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Banks Considering New Fees On Cards And Checking Accounts

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posted on Jan, 5 2011 @ 10:28 AM

Banks Considering New Fees On Cards And Checking Accounts

As rules under last summer's Dodd-Frank financial reform begin to take shape, banks fear for their card businesses, the Wall Street Journal notes. Banks are considering a new set of debit card fees, in addition to fees on checking accounts. From the WSJ, a partial list:

•Annual fees of up to $30 for people with debit cards.

Consumers already have sufficient cause to resent the nation's big banks. Bank of America has the worst record...
(visit the link for the full news article)

posted on Jan, 5 2011 @ 10:28 AM
Well, now they are even going to try and charge us for our debit cards!!!

I wonder what Dave Ramsey will have to say about that move.

It will be time to deal strictly on a cash basis, soon enough.
I mean seriously, do these banks really want to drive everyone to withdraw their money?
It is clearly becoming a line of demarcation between to very rich and the very poor...
from the article, the idiot at Bank of America states:

If you bring us more business, you will get rewarded with better pricing," BofA spokesperson Robert Stickler told the WSJ.

So, if you give them your money, they dangle a carrot...

If you are broke and poor, they rape you with fees.

Screw the banks.
I hope Assange buries you and instead of jail, you live in tenement apartments and have to eat at the shelters for the rest of your lives.
That would be a truly just sentence.
(visit the link for the full news article)

posted on Jan, 5 2011 @ 10:49 AM
Well, 30 dollars a year isn't too bad. But banks are now going in competition with pre-paid Visa cards.

Right now the only difference is you get a little more protection with bank debit cards if you lose them and you get to write checks on your account.

Check writing is now becoming a thing of the past and security is getting better and better.

Many companies and government agencies do not issue checks. It's either direct deposit or a prepaid Visa card.
Too many bank fees and people are going to find it cheaper just to use their prepaid cards and buy a few money orders every month.

Plus you lose a lot of your privacy with bank accounts. Go through a divorce or any other type of litigation and the first thing they will do is get your bank statements. If I knew any litigation was pending, the first thing I would do is stop using my regular account and start using pre-paid Visas.

posted on Jan, 5 2011 @ 10:57 AM
L.E.T.S. Local Exchange Trading Systems (google for full details) could provide part of a solution for this.

Cash is only an agreed means of barter. We require it to pay tax but we can wean ourselves off by using systems like alternative agreed means of barter.

posted on Jan, 5 2011 @ 11:06 AM
reply to post by Daughter2

You really think we should have to pay $30 a year/ fee for a debit card??
We already pay a fee for standard checking, which is the account that the card accesses...
this is nothing more than paying a royalty for our own money.

posted on Jan, 5 2011 @ 12:00 PM
The price you pay...

Reason why is they are losing billions in profit from overdraft fees.


Fight back. Close your account there. Fractional reserve banking makes money by lending out up to 10x the amount of money they in accounts. The less money they have on hand, the less they can lend, and the less they make.
edit on 5-1-2011 by againuntodust because: (no reason given)

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