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Banks, Credit Unions, and Fees: Oh my!

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  • pirate
    replied
    Re: Banks, Credit Unions, and Fees: Oh my!

    Originally posted by FlagDUDE08 View Post
    The only thing that will keep banks honest is smart citizens that make educated decisions that benefit them the most. So long as there are sheeple, these banks will continue to nickel and dime them. Once they start to lose dollars by nickel and dime-ing, they'll revert.

    none of us like paying fees but nothing is free... not checking, not love and not wifi at Starbucks...it may be that you don't directly pay for it in that one instance but somebody is paying for it.

    Leave a comment:


  • joecct
    replied
    Re: Banks, Credit Unions, and Fees: Oh my!

    Costco's going to raise membership fees. Went there today and no protests.

    Leave a comment:


  • Guest's Avatar
    Guest replied
    Re: Banks, Credit Unions, and Fees: Oh my!

    Originally posted by MinnFan View Post
    I can't find the article right now, but one of the sponsor groups for the protest threatened to hack into a couple firms and distrupt them that way.
    I haven't heard anything about the sponsor groups, but have seen a lot of chatter on Twitter from liberals complaining that Anonymous is trying to butt in on their act and threatened to hack into banking and trading firms and cause chaos. The worry is that the protesters will get blamed even though they aren't the ones behind it.

    Leave a comment:


  • CLS
    replied
    Re: Banks, Credit Unions, and Fees: Oh my!

    Originally posted by Bob Gray View Post
    . . . Not that credit unions are entirely exempt from doing stuff like banks. We were at a given credit union here in Arizona, and suddenly they started charging $5 a month on our checking account. I called and talked to them, and the only ways to avoid the charge were either to maintain a sizable balance or to make a certain number of purchases every month with our debit card, which we don't normally use. So, we took our business to another credit union who isn't doing that, made it clear to them that we appreciate that they aren't adding nonsense charges, and they tell us people had been coming over in droves from the credit union that started charging for a checking account. Bad decision by credit union number one. But, maybe they'll be happy to be smaller but have folks they can charge for the checking account.
    Beware especially when the CU starts to get big. When my CU was small and member oriented, banking was easy. I had all my banking, my mortgage, and my car loan at the CU. Making the monthly payments was easy.

    When my CU decided that being big was better than being good and giving mediocre service to lots of people was better than giving great service to a few people, things started to change. When I bought my car, I financed with a bank that had an arrangement with the dealer, confident that I could refinance with my CU. When I looked into that, it turned out that I had already gotten a rate a few percent better than my CU could do. When mortgage rates dropped and I refinanced, I got a rate through a mortgage broker that was significantly better than my CU could do.

    I still have my checking at the CU because it’s still free with no minimums, but banking is a lot less convenient these days.

    Leave a comment:


  • unofan
    replied
    Re: Banks, Credit Unions, and Fees: Oh my!

    Originally posted by Transplanted Tiger Fan View Post
    This may be off-topic a bit, but a question for the economic whizzes out there in light of the "99%'er" movement that is getting a lot of press these days...

    Knowing the power of “social media” (see Egypt), what would be the outcome of an organized popular revolt on the banking industry? For example, it won’t be long before someone in the "99%" movement figures-out that tie-dyed shirts, cardboard signs, and face paint isn’t getting the job done, and determines that a potentially-effective way to hurt the "Big Bad Bankers" is to disrupt their assets. A significant portion of a bank’s assets consists of the money deposited by their Customers... us.

    If, by way of “social media”, a coordinated and targeted ‘run’ on a given bank’s assets were to be deployed (such as a mass-withdrawal), what would the result be on the economy? Would (could?) the targeted bank react by calling-in loans to make-up for the lost assets? Would such a coordinated tactic even be effective in attempting to hurt the "Big Bad Banker"?

