OT: Chase sucks………………….fees fees fees fees fees fees

[CA renter]

[quote=KSMountain][quote=CA renter]
But don’t forget that with fractional reserve lending, they are making many times the going rate on our deposits.

If we had full reserve banking, I could see charging people for the service provided by a bank, but with fractional reserve banking, they are already making enough money to pay for all the costs and then some. It wouldn’t be as profitable as it’s been these past couple of decades, but banking is, in itself, unproductive, and should be a much smaller part of our economy.

If the banks can’t cut it, then perhaps our financial infrastructure is important enough to be handled by the Treasury. After all, we don’t really need private banks — especially if they are going to privatize all the profits while foisting their losses on the taxpayers all the time, do we?[/quote]

So you’re saying that we as citizens can somehow determine and then should attempt to enforce a “proper” amount of profit for businesses?

It’s my understanding that jewelry stores have tremendous markup on the products they sell…

Does that mean Ben Bridge and Jessup’s should be forced to give some or all of us free watch cleaning and repair, because they “make enough”?

Should we reduce their profits? Should we be able to say what they can charge, or be able to limit their markup, so that the “most vulnerable among us” aren’t victimized? [BTW, I’m one of them].

I mean really, they have watches there that are like 15,000 dollars. Let’s say their cost was $5000. That’s almost a criminal amount of markup! Shouldn’t we prevent jewelry stores from ripping folks off like that? Perhaps we shouldn’t even allow them to sell baubles that are so unnecessary and expensive.

For that matter, do we even need private jewelry stores? Couldn’t the government serve our wristwatch, necklace, ring and earring needs more fairly? Think how much cheaper things would be if we just took profit out of the picture.

I suppose you could (probably legitimately) say “banks are different’. But once you start down that path, where do you stop? What other industries might we be able to convince ourselves that we should get involved in or privatize? Food production? Medical equipment? Insurance? Aerospace and Defense? Energy?[/quote]

Let me just start off with one of my most controversial positions: compensation SHOULD be regulated if the persons involved are protected by corporate or other limited-liability protections (funny how they don’t seem to have a problem with this *govt* protection!). If someone feels personally entitled to the profits, then they have to take all the losses personally as well — no bankruptcy protection either, BTW. Time to tie risk and reward together.

Our banking system is an integral part of our national infrastructure. Most businesses and people rely on it to transact business. As we were told repeatedly during the banking “crisis,” if the banking system fails, all business stops. Something this important should be highly regulated or controlled by the government.

In areas where people NEED a particular good or service, I believe the govt should regulate or control that market and serve the best interests of society (not the few elite) at all times.

BTW, the TARP is just the icing on the cake. The biggest bailouts came in the form of asset purchases and debt guarantees. Then there are the GSE mortgages and the FHA guarantees (we have still to see what the losses on these will be, we won’t know for many years). This runs into the **trillions** of dollars.

This is from November 2009, when it was up to three TRILLION dollars:

http://money.cnn.com/news/storysupplement/economy/bailouttracker/
———–

Sorry, but nobody **needs** an expensive watch, and the failure of a watch shop (or all of them, for that matter) would not affect us like the failure of our banking system. It’s not even close to being comparable.

[joec]

[quote=jimmyle]Most, if not all, credit union ATMs are free for Credit Unions members. Just look for that Co-Op Network Triangular Sign.

I used to bank with my Credit Union and Bofa. Three months ago they want to charge me a monthly fee, I immediately told them that I want to close the account. They said they will give me a 1 year grace period for being a good customer. Once the 1 year grace period is over, I will cancel for sure if they don’t extend it.[/quote]

If I were you, I’d use the year (sooner rather than later) to cancel the account instead unless you had to have a BofA account…

From my experience, there can be nothing good with that relationship and you don’t really need BofA.

Then again, the downsides of using the local credit union is when you travel…No banks/atms in Vegas probably or other parts of the country so most folks probably keep at least 1 major bank around (Citi, BofA, Chase) I’d guess.

