Posted by Mr Jordan04

Originally Posted by Mark Antony

Originally Posted by DaBulls23

Why are people acting like banks are some sort of non-profit organization. If you ran a business and the government passed regulations that took away a huge portion of your revenue, would you not do something about it like, i don't know, raise prices or your product or services? or would u just sit there and operate as you were before and lose 30% of your revenue? Checking accounts 15-20 years ago, there was barely any free checking anywhere, now banks have added services like debit cards, online banking, online bill pay, etc...

The bank is supposed to pay you to keep your money there via interest.  You give them your money, they take it and provide loans, and make a profit off the interest on those loans.  This is just greed to me.

  

 So you think people's $83 in their checking account cover all the overhead?
People on here buy $200 shoes that cost $8 to make. Is that greed? Or is it a company out there for profit, not to lose money?

Your thinking too much. You're just supposed to blindly complain

 

[Mark Antony]

Originally Posted by cartune

Originally Posted by Mr Jordan04

Originally Posted by Mark Antony


The bank is supposed to pay you to keep your money there via interest.  You give them your money, they take it and provide loans, and make a profit off the interest on those loans.  This is just greed to me.

  

 So you think people's $83 in their checking account cover all the overhead?
People on here buy $200 shoes that cost $8 to make. Is that greed? Or is it a company out there for profit, not to lose money?

Your thinking too much. You're just supposed to blindly complain

Don't ride on people's coat tails like you have anything to add.  I see what you're saying though Mr. Jordan.  Essentially as consumers, we have a choice though.

 

[mr jordan04]

From what I understand, merchants are the only ones benefiting from this. Are they going to lower prices like they said they would? Doubt it

Instead of charging close to .45-.50 cents a transaction, it's getting cut to somewhere less than .25 cents. so just think every time ANYBODY swipes their debit card, the merchant is paying 25 cents less, therefore the bank making 25 cents less. Can you just imagine how many times a debit card is swiped every day?

But you're right, consumers have a choice though **shrugs**

 

[iheartboost]

6gs a month? Im about to tryout for the Coke Association.

 

[peks03]

the government is going to keep on passing laws that allegedly help out the lower/middle class income families, because the masses demand it because they mistakenly think it will help them. what the masses still haven't seemed to learn is that businesses are in it to make money and every time government shuts down a source of profit through regulation businesses are going to pass that additional cost onto the consumer and the lower/middle class is always going to be affected more than the rich.

can anyone give me a law/regulation from the government that doesn't adversly affect the lower/middle class more than the rich? all these laws and regulations have unintended consequences.

the USA still provides the best opportunity to succede, but there are always going to be the "haves" and the "we don't have as much", because not everyone has the same skills or brains.