    Disclaimer: I am in no way suggesting nor encouraging a tactic such as this to be implemented against the "Big Bad Bankers", but I also acknowledge that I cannot be the only person with this thought. An individual with ethics that differ from mine may actually attempt to act on such a thought. I just want to be sure my 401k is properly allocated ahead of time!
    demand deposits (most checking and savings accounts) are actually liabilities for banks, not assets, since they are due in full "on demand."

    That technicality aside, it'd cause some short term pain but probably not any long term destruction unless you get the corporate accounts or big money accounts to go with them. In the short term, the Fed would step in with emergency loans to cover the run, which the bank would then pay back as loans came due. There'd be some holdings-to-loan ratio issues to deal with too, but those that survive might actually end up better off as they now have fewer low value accounts to deal with.

    Leave a comment:


  • Bob Gray
    replied
    Re: Banks, Credit Unions, and Fees: Oh my!

    I think for the most part the folks with large amounts of assets with the big banks aren't going to be the people protesting down on Wall Street, so I don't think they'd have that much of an impact even if all of them moved their money out of the big banks.

    Leave a comment:


  • MinnFan
    replied
    Re: Banks, Credit Unions, and Fees: Oh my!

    Originally posted by Transplanted Tiger Fan View Post
    This may be off-topic a bit, but a question for the economic whizzes out there in light of the "99%'er" movement that is getting a lot of press these days...

    Knowing the power of “social media” (see Egypt), what would be the outcome of an organized popular revolt on the banking industry? For example, it won’t be long before someone in the "99%" movement figures-out that tie-dyed shirts, cardboard signs, and face paint isn’t getting the job done, and determines that a potentially-effective way to hurt the "Big Bad Bankers" is to disrupt their assets. A significant portion of a bank’s assets consists of the money deposited by their Customers... us.

    If, by way of “social media”, a coordinated and targeted ‘run’ on a given bank’s assets were to be deployed (such as a mass-withdrawal), what would the result be on the economy? Would (could?) the targeted bank react by calling-in loans to make-up for the lost assets? Would such a coordinated tactic even be effective in attempting to hurt the "Big Bad Banker"?

    Disclaimer: I am in no way suggesting nor encouraging a tactic such as this to be implemented against the "Big Bad Bankers", but I also acknowledge that I cannot be the only person with this thought. An individual with ethics that differ from mine may actually attempt to act on such a thought. I just want to be sure my 401k is properly allocated ahead of time!
    I can't find the article right now, but one of the sponsor groups for the protest threatened to hack into a couple firms and distrupt them that way.

    Leave a comment:


  • Transplanted Tiger Fan
    replied
    Re: Banks, Credit Unions, and Fees: Oh my!

    This may be off-topic a bit, but a question for the economic whizzes out there in light of the "99%'er" movement that is getting a lot of press these days...

    Knowing the power of “social media” (see Egypt), what would be the outcome of an organized popular revolt on the banking industry? For example, it won’t be long before someone in the "99%" movement figures-out that tie-dyed shirts, cardboard signs, and face paint isn’t getting the job done, and determines that a potentially-effective way to hurt the "Big Bad Bankers" is to disrupt their assets. A significant portion of a bank’s assets consists of the money deposited by their Customers... us.

    If, by way of “social media”, a coordinated and targeted ‘run’ on a given bank’s assets were to be deployed (such as a mass-withdrawal), what would the result be on the economy? Would (could?) the targeted bank react by calling-in loans to make-up for the lost assets? Would such a coordinated tactic even be effective in attempting to hurt the "Big Bad Banker"?

    Disclaimer: I am in no way suggesting nor encouraging a tactic such as this to be implemented against the "Big Bad Bankers", but I also acknowledge that I cannot be the only person with this thought. An individual with ethics that differ from mine may actually attempt to act on such a thought. I just want to be sure my 401k is properly allocated ahead of time!

    Leave a comment:


  • Bob Gray
    replied
    Re: Banks, Credit Unions, and Fees: Oh my!

