$3 in the account

10/5/2011 9:33:31 PM

Quote :

"People with more money in their accounts cost the bank less. The bank uses that money to lend to others and collects interest on that money. small perks like free checking, billpay, etc. are easily absorbed compared with how much they make off of accounts with significant funds in them. The millions of accounts that are constantly near $0, are a losing venture for banks. prior to recent regulations, they made money on the debit transactions and overdraft fees for said accounts. Now with those revenue streams essentially wiped out, the new fees are a way to incent small-time account holders to take their unprofitable business away and go somewhere else."

Quote :

"Banks told him that these fees pay for no cost checking and other services but he went ahead with it... The promise of this bill was to attack the evil banks and help the poor, but it will only hurt them. (though you will never get a democrat to admit that...they will just push it off on the banks)"

Exactly.

Quote :

"Unless it's a business account, there's absolutely no reason to keep 15,000 dollars in your checking account, at least not for any lengthy period of time. You're not saving money by keeping it in the bank. You are losing money. It's worth it when you need to stay liquid, but for most people, that's an excessive amount."

Yep. Up until about '09 or so, I kept all of my liquid funds in a money market account (MMA). Once the return on those sunk into the shitter, I started going to fixed-income ETFs, ultra-short bond funds, etc. I keep a few grand in the checking account, but keeping $15k in there is crazy.

Quote :

"It's perfectly acceptable for any business to be as evil as they're allowed to be, right?"

What? I'm not seeing the evil. You don't have to like it, but evil or even "wrong" is another level.

10/5/2011 10:00:31 PM

You would have to be an idiot to have 15k in a checking account. I'm no advisor or anything but isn't that what a money market is for

10/5/2011 10:22:03 PM

I originally opened up a Wachovia account for the sole purpose of being able to have some cash readily available due to the non-existant Navy Federals around here. Guess I'll be going in on Friday to close my account, fuck getting hit with a random charge that will negate my entire account balance.

10/5/2011 10:28:10 PM

I'm fucking sick of banks....

$5 a month to use a debit card? It doesn't cost more than 4 to 12 cent to make a transaction...the banks charge the retail stores 22 cents to make a transaction, and then to make up for the fact that the government told me they can't charge anymore than 22 cents they decide to charge each person $5 a month...it doesn't matter if they make one transaction for $2.39 or 500 transactions for over $50 each...

Thank God they can't charge us $35 for going over 1 cent...

Whatever happened to banks begging us to put money into their bank instead of us begging banks to put in the money...

With the interest rates, and the fact that I'm still living pay check to pay check...there is really no other reason for me to have a bank account other than the fact that I am required to have direct deposit from work.

10/5/2011 10:31:39 PM

RBC/Centura/PNC? doesn't have any of these fees, yet.

10/5/2011 10:31:48 PM

Glad I switched to Capital Bank 2 years back. 3% interest rate on a checking account, and they repay all ATM fees.

10/5/2011 10:34:59 PM

Quote :

"It isn't the banks job to be "socially responsible." Vote with your wallet, and stop doing business with them. There are alternatives."

10/5/2011 10:52:57 PM

^+1

10/5/2011 10:54:06 PM

hahaha the people clamored for banking reform

they certainly got it

10/5/2011 11:01:55 PM

this makes me want to march on wall street. would be nice to put all theses banks out of business and just have the government do banking through the post office. no charges, just free banking. we are buying the money from the government after all and the fed is who is printing it. lets just cut out the middle man and avoid giving so many billions to wall street and these greedy mega banks.

national credit union ftw.

10/5/2011 11:10:54 PM

Quote :

"would be nice to put all theses banks out of business and just have the government do banking through the post office. no charges, just free banking."

that's like saying public roads are free

10/5/2011 11:14:18 PM

haha, not only that, the U.S. Postal Service can't even do the fucking postal service.

...but at least THAT is constitutionally permissible.

10/5/2011 11:30:16 PM

Is there going to be an occupy Raleigh, or Charlotte?

