This story just makes me very happy.

[Political Junky]

One can shop around for fewer fees, and many will.

 

[SFC Ollie]

It is good to know and understand that the people of the United States let this private business know what they thought about them, after the Federal government inadvertently caused the business to charge people an extra fee.

I bet the guys who passed the legislation that led to this whole thing didn't learn from it......

 

[NYcarbineer]

Thats awesome, its called freedom. The free market.

Imagine if the federal government FORCED you to use one of those banks though? BOA would love it!

Thankfully, our government cannot mandate that we purchase or use any service or product from a private company. Right?

Or prevent you from having a non-profit public option for health insurance...oh wait...the GOP did that.

 

[FactFinder]

All we can do is fight the good fight.

Credit unions didn't create risky financial instruments that almost crashed the world economy.

Reason enough to switch.

Not almost. Did. They just slowed down the pace so it wouldn't be as noticeable. That is why the agony drags on for so many. Geez, otherwise we may have demanded all their heads.

 

[NYcarbineer]

My credit union is currently offering personal loans for 2 years at 1.99% interest.

 

[SAT]

All we can do is fight the good fight.

Credit unions didn't create risky financial instruments that almost crashed the world economy.

Reason enough to switch.

Not almost. Did. They just slowed down the pace so it wouldn't be as noticeable. That is why the agony drags on for so many. Geez, otherwise we may have demanded all their heads.

Is that why they act so skeerd these days?

 

[BDBoop]

Yea, shut the banks! Who gives a shit about their employees, huh? Fuck 'em.

Idiot.

You’re a conservative opposed to competition – strange.

And don’t rightists believe in a kind of ‘capitalistic Darwinism,’ the strong survive and the weak perish – perhaps the banks are like the dinosaurs, it’s time for them to go.

In any event the bank employees need only go to work for the credit unions, it looks as if the latter will need the help.

I believe you are correct, sir. *specifically about the dinosaurs* - what do they bring to the table? Nothing? Alrighty then.

 

[BDBoop]

The big banks will just get their money somewhere else.

Sure, Bank of America -- under much public pressure -- dropped its plan to charge customers $5 a month for the privilege of using their debit cards. Does that mean consumers have won the battle against bank fees?

Not a chance. Not only are other fees on the rise -- TD Bank announced increases on Thursday for host of items including wire transfers and certified checks -- there are plenty of hidden fees you might not know about.

In addition to paying to use another bank's ATM (you could face charges from both banks), you can get slapped with charges for things that used to just be part of going to a bank, including using a teller, depositing too much change or getting copies of canceled checks. Americans pay $38 billion a year just in overdraft fees. Consumers face about $620 a year in checking account fees that can potentially be avoided, according to Bankrate.com.

That is, if you know the fees you're facing. Sometimes it's not so obvious.

When Val Boston III made a mistake on a deposit at his bank in North Carolina, he says he was charged a $5 fee for correcting the error. Julie Rains, also from North Carolina, says she opened a "no-fee" account for her son when he was about 8, which was then drained by fees assessed for not using the account.

In California, Tracy Hartley found a crazy error that someone made -- depositing $10,000 into her account instead of their own -- and was charged a fee because the other person made the deposit at a teller window, which her account didn't permit without a fee.

"Instead of being rewarded or even thanked for returning the money, I was charged for someone else's mistake," Hartley says.

What else are bank customers getting charged for at some banks?

--Moving money to an overdraft protection account, even though the money wasn't used to cover any overdraft.

--Receiving a wire transfer, deposited directly into an account.

--Staff assistance time to make a copy of a statement or check.

--Getting a printed bank statement.

--Replacing a lost debit card.

--Not making enough transactions in a month.

--Not receiving a direct deposit in a given month.

--Closing your account too quickly.

--Making an online transfer to an account at another bank.

One bank fee may be going away, but many others lurk | Reuters

Oh, sure; they'll get blood. It won't be my blood.

And they may very well still go the way of the dinosaurs.

 

[zzzz]

I use a smaller local bank and have no fees if I use their ATM's which is fine. Checking is free as long as the balance is above $500 so I pay no fees for debit or checking. Of course a smaller bank is more likely to fold but since my balance is below the FDIC amount I am covered.

But whether it is a credit union or a bank without depositors they cannot exist. And of course with a cashless society we are facing a future where we cannot buy things or get paid without a bank account or credit card. My company only pays employees by direct deposit or a debit card. No physical check or cash.

 

[Political Junky]

BofA has decided against the $5. charge for debit cards. After tomorrow expect to see many more changes from the big banks.

 

[Kiki Cannoli]

Credit Unions, the foundation of a working man's ability to save and garner credit as opposed to commercial banking. Today this institution is harvesting renewed popularity. Why is this wrong?