    Originally posted by Patman View Post
    The only thing that will keep banks honest is more banks... which is why I'm **** glad we have credit unions in this world.

    Want to hurt evil anti-christ bank... lobby for things which will lead to more banks and more competition.
    Yup. Which is one of the reasons why banks regularly campaign against credit unions in various ways. Of course there's still loads of people who don't think about that they could be at a credit union and not pay all the nonsense fees banks charge. So the big banks really don't have that much to worry about.

    Not that credit unions are entirely exempt from doing stuff like banks. We were at a given credit union here in Arizona, and suddenly they started charging $5 a month on our checking account. I called and talked to them, and the only ways to avoid the charge were either to maintain a sizable balance or to make a certain number of purchases every month with our debit card, which we don't normally use. So, we took our business to another credit union who isn't doing that, made it clear to them that we appreciate that they aren't adding nonsense charges, and they tell us people had been coming over in droves from the credit union that started charging for a checking account. Bad decision by credit union number one. But, maybe they'll be happy to be smaller but have folks they can charge for the checking account.

    Leave a comment:


  • ScoobyDoo
    replied
    Re: Banks, Credit Unions, and Fees: Oh my!

    Originally posted by Patman View Post
    The only thing that will keep banks honest is more banks... which is why I'm **** glad we have credit unions in this world.

    Want to hurt evil anti-christ bank... lobby for things which will lead to more banks and more competition.
    New banks are like little minnows being thrown into shark infested waters. Ain't going to happen. The age we live in now is all about Mergers and Acquisitions.

    Leave a comment:


  • bostonewe
    replied
    Re: Banks, Credit Unions, and Fees: Oh my!

    Originally posted by jmh View Post
    Thinking about it. Depends whether I can find a viable alternative.
    I'm in the same boat.

    Leave a comment:


  • FlagDUDE08
    replied
    Re: Banks, Credit Unions, and Fees: Oh my!

    The only thing that will keep banks honest is smart citizens that make educated decisions that benefit them the most. So long as there are sheeple, these banks will continue to nickel and dime them. Once they start to lose dollars by nickel and dime-ing, they'll revert.

    Leave a comment:


  • Patman
    replied
    Re: Banks, Credit Unions, and Fees: Oh my!

    Originally posted by pirate View Post
    If banks didn't pay taxes and didn't have to spend anything on CRA then you'd likely see more happy bank customers.
    The only thing that will keep banks honest is more banks... which is why I'm **** glad we have credit unions in this world.

    Want to hurt evil anti-christ bank... lobby for things which will lead to more banks and more competition.

    Leave a comment:


  • St. Clown
    replied
    Re: Banks, Credit Unions, and Fees: Oh my!

    Originally posted by unofan View Post
    If I were still there, I would. But they tried to fark me over long ago, so I switched awhile ago. I've got no loyalty to any bank outside of inertia and the pain it is to switch. It really doesn't take much to overcome that inertia, though.

    If Wells Fargo ever does the same thing, I know my wife would switch. It doesn't really impact me since I never use my debit card anywhere other than ATMs. But if it weren't for the convenience of having my checking, joint savings, mortgage, and now investment accounts (formerlly wachovia) all in one place, I'd switch to a credit union or locally owned bank in a heartbeat.
    Wells Fargo announced a while back - testing in certain markets right now - that it will have fees on its checking accounts with debit cards unless one of the following criteria are met:

    1) Minimum $1500.00 monthly average balance is kept.
    2) Regular direct deposits made into the account total $1500.00 or more.

    This may change as it goes national, but that's the test market setup. And it's only for those people who use their debit cards to make purchases. If you're only withdrawing from an ATM, you'll not incur those fees.

    Leave a comment:


  • ScoobyDoo
    replied
    Re: Banks, Credit Unions, and Fees: Oh my!

    C'mon. Banks are people just like corporations are people. They're also job creators. Stop taxing and regulating them.

    Leave a comment:

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