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The big banks are at it again.....

Discussion in 'Deed in Lieu of Foreclosure - Do You Need Help to ' started by thomaspaine, Sep 29, 2011.

  1. thomaspaine

    thomaspaine LoanSafe Member

    It looks like the big banks (WF, BOA, CHASE, etc) are still trying to find ways to steal money.

    Bank of America plans to charge $5 monthly debit card fee - Sep. 29, 2011
    When people started switching from Credit to debit cards they threatened limits of $50 dollars per purchase.

    Big Banks Threaten Debit Card Cap | Credit.com News + Advice

    Now they are hiking fees for you to access your own money. IT IS TIME TO MOVE YOUR MONEY. Find a local credit union and MOVE all of your money there. For every dollar you have in a big bank they can be leveraged 10x. The removal of 1 of your dollars hits them for 10 dollars. Moving your money is the best and only leverage we have, and the more people that do it the more we can influence and eventually reel in Wall Street. The executive teams of WF, BOA, CHASE (to name a few) keep coming up with ways to make our money their money. It is time to take it back.

    To find a credit union -

    Welcome to CU National Finder
  2. chrissty

    chrissty LoanSafe Member

    I saw that in CNBC today -- ridiculous !! I guess that bank of america is getting like the states -- any way they can drum up revenue they are doing --- what happened to all their stimulus money?? we never saw any of it ! that's for sure !
  3. fredk

    fredk LoanSafe Member

    well thats about as far from the truth as yuou can get chrissty

    on December 10, 2009 BOA had repaid the entire 45 Billion it received under TARP
  4. thomaspaine

    thomaspaine LoanSafe Member

    Bank's repayment of TARP had little to do with liquidity or economic health. It had to do with removing the Pay Czar oversight, which was a condition of TARP. The Pay Czar was creating rules that dictated the compensation of the top 100 employees at the company that received TARP funds.
  5. fredk

    fredk LoanSafe Member

    again, the TARP funds were paid back ... that fact wont change

    that was the idea all along
  6. interesting...

    interesting... LoanSafe Member

    Credit unions are sometimes not the best deal out there... the ones in my local area charge the same fees as the big banks and their interest rates are not that competitive. I've heard good things about Ally... and I use INGDirect myself. (used to be "Netbank") With ING, you have no fees and can use just about any 7-11 for a free ATM machine.
  7. KaraATL

    KaraATL LoanSafe Member

    I got a notice last month than Wells Fargo is going to start charging me a fee every month for any account that has a debit card associated with it...they said it was to not have to rise rates for businesses. WTH
  8. freedomwon

    freedomwon LoanSafe Member

    Here's how I understand it. Each time you use your debit card to pay for a purchase, the merchant is charged 44 cents,. for accepting your card regardless of the $ amount of the purchase. Banks haven't liked this for a while now, since they make a lot more money on the credit card side (those fees can range on average from 2-4% per transaction). There is a new regulation being put into place that puts a cap on the debit card fee at 22 cents. The big banks are crying they will loose close to 6 billion in annual revenue due to this new cap on the debit card. So.......their solution? Stick it to their card holders!

    We may just go back to being a "cash" society.
  9. UnderWaterinSF

    UnderWaterinSF LoanSafe Member

    Credit unions and community banks FTW

    This is precisely why I have given up on the big banks (go community banks and credit unions!). I closed my personal banking account with Bank of America earlier this year, and opened a credit union account across the street. With my credit union account, I get all the benefits I ever had with BofA, plus: no fees, refunds on ATM charges and 2.26% APY on cash in my account. No brainer.

    This site helps you find a credit union near you:

    Welcome to CU National Finder
  10. TomEason

    TomEason LoanSafe Guide Staff Member

    UnderWaterinSF

    Thanks for your post and the link. I, too, am very fond of credit unions. I truly believe in the value of CUs and community banks. Both provide real service without all the fees of the major banks.

    I once banked with BOA, then WF. As a result of my experience with them, I have forever sworn off the use of the majors.
  11. Edmondswalk

    Edmondswalk LoanSafe Member

    On October 21st the Durbin act goes into effect and what it does is reduces the debit fee that merchants pay down to .21 cents from .45. What ****s is companies like ampm are going to be taking the debit fee they were charging (the .45) away to zero essentially passing the savings off to the consumer. The banks are basically going to take that money with this move instead of all of us enjoying a few pennies for ourself. This debit fee the bank is going to charge will move all of the people to run their bank card as credit and will cost the store more money. When the store thought they were saving with the reduced debit fees they won't and will charge more for product and gasoline.
  12. knownick

    knownick LoanSafe Member

    I swore of megabanks around the time of our foreclosure. Couldn't be happier with that decision. Credit unions are a great thing - non-profit banks don't have to fleece their depositors in order to pay dividends to their shareholders.
  13. thomaspaine

    thomaspaine LoanSafe Member

    It must be good to be a bankster -

    CITI is going to start imposing $15 a month or more in fees unless you have at least $6000 on deposit.


    Citibank follows BofA debit card fee with a checking account fee - Los Angeles Times
    CITI's retail banking head said

    ""We conducted extensive surveys with our customers, and no one wanted to pay to use debit cards," Troutner said. Instead they have found another way to transfer money from the poor and middle class to themselves.

    If you want to have in impact - vote with your wallets - and move you money away from these Wall St. monstrosities that are trying to recapitalize on the backs of working America.
  14. KentWalk

    KentWalk LoanSafe Member

    I have been with BofA for 20 years and never had a problem with fees until Now. I refuse to pay to use my Debit card. I am in the process of closing my accounts and transitioning to a credit union. I hope others follow suit...
  15. freedomwon

    freedomwon LoanSafe Member

    Good for you KentWalk - with all the protesting taking place on Wall Street & spreading around the country, the best protest of all is to pull your money out of the big banks. That's where it really hurts the banksters! Job Well Done!
  16. Buckus

    Buckus LoanSafe Member

    Or, you know, maybe just cause people to seek out a bank that doesn't charge debit fees. This could be a big competitive advantage for small banks to offer no-fee debit cards. Maybe B of A and Citibank will lose a few billion in deposits. Might make them rethink their fees. Or not.
  17. vato_loco

    vato_loco LoanSafe Member

    I moved all my $$$ to a local credit union years ago. I was glad I did it then and even more glad now after reading about how the Big Banks are sticking it to their customers yet again!

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