Banks Quietly Ramping Up Costs to Consumers

[TomClash]

Source: NYT

Even as Bank of America and other major lenders back away from charging customers to use their debit cards, many banks have been quietly imposing other new fees.

Need to replace a lost debit card? Bank of America now charges $5 — or $20 for rush delivery.

Deposit money with a mobile phone? At U.S. Bancorp, it is now 50 cents a check.

Want cash wired to your account? Starting in December, that will cost $15 for each incoming domestic payment at TD Bank. Facing a reaction from an angry public and heightened scrutiny from regulators, banks are turning to all sorts of fees that fly under the radar. Everything, it seems, has a price.


Read more: http://www.nytimes.com/2011/11/14/business/banks-quietly-ramp-up-consumer-fees.html?_r=1&hp

[villager]

1. Hopefully consumers will keep quietly ramping down accounts in banks....

n/t

[Philosopher King]

7. And the banks are hoping so too.

Why Bank Transfer Day Actually Helped Banks

http://www.csmonitor.com/Business/Latest-News-Wires/2011/1107/Why-Bank-Transfer-Day-actually-helped-banks

[villager]

9. Hmm -- you somehow omitted the article states credit union service is better for most people

...who will benefit from moving their accounts.

And if the movement catches on, and municipalities and unions can then follow suit, perhaps the banks won't be stuck with that "tsunami of cash" the article -- whose Motely Fool-written conclusions are still questionable -- says is somehow "beleaguering" them so much...

[Philosopher King]

10. Everyone should know that. As for me, I have never "banked" with a bank.

[villager]

12. Glad to see you're not following the implications of the article headline, and instead putting

...your money where your heart (and sense/sensibility) is!

[quakerboy]

26. I believe that article is bologna

If they did not want accounts, they would not continue to send out offers of $200 to open new accounts.

[sarcasmo]

15. +1

[Doctor_J]

2. This is why I am worried about OWS. It doesn't seem to be

having any effect.

[avaistheone1]

4. BofA and other major banks backed down on debit card fees about a week

go, and many major banks followed.



OWS is in its embryonic stage, I believe there will be much more to come.

[Doctor_J]

11. Yeah, and then there's this

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=439x2305727

[Juneboarder]

13. No offense, but are you kidding me?!?

OWS has had a tremendous effect on our society.

When was the last time you heard watercooler talk of a Revolution?

Or how about income disparities among the top earners?

What about the HUGE police presence all across the country that has resulted in inexcusable violence among peaceful protestors?

I'm sorry if I came off rude; however I feel that OWS has helped to shed light to the issues We The People are currently dealing with. The 1% are getting scared, and their pathetic attempts at trying to stifle the 99% is conveying this fear.

[Doctor_J]

17. Discussions are not effect.

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=439x2305727

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x5059600

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x5059843

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=439x2310938

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=439x2309031

[Juneboarder]

18. What is your point with all these links? nt

[Doctor_J]

23. Did you read them? WS is not changing its behavior

except to make it worse. The point is that the protests are not having the desired effect, or any effect. How could you not ferret that out?

[Juneboarder]

24. We disagree, that is how.

I feel OWS is very effective in their peaceful protesting.

[dixiegrrrrl]

14. Yeah, in less than 60 days, no effect.

What gives, anyhow?

[MADem]

3. Of course they are. I just got a "six direct debits is one thing, more than that

will cost nine bucks each" from a bank where I keep an emergency savings account.

I'm seriously thinking about moving that money, just to be an asshole, even though I don't do any "direct debit" at all, and access the account when I'm throwing a few bucks in there.

[librechik]

5. endlesssly escalating greed

is a dead end

[sarcasmo]

25. +1

[benld74]

6. CreditUnions! CreditUnions! CreditUnions! CreditUnions! CreditUnions! CreditUnions!

[harun]

20. My credit union charges a one dollar a month fee to bank there, is this normal for CU's?

[supernova]

22. My CU is also $1/month

much better than the $14/month BoA was charging us. Can't wait to start using the CU full time and formally close on BoA. Just waiting for the new DD form to go through. Oh and atm withdrawals are free.

[olleander]

8. If only we had a D Administration

If only we had a Democratic Administration and a Democratic
Senate, we would see appointments of pro consumer agency
chiefs and pro consumer bank regulators and pro consumer
Federal Reserve members and a pro consumer Treasury Secretary.
 Oh wait, we do.  And most of those people in those banking
related agencies were appointed by George Bush, first, and
reappointed by President Obama or slotted into new jobs.
  

[TorchTheWitch]

16. I just got a letter in the mail from my bank adding checking acct. fees

They now want me to pay a monthly fee for photo copies of my processed checks. I never understood how they got away with not returning the actual physical processed checks to begin with every month, and now I have pay for the damn photo copies??? Assholes.

[harun]

19. Just got off the phone with my bank, bunch of BS.

[Juneboarder]

21. Love, love, love my credit union! :) nt