U.S. banks may end free checking accounts: report

[rko2004]

Originally Posted by Rexanglorum

I hurts me just a little to say it and I am sure it really hurts some when I say this. Ann Coulter got it right. She has been at the forefront at when it comes to pointing out how cozy Wall Street and the Democratic party really is. 

The Wall Street "reform" simply made Bailout permanent by creating a huge, permanent slush fund for the banksters. The slush fund would be paid through taxes levied on banks that will be passed onto ordinary consumers of financial services. Like Miss Coulter said , the little guy is still going to by paying for Gordon Gecko's bad bets.

Exactly whats happening. The little guy always suffers.

 

[pip777]

Originally Posted by QueenCitySneakerQueen

Credit Union here I come

Credit unions FTW

 

[DownByLaw]

Originally Posted by Essential1

Pretty much why you cannot half @#$ regulations on huge industries.... If you regulate them half way and take some money out their pocket, they come back and take the money out of ours at twice the rate..


Ahhhhhhhh politicians bought off by hundred thousand here and there.. That's why when it comes down to it.. We need campaign finance reform and lobbyist reform first but need regulation on banks ASAP at the same time...

Rock and a Hard Place literally

Seriously

  

 

[keepzdasneakz]

Originally Posted by moneymike88

Originally Posted by Mangudai954

From this summer, banks must receive customer permission before they can charge for overdrafts.

So if i overdraft an the bank calls me up to charge me the $35 i could say "nah, dont charge me" ?

"Sir, you overdrafted but umm......may we charge for it....

?"
"No! You don't charge me no overdraft you ...you...."

"Sorry! Won't bother you until your next overdraft, sir!" 

 

[speakup23]

Originally Posted by BlackSheep08

This is outlandish, I'm taking my money out of the bank and putting it in my stash spot.

Word me too.

Originally Posted by optimusp517

It makes absolute business sense. You guys have to understand there are people that open account with absolutely little to no activity. It's THOSE customers that ruins it for everyone else.

Warning, possible dumb question.


What is considered little to no activity? Years? Months? Weeks?

 

[diego]

Originally Posted by moneymike88

Originally Posted by Mangudai954

From this summer, banks must receive customer permission before they can charge for overdrafts.

So if i overdraft an the bank calls me up to charge me the $35 i could say "nah, dont charge me" ?

Thats actually just bad writing by whoever wrote that.

What they mean is that banks now need our permission when they decide to allow transaction to go through even though a person may not have enough money.
You know the saying..."why did you allow me to buy this soda if I didnt have enough money?"

Basically banks asked all customers for consent to continue to cover their overdrafts (for a fee) or just decline all future transactions when there are insufficient funds.

In the past we never had the choice, now you bums that continue to overdraft your accounts can actually tell the banks to stop letting you purchase things you dont have the money for.

 

[wawaweewa]

If you don't like it you take your business somewhere else. The major banks do operate as an oligopoly so taking your business elsewhere may be not be convenient. In this case, free checking is not a right. The bank may mandate that you keep a minimum of $100 so the bank can cover the expense of maintaining that account.

I don't see anything wrong here.

 

[mangudai954]

Thats actually just bad writing by whoever wrote that.

What theymean is that banks now need our permission when they decide to allowtransaction to go through even though a person may not have enoughmoney.
You know the saying..."why did you allow me to buy this soda if I didnt have enough money?"

Basicallybanks asked all customers for consent to continue to cover theiroverdrafts (for a fee) or just decline all future transactions whenthere are insufficient funds.

In the past we never had thechoice, now you bums that continue to overdraft your accounts canactually tell the banks to stop letting you purchase things you donthave the money for.



^ That's what I took it as.

 

[papaprem]

Its bad enough that banks are offering such low interest return rates and now this.

 

[essential1]

I pretty much just take what you have to say now Rex laugh and throw it in the ridiculous bin...

All that talk I saw no mention of the Laissez-Faire Ideology that caused this mess and then in the response created a wholly dependent industry on government help.

I wonder who pushed for the cause.. And I wonder who continues the fight against ANY type of reform of the banking industry..

They all get the blame.. But you are throwing out Democrats as if they are the only ones due for blame...And as if they deserve even half the blame.

These "permanent government bailouts/sludge funds" wouldn't be needed IF we are allowed to break up these banks.. And if we put new restrictions on them so they don't gamble bad mortgages and pensions together on the stock market on hyper inflated prices and quadrupled leverage..And tnot giving a damn about the outcome because they already have their money.. The Derivatives market totals 1.14 QUADRILLION DOLLARS in 2008.. $1,140,000,000,000,000

But all these Huge Regulations are too much government... So instead we get half-assed legislation where we pay the bill.... But I guess that's better than if we just ignore it and it will go away like some people suggest but in that scenario at least every major city would look like Detroit

 

[the north west]

if you don't like their policy just take your business else where

 

[moneymike88]

Originally Posted by Rexanglorum

I hurts me just a little to say it and I am sure it really hurts some when I say this. Ann Coulter got it right. She has been at the forefront at when it comes to pointing out how cozy Wall Street and the Democratic party really is. 

The Wall Street "reform" simply made Bailout permanent by creating a huge, permanent slush fund for the banksters. The slush fund would be paid through taxes levied on banks that will be passed onto ordinary consumers of financial services. Like Miss Coulter said , the little guy is still going to by paying for Gordon Gecko's bad bets.

I love your insight in finance threads

 

[dathbgboy]

Yea, it's crazy. We as the "little people" always get the shaft. And these banks aint gon do anything but lose customers to the new fees anyway. We could lobby but then u have those that are quick to gripe on message boards but won't take a stand against the $%$$ in any way

 

[dathbgboy]

Yea, it's crazy. We as the "little people" always get the shaft. And these banks aint gon do anything but lose customers to the new fees anyway. We could lobby but then u have those that are quick to gripe on message boards but won't take a stand against the $++# in any way

 

[5thgearidah]

Originally Posted by Rexanglorum

I hurts me just a little to say it and I am sure it really hurts some when I say this. Ann Coulter got it right. She has been at the forefront at when it comes to pointing out how cozy Wall Street and the Democratic party really is. 

The Wall Street "reform" simply made Bailout permanent by creating a huge, permanent slush fund for the banksters. The slush fund would be paid through taxes levied on banks that will be passed onto ordinary consumers of financial services. Like Miss Coulter said , the little guy is still going to by paying for Gordon Gecko's bad bets.

fam, the problem is that these banks and other mega corporations feel that unless they profit billions and billions each year they are failing in business. 
Its like instead of stopping at stop signs and lights you go 100mph to get home quicker...yea, sometimes you'll get home hella fast, but what about when you crash?   These corporations need to pump their breaks and stop trying to break all of our backs.  They squeeze every penny out of us and then complain when there are safeguards placed to protect the avg person.
Cry me a river!!   They can afford to take a small loss in order to run a safer operation (for the consumer), but CHOOSE to make us pay.
The problem w/ the mind state of a corporation is that it needs to grow each and every year...that only creates a monster.  When is enough enough?

 

[rossh123]

Originally Posted by BlackSheep08

This is outlandish, I'm taking my money out of the bank and putting it in my stash spot.