10/6/2011 9:34:02 AM

http://www.occupyraleigh.org/

http://www.facebook.com/OccupyRaleigh

http://www.wral.com/news/local/story/10213182/

10/6/2011 9:35:24 AM

What I don't understand...so technically when we put money in the bank...we are "loaning" the bank money. Why do we have to pay a fee to "loan" the bank money. Shouldn't it be the other way around. Isn't that why we get interest on our accounts? But with all the fees the interest we gain (unless we have a good amount of money in our accounts) means nothing. I thought banks should work for us, not the other way around.

10/6/2011 9:38:36 AM

SECU FTW!

10/6/2011 9:39:34 AM

I think everyone should just start putting their money in their backyard or under their mattresses, like in the old days. Who is with me?! Also, I'm planning to send Christmas cards to all the wolfwebbers this year, so please PM me your address.

10/6/2011 9:42:25 AM

jars are fdic insured.

[Edited on October 6, 2011 at 9:49 AM. Reason : trust me]

10/6/2011 9:49:11 AM

Quote :

"What I don't understand...so technically when we put money in the bank...we are "loaning" the bank money. Why do we have to pay a fee to "loan" the bank money. Shouldn't it be the other way around. Isn't that why we get interest on our accounts? But with all the fees the interest we gain (unless we have a good amount of money in our accounts) means nothing. I thought banks should work for us, not the other way around."

Yes, technically you are loaning the bank your money. However, the amount you are providing them is miniscule and it's more like they are just watching over it for you. When you deposit a large amount and agree to not take it out for a set period of time (a CD), then you are rewarded with a higher percentage of interest. Otherwise, the bank has no guarentee that you are leaving the money in there for any set period of time meaning they have less that they can confidently loan out to other people.

10/6/2011 9:51:01 AM

Not like they're loaning out money to anyone right now anyway.

10/6/2011 9:57:40 AM

Glad I haven't had to deal with this crap for a while. Been with Coastal FCU for about 10 years and never had one problem. They pay decent interest on checking if you use your debit card regularly too.

10/6/2011 10:03:05 AM

Looks like I am going to be joining a crowd of people switching from Wac Fargo to SECU.

10/6/2011 11:33:01 AM

I think I'll switch from Wells Fargo(my region has already started the charges) to PNC

10/6/2011 12:01:40 PM

Is PNC doing this bullshit?

10/6/2011 12:55:07 PM

no. I keep getting reassured that they have no future plans to either.

10/6/2011 1:01:10 PM

They should have just let the banks collapse.


Everyone would have flocked to smaller banks like theyre doing now, except the smaller banks haven't lied, cheated, or stolen from us, yet, like the bailed out ones. The small banks will become the new big banks, and the new banks will become the new small banks.

[Edited on October 6, 2011 at 1:04 PM. Reason : .]

10/6/2011 1:03:51 PM

^ southpark did it (with the general store and WalMart)

10/6/2011 1:05:38 PM

if southpark didn't put fart jokes, vomit, gay jokes, and anal sex into proving their points, perhaps more people would listen to their messages.

10/6/2011 1:11:24 PM

INGDirect FTW!

10/6/2011 2:22:02 PM

10/6/2011 3:26:08 PM

Quote :

"I think everyone should just start putting their money in their backyard or under their mattresses, like in the old days. Who is with me?! Also, I'm planning to send Christmas cards to all the wolfwebbers this year, so please PM me your address."

The problem is that deposits far exceed the amount of cash out there. Most of the money created these days is not printed, it's just...willed into existence, wired over from one bank to another.

Untold trillions in credit have been created over the past century. It's hard to really know how much.

10/6/2011 5:07:39 PM

If you dont have 15g combined in all accounts maybe you should put it under your mattress and learn to count it and hopefully save and add to it. It clearly isnt worth it to the bank to "borrow" your money for 2 weeks if you will deplete your account by the time your next paycheck arrives.

10/6/2011 5:26:12 PM

^I don't think the problem with many people in here is not simply having $15,000. Many people just don't keep $15,000 in cash in checking accounts (or combined checking and savings at a single bank) and instead invest it in other areas (money markets, CDs, stocks, etc.).

