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End Is Seen to Free Checking (Thank the Dems!)
Yahoo Finance - The Wall Street Journal ^ | Saturday, June 19, 2010 | by Robin Sidel and Dan Fitzpatrick

Posted on 06/19/2010 9:38:28 PM PDT by apillar

Bank of America Corp. (NYSE: BAC - News) and other banks are preparing new fees on basic banking services as they try to replace revenue lost to regulatory rules, in a push that is expected to spell an end to free checking accounts for many Americans.

Customers will likely be required to pay new monthly maintenance fees on the most basic accounts that don't generate a lot of activity. To avoid a fee, customers will have to maintain certain account balances or frequently use other banking services, such as credit and debit cards, automated teller machines and online accounts.

(Excerpt) Read more at finance.yahoo.com ...


TOPICS: Business/Economy; Government; News/Current Events
KEYWORDS: checking
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Remember that bill the Dems passed last year that was going to sock it to those mean ole banks by limiting what they can charge for overdrafts and what conditions they can charge an overdraft, and banning overdrafts with debit cards unless a customer opts in.

Well this is the result, essentially those that never overdrafted their entire life are going to be subsidizing the check bouncers.

1 posted on 06/19/2010 9:38:29 PM PDT by apillar
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To: apillar

over draft protection. line of credit.

EVER HEARD OF IT??


2 posted on 06/19/2010 9:43:03 PM PDT by mamelukesabre (Si Vis Pacem Para Bellum (If you want peace prepare for war))
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To: apillar
cartoon
3 posted on 06/19/2010 9:43:51 PM PDT by NohSpinZone (First thing we do, let's kill all the lawyers)
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To: apillar

So that’s why my bank no longer had the small business free checking account it had about a week ago.

Thanks a lot, Congress; if I could maintain the minimum daily balance now required, my business would be doing just fine.


4 posted on 06/19/2010 9:48:20 PM PDT by skr (May God confound the enemy)
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To: apillar

Bank of America is the Bank for Illegals in California.


5 posted on 06/19/2010 9:48:48 PM PDT by samadams2000 (Someone important make......The Call!)
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To: apillar

B of A is the crappiest company on the planet.


6 posted on 06/19/2010 9:50:49 PM PDT by wjcsux ("In a time of universal deceit, telling the truth becomes a revolutionary act." - George Orwell)
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To: apillar

This is one of the many reasons why I use a credit union.


7 posted on 06/19/2010 9:52:38 PM PDT by Extremely Extreme Extremist (Mexico is the U.S. version of Hamas)
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To: apillar

America is in decline. There are too many STUPID PEOPLE.

After years of listening to whining and crying and complaining about ATM fees, the people doing all the bitching vote for the people bringing us this stuff.

And they’ll vote for it again, this Fall.


8 posted on 06/19/2010 9:54:55 PM PDT by Tzimisce (No thanks. We have enough government already. - The Tick)
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To: samadams2000

Bank of America is the Bank for Illegals in California.

::::::::::::

That is the BANK OF AMIGO....


9 posted on 06/19/2010 9:55:42 PM PDT by EagleUSA
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To: skr
I got the news back a few months ago that free checking would start charging $8.95 a month. Being the colossal cheapskate I am (I prefer the term frugal), I decided I was going to find a way to "beat" the new charges. So here is what I did:

Savings accounts were still free, so I closed my checking and kept my savings. I redirected my direct deposit to the savings account. The savings only allows 4 withdrawals a month, so every payday I transfer enough to paypal to pay all my bills. I only withdrawal cash once a month and use my credit card for everything else. Giving me 1 withdrawal should any emergencies pop up.

Yeah it can be a hassle, but like I said I'm a cheapskate. I wondering how long it will be before they catch on and put a stop to it.

10 posted on 06/19/2010 9:56:15 PM PDT by apillar
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To: stephenjohnbanker; wafflehouse; Leisler; PAR35; TigerLikesRooster; AndyJackson; Thane_Banquo; ...
*Ping!*
11 posted on 06/19/2010 10:02:01 PM PDT by rabscuttle385 (Live Free or Die)
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To: Extremely Extreme Extremist
This is one of the many reasons why I use a credit union.

Don't count on this not impacting credit unions also. I work for a large credit union and between this and the regulation that will likely change interchange income (when you use your debit or credit card for purchases), there will be a need to increase income in other areas to cover expenses.

12 posted on 06/19/2010 10:07:00 PM PDT by gunnut
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To: apillar

Having a drop or two of Scottish blood in me and very little money to spare for fees when a bank has the use of my money anyway, I’m not inclined to throw away money that I need to pay bills with. Your, ahem, frugal approach may come in useful for this penny-pincher. You deserve a tip for your tip, but you know how we frugals are. ; )


13 posted on 06/19/2010 10:11:07 PM PDT by skr (May God confound the enemy)
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To: skr

Kind of like they helped us out with credit cards.


14 posted on 06/19/2010 10:11:30 PM PDT by tiki
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To: apillar

I’m killing my savings accounts next week. My last statement will be with me. They will make them into one and very fluid. Bigger Fish to follow.


15 posted on 06/19/2010 10:19:36 PM PDT by eyedigress ((Old storm chaser from the west)?)
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To: tiki

they dems will make mandatory free checking.


16 posted on 06/19/2010 10:19:58 PM PDT by longtermmemmory (VOTE! http://www.senate.gov and http://www.house.gov)
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To: apillar

This is a government mandated and government funded stealth inflation tax.

In the end though, if the 20 to 50 million Americans and non-Americans affected by this return to a cash based and prepaid credit card economy, it’s all the better towards the eventual collapse of the fiat currency tyranny in the country.

Historically, when nations put restrictions such as this on physical cash withdrawals from the banking system, it results in collapse of the currency, the government, and a debt jubilee.

That is, if the stupid fat Americans will get off the damn couch and take to the streets.


17 posted on 06/19/2010 10:38:55 PM PDT by JerseyHighlander
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To: apillar

2 words: Credit Union


18 posted on 06/19/2010 10:48:03 PM PDT by peggybac
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To: apillar

Who writes checks? I haven’t written one in years and wouldn’t know where to find my check book.


19 posted on 06/19/2010 10:49:14 PM PDT by Vendome (Don't take life so seriously... You'll never live through it.)
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To: apillar

And of course it will be the banks who will get the blame and be labled as “Greedy”.


20 posted on 06/19/2010 11:24:04 PM PDT by gdzla
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