I’m going to look into the Schwab bank and see how that works with their free atm access.

[joec]

[quote=jimmyle]Most, if not all, credit union ATMs are free for Credit Unions members. Just look for that Co-Op Network Triangular Sign.

I used to bank with my Credit Union and Bofa. Three months ago they want to charge me a monthly fee, I immediately told them that I want to close the account. They said they will give me a 1 year grace period for being a good customer. Once the 1 year grace period is over, I will cancel for sure if they don’t extend it.[/quote]

If I were you, I’d use the year (sooner rather than later) to cancel the account instead unless you had to have a BofA account…

From my experience, there can be nothing good with that relationship and you don’t really need BofA.

Then again, the downsides of using the local credit union is when you travel…No banks/atms in Vegas probably or other parts of the country so most folks probably keep at least 1 major bank around (Citi, BofA, Chase) I’d guess.

I’m going to look into the Schwab bank and see how that works with their free atm access.

[joec]

[quote=jimmyle]Most, if not all, credit union ATMs are free for Credit Unions members. Just look for that Co-Op Network Triangular Sign.

I used to bank with my Credit Union and Bofa. Three months ago they want to charge me a monthly fee, I immediately told them that I want to close the account. They said they will give me a 1 year grace period for being a good customer. Once the 1 year grace period is over, I will cancel for sure if they don’t extend it.[/quote]

If I were you, I’d use the year (sooner rather than later) to cancel the account instead unless you had to have a BofA account…

From my experience, there can be nothing good with that relationship and you don’t really need BofA.

Then again, the downsides of using the local credit union is when you travel…No banks/atms in Vegas probably or other parts of the country so most folks probably keep at least 1 major bank around (Citi, BofA, Chase) I’d guess.

I’m going to look into the Schwab bank and see how that works with their free atm access.

[joec]

[quote=jimmyle]Most, if not all, credit union ATMs are free for Credit Unions members. Just look for that Co-Op Network Triangular Sign.

I used to bank with my Credit Union and Bofa. Three months ago they want to charge me a monthly fee, I immediately told them that I want to close the account. They said they will give me a 1 year grace period for being a good customer. Once the 1 year grace period is over, I will cancel for sure if they don’t extend it.[/quote]

If I were you, I’d use the year (sooner rather than later) to cancel the account instead unless you had to have a BofA account…

From my experience, there can be nothing good with that relationship and you don’t really need BofA.

Then again, the downsides of using the local credit union is when you travel…No banks/atms in Vegas probably or other parts of the country so most folks probably keep at least 1 major bank around (Citi, BofA, Chase) I’d guess.

I’m going to look into the Schwab bank and see how that works with their free atm access.

[joec]

[quote=jimmyle]Most, if not all, credit union ATMs are free for Credit Unions members. Just look for that Co-Op Network Triangular Sign.

I used to bank with my Credit Union and Bofa. Three months ago they want to charge me a monthly fee, I immediately told them that I want to close the account. They said they will give me a 1 year grace period for being a good customer. Once the 1 year grace period is over, I will cancel for sure if they don’t extend it.[/quote]

If I were you, I’d use the year (sooner rather than later) to cancel the account instead unless you had to have a BofA account…

From my experience, there can be nothing good with that relationship and you don’t really need BofA.

Then again, the downsides of using the local credit union is when you travel…No banks/atms in Vegas probably or other parts of the country so most folks probably keep at least 1 major bank around (Citi, BofA, Chase) I’d guess.

I’m going to look into the Schwab bank and see how that works with their free atm access.

[Coronita]

[quote=joec][quote=jimmyle]Most, if not all, credit union ATMs are free for Credit Unions members. Just look for that Co-Op Network Triangular Sign.