I almost never have $15,000 in our main checking account or combined checking and savings at our main bank. That most certainly doesn't mean I only have $15,000, I just don't care and don't need to keep that much sitting there.

[Edited on October 6, 2011 at 7:22 PM. Reason : V happy?]

10/6/2011 7:14:34 PM

Quote :

"many people just don't keep $15,000 in cash in checking accounts "

lmao.

10/6/2011 7:16:27 PM

Quote :

"if southpark didn't put fart jokes, vomit, gay jokes, and anal sex into proving their points, perhaps more people nobody would listen to their messages."

10/6/2011 7:18:09 PM

^^ lmao

10/6/2011 7:18:53 PM

Quote :

"that's like saying public roads are free haha, not only that, the U.S. Postal Service can't even do the fucking postal service. ...but at least THAT is constitutionally permissible."

roads are free to most americans who pay little or no taxes. i seem to get my mail everyday just fine. I have also never sent anything out that doesn't reach its destination in a few days. When I go in the post office I pay 40something cents to send a letter across the country. That seems like a very small% of the actual cost. Works fine from that point of view.

10/7/2011 7:11:44 PM

Quote :

"I like USAA, but their online portal stinks"

Whhhaaaaaatttttt???????

USAA is the tits all around . . . even if there are issues, their customer service is first rate.

10/7/2011 7:25:06 PM

Not that I am condoning the fee, but private institutions holding your money are not non-profit. If you don't like it go somewhere else. I am ok with the fee but I agree that $15k in a checking account is ridiculous and should be $15k held in the institution across all accounts (checking, savings, mm, cds, etc.). If I was a bank and a customer only had $2k in the bank, I'd charge them some sort of fee for the card and any other services required through a monthly fee process. They'd have to make it worth my while for me to not charge them a fee by having enough assets in my possession, other wise that $5 footlong is mine each month.

10/7/2011 8:26:16 PM

Quote :

"Umm... this is 100% on the banks. They've been raising fees on a yearly basis, making things harder on small businesses: "

that doesn't show that the banks were raising fees. just that they were making more money. one may lead to the other, but it's not a requirement. surely you aren't dumb enough not to know that.

Quote :

"The new legislation intended to help businesses out, but the banks basically raised fees as a loophole."

no it wasn't. It was an attempt by Congress to engage in price caps at the behest of bigger merchants who were lobbying them. Don't attribute some benevolent motive to Congress when it was just politics as usual.

Quote :

"I'm fucking sick of banks.... $5 a month to use a debit card? It doesn't cost more than 4 to 12 cent to make a transaction...the banks charge the retail stores 22 cents to make a transaction, and then to make up for the fact that the government told me they can't charge anymore than 22 cents they decide to charge each person $5 a month...it doesn't matter if they make one transaction for $2.39 or 500 transactions for over $50 each..."

now multiply that by the number of transactions occurring and you see the need for something to pay for it. Basically you are complaining about a hidden fee becoming a direct fee. And you can thank the gov't for it.

10/7/2011 9:07:09 PM

^on your last point, you are correct. the gov't has forced a hidden fee to become a direct fee. however, the failure here is that it doesn't save anyone money, other than merchants. this is the problem. the government is effectively choosing who gets money. no one will see lower prices in the store because of this law; prices will remain the same; however, customers of banks who start charging a debit use fee will in fact, pay more now. this law hurts everyone except merchants, including the poor, which the left claims to care so much about.

Quote :

" When I go in the post office I pay 40something cents to send a letter across the country. That seems like a very small% of the actual cost. Works fine from that point of view."

uhh, the USPS is bleeding money because of this. so how is that working "fine from that point of view"

10/8/2011 12:56:55 AM

capitalism used to be great because businesses had the best interest of their communities at heart. In today's brutal world of global capitalism that doesn't exist. The capitalism we have today is the worst of all economic systems the world has seen.

10/8/2011 1:06:32 AM

e-statements and the 'green movement' killed the postal service.




E-mail, paypal/credit cards/pay over phone/online payment are a big chunk, too.
I remember having to use money orders and checks to remit payment to people. Now I can bypass the postal system and pay instantly.

10/8/2011 1:11:59 AM