I used to bank with my Credit Union and Bofa. Three months ago they want to charge me a monthly fee, I immediately told them that I want to close the account. They said they will give me a 1 year grace period for being a good customer. Once the 1 year grace period is over, I will cancel for sure if they don’t extend it.[/quote]

If I were you, I’d use the year (sooner rather than later) to cancel the account instead unless you had to have a BofA account…

From my experience, there can be nothing good with that relationship and you don’t really need BofA.

Then again, the downsides of using the local credit union is when you travel…No banks/atms in Vegas probably or other parts of the country so most folks probably keep at least 1 major bank around (Citi, BofA, Chase) I’d guess.

I’m going to look into the Schwab bank and see how that works with their free atm access.[/quote]

Please report back on on Schwab works out for you.
It’s part of the reason why I haven’t ditched Wells Fargo yet…They plethora of ATM’s is just unmatched with other banks like USBank…. Wells fargp reminds me of the Starbucks of banking in which you can find an ATM almost every corner (vons).

[Coronita]

[quote=joec][quote=jimmyle]Most, if not all, credit union ATMs are free for Credit Unions members. Just look for that Co-Op Network Triangular Sign.

I used to bank with my Credit Union and Bofa. Three months ago they want to charge me a monthly fee, I immediately told them that I want to close the account. They said they will give me a 1 year grace period for being a good customer. Once the 1 year grace period is over, I will cancel for sure if they don’t extend it.[/quote]

If I were you, I’d use the year (sooner rather than later) to cancel the account instead unless you had to have a BofA account…

From my experience, there can be nothing good with that relationship and you don’t really need BofA.

Then again, the downsides of using the local credit union is when you travel…No banks/atms in Vegas probably or other parts of the country so most folks probably keep at least 1 major bank around (Citi, BofA, Chase) I’d guess.

I’m going to look into the Schwab bank and see how that works with their free atm access.[/quote]

Please report back on on Schwab works out for you.
It’s part of the reason why I haven’t ditched Wells Fargo yet…They plethora of ATM’s is just unmatched with other banks like USBank…. Wells fargp reminds me of the Starbucks of banking in which you can find an ATM almost every corner (vons).

[Coronita]

[quote=joec][quote=jimmyle]Most, if not all, credit union ATMs are free for Credit Unions members. Just look for that Co-Op Network Triangular Sign.

I used to bank with my Credit Union and Bofa. Three months ago they want to charge me a monthly fee, I immediately told them that I want to close the account. They said they will give me a 1 year grace period for being a good customer. Once the 1 year grace period is over, I will cancel for sure if they don’t extend it.[/quote]

If I were you, I’d use the year (sooner rather than later) to cancel the account instead unless you had to have a BofA account…

From my experience, there can be nothing good with that relationship and you don’t really need BofA.

Then again, the downsides of using the local credit union is when you travel…No banks/atms in Vegas probably or other parts of the country so most folks probably keep at least 1 major bank around (Citi, BofA, Chase) I’d guess.

I’m going to look into the Schwab bank and see how that works with their free atm access.[/quote]

Please report back on on Schwab works out for you.
It’s part of the reason why I haven’t ditched Wells Fargo yet…They plethora of ATM’s is just unmatched with other banks like USBank…. Wells fargp reminds me of the Starbucks of banking in which you can find an ATM almost every corner (vons).

[Coronita]

[quote=joec][quote=jimmyle]Most, if not all, credit union ATMs are free for Credit Unions members. Just look for that Co-Op Network Triangular Sign.

I used to bank with my Credit Union and Bofa. Three months ago they want to charge me a monthly fee, I immediately told them that I want to close the account. They said they will give me a 1 year grace period for being a good customer. Once the 1 year grace period is over, I will cancel for sure if they don’t extend it.[/quote]

If I were you, I’d use the year (sooner rather than later) to cancel the account instead unless you had to have a BofA account…

From my experience, there can be nothing good with that relationship and you don’t really need BofA.

Then again, the downsides of using the local credit union is when you travel…No banks/atms in Vegas probably or other parts of the country so most folks probably keep at least 1 major bank around (Citi, BofA, Chase) I’d guess.

I’m going to look into the Schwab bank and see how that works with their free atm access.[/quote]

Please report back on on Schwab works out for you.
It’s part of the reason why I haven’t ditched Wells Fargo yet…They plethora of ATM’s is just unmatched with other banks like USBank…. Wells fargp reminds me of the Starbucks of banking in which you can find an ATM almost every corner (vons).

[Coronita]

[quote=joec][quote=jimmyle]Most, if not all, credit union ATMs are free for Credit Unions members. Just look for that Co-Op Network Triangular Sign.

I used to bank with my Credit Union and Bofa. Three months ago they want to charge me a monthly fee, I immediately told them that I want to close the account. They said they will give me a 1 year grace period for being a good customer. Once the 1 year grace period is over, I will cancel for sure if they don’t extend it.[/quote]

If I were you, I’d use the year (sooner rather than later) to cancel the account instead unless you had to have a BofA account…

From my experience, there can be nothing good with that relationship and you don’t really need BofA.

Then again, the downsides of using the local credit union is when you travel…No banks/atms in Vegas probably or other parts of the country so most folks probably keep at least 1 major bank around (Citi, BofA, Chase) I’d guess.

I’m going to look into the Schwab bank and see how that works with their free atm access.[/quote]

Please report back on on Schwab works out for you.
It’s part of the reason why I haven’t ditched Wells Fargo yet…They plethora of ATM’s is just unmatched with other banks like USBank…. Wells fargp reminds me of the Starbucks of banking in which you can find an ATM almost every corner (vons).

[briansd1]

[quote=CA renter]

Looked it up, and yep…here it is:

The Federal Reserve Board issued new rules that will kick in July 1 giving consumers additional options regarding overdraft protection. Financial institutions won’t be able to automatically sign you up for overdraft services. As with any such change, there’s always some confusion. So the Fed has recently created an online publication on the new banking overdraft rules. I recommend, even in your information-overload state of mind, that you take the time to read the publication, particularly if you frequently use overdraft protection.

On http://www.federalreserve.gov, click on the link that says, “What You Need to Know: New Overdraft Rules for Debit and ATM Cards.” Once on the page you will find a summary of the new rules, including a sample of the notice you should be getting in the mail from your bank or other financial institution.

Read more: http://www.newsobserver.com/2010/03/14/385949/watch-for-changes-in-overdraft.html#ixzz109rf3EOD
[/quote]

Thank you for looking it up.

It’s about time the Fed issued those new rules. But even the opt-in provision is just a scheme to rape consumers. They’ll have some kind of “incentive” to get people to unknowingly opt-in. Of course, there will be fine print.

In fact, “overdraft protection” that costs thousands of percent in interests should be banned altogether. Simply decline the overdrawn transaction and be done with it. That’s how banks used to do it until they figured out that they could make huge amounts of money by preying on vulnerable people.

Interesting shows on the credit/debit card industry:

http://www.pbs.org/wgbh/pages/frontline/shows/credit/

http://www.pbs.org/wgbh/pages/frontline/creditcards/

http://www.pbs.org/wgbh/pages/frontline/creditcards/themes/pending.html

[briansd1]

[quote=CA renter]

Looked it up, and yep…here it is:

The Federal Reserve Board issued new rules that will kick in July 1 giving consumers additional options regarding overdraft protection. Financial institutions won’t be able to automatically sign you up for overdraft services. As with any such change, there’s always some confusion. So the Fed has recently created an online publication on the new banking overdraft rules. I recommend, even in your information-overload state of mind, that you take the time to read the publication, particularly if you frequently use overdraft protection.

On http://www.federalreserve.gov, click on the link that says, “What You Need to Know: New Overdraft Rules for Debit and ATM Cards.” Once on the page you will find a summary of the new rules, including a sample of the notice you should be getting in the mail from your bank or other financial institution.

Read more: http://www.newsobserver.com/2010/03/14/385949/watch-for-changes-in-overdraft.html#ixzz109rf3EOD
[/quote]

Thank you for looking it up.

It’s about time the Fed issued those new rules. But even the opt-in provision is just a scheme to rape consumers. They’ll have some kind of “incentive” to get people to unknowingly opt-in. Of course, there will be fine print.

In fact, “overdraft protection” that costs thousands of percent in interests should be banned altogether. Simply decline the overdrawn transaction and be done with it. That’s how banks used to do it until they figured out that they could make huge amounts of money by preying on vulnerable people.

Interesting shows on the credit/debit card industry:

http://www.pbs.org/wgbh/pages/frontline/shows/credit/

http://www.pbs.org/wgbh/pages/frontline/creditcards/

http://www.pbs.org/wgbh/pages/frontline/creditcards/themes/pending.html

[briansd1]

[quote=CA renter]

Looked it up, and yep…here it is:

The Federal Reserve Board issued new rules that will kick in July 1 giving consumers additional options regarding overdraft protection. Financial institutions won’t be able to automatically sign you up for overdraft services. As with any such change, there’s always some confusion. So the Fed has recently created an online publication on the new banking overdraft rules. I recommend, even in your information-overload state of mind, that you take the time to read the publication, particularly if you frequently use overdraft protection.

On http://www.federalreserve.gov, click on the link that says, “What You Need to Know: New Overdraft Rules for Debit and ATM Cards.” Once on the page you will find a summary of the new rules, including a sample of the notice you should be getting in the mail from your bank or other financial institution.

Read more: http://www.newsobserver.com/2010/03/14/385949/watch-for-changes-in-overdraft.html#ixzz109rf3EOD
[/quote]

Thank you for looking it up.

It’s about time the Fed issued those new rules. But even the opt-in provision is just a scheme to rape consumers. They’ll have some kind of “incentive” to get people to unknowingly opt-in. Of course, there will be fine print.

In fact, “overdraft protection” that costs thousands of percent in interests should be banned altogether. Simply decline the overdrawn transaction and be done with it. That’s how banks used to do it until they figured out that they could make huge amounts of money by preying on vulnerable people.

Interesting shows on the credit/debit card industry:

http://www.pbs.org/wgbh/pages/frontline/shows/credit/

http://www.pbs.org/wgbh/pages/frontline/creditcards/

http://www.pbs.org/wgbh/pages/frontline/creditcards/themes/pending.html

[briansd1]

[quote=CA renter]

Looked it up, and yep…here it is:

The Federal Reserve Board issued new rules that will kick in July 1 giving consumers additional options regarding overdraft protection. Financial institutions won’t be able to automatically sign you up for overdraft services. As with any such change, there’s always some confusion. So the Fed has recently created an online publication on the new banking overdraft rules. I recommend, even in your information-overload state of mind, that you take the time to read the publication, particularly if you frequently use overdraft protection.

On http://www.federalreserve.gov, click on the link that says, “What You Need to Know: New Overdraft Rules for Debit and ATM Cards.” Once on the page you will find a summary of the new rules, including a sample of the notice you should be getting in the mail from your bank or other financial institution.

Read more: http://www.newsobserver.com/2010/03/14/385949/watch-for-changes-in-overdraft.html#ixzz109rf3EOD
[/quote]

Thank you for looking it up.

It’s about time the Fed issued those new rules. But even the opt-in provision is just a scheme to rape consumers. They’ll have some kind of “incentive” to get people to unknowingly opt-in. Of course, there will be fine print.

In fact, “overdraft protection” that costs thousands of percent in interests should be banned altogether. Simply decline the overdrawn transaction and be done with it. That’s how banks used to do it until they figured out that they could make huge amounts of money by preying on vulnerable people.

Interesting shows on the credit/debit card industry:

http://www.pbs.org/wgbh/pages/frontline/shows/credit/

http://www.pbs.org/wgbh/pages/frontline/creditcards/

http://www.pbs.org/wgbh/pages/frontline/creditcards/themes/pending.html

[Author]

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