Banks, Credit Unions, and Fees: Oh my!

[FlagDUDE08]

Re: Banks, Credit Unions, and Fees: Oh my!

It's amazing the number of commercials I now see out there for banks that tout "Free checking", "No ATM fees", "Talk to a real person", and things like that. Actually, Ally just recently started a rewards program. I suppose it helps if you're silent partners with a company that facilitates automobile loans.

So long as there is a sucker born every minute, people will continue to accept all of these fees.

[Bob Gray]

Re: Banks, Credit Unions, and Fees: Oh my!

If the Credit Unions were to start getting taxed, they may or may not start charging fees for ATM/Debit card transactions and the like.

One thing I'm sure of, though. If Banks were taxed like Credit Unions are now, they would not start offering the free services I get offered now by my Credit Union. If they can charge for checking accounts, they will. If the income from debit card fees exceeds the lost business due to less debit card usage, they will continue to charge it, whether or not Credit Unions get taxed.


The big winner if Credit Unions were to start getting taxed like Banks would be Banks, not consumers

Well said. Over the years when I've dealt with the big banks, it's been nothing but headaches and fees. How Wells Fargo stays in business after the bumbling people I've dealt with there, I'll never understand. By contrast, my credit union is very good to work with. Why anyone goes with the big banks is beyond me, other than just liking that they have branches everywhere.

[joecct]

Re: Banks, Credit Unions, and Fees: Oh my!

Do we get in this much of a palaver when our local or state government raises "fees" to cover shortfalls in revenue?

[Priceless]

Re: Banks, Credit Unions, and Fees: Oh my!

Do we get in this much of a palaver when our local or state government raises "fees" to cover shortfalls in revenue?

If my town tried to raise fees there would be an armed revolt. The most vocal people in my town are morons.

[ScoobyDoo]

Re: Banks, Credit Unions, and Fees: Oh my!

My favorite part is how the banks tried to destroy the entire world economy and now this is how they "get back on track". It's funny.

[pirate]

Re: Banks, Credit Unions, and Fees: Oh my!

Ruse or not, I was paid last month for using my card, and don't get charged any ATM fees. Ruse or not, I'm satisfied, which seems to be better than those who use the banks are feeling right now.

I am not saying it is a ruse, I googled CU's and that is one of the top 5. That most of the top finds are from the CU industry wasn't lost on me...they appear to have a pretty good campaign of trying to keep their view at the top of the search results.

They should defend their turf if the claims on that 1 website are accurate...the one thing that will really help is that many CU's support the largest workforce in america: state and federal employees. Now, I'm not saying that government employees are the largest special interest in the country and have a direct connection to those who make the rules...but some might say that;-)

If banks didn't pay taxes and didn't have to spend anything on CRA then you'd likely see more happy bank customers.

[unofan]

Re: Banks, Credit Unions, and Fees: Oh my!

If banks didn't pay taxes and didn't have to spend anything on CRA then you'd likely see more happy bank customers.

Right. Because Potter's Bank was the hero and Bailey's Savings and Loan was the villain in It's a Wonderful Life, right?

The ability of society to repeat its mistakes never ceases to amaze me.

I say this as a customer of Wells Fargo (though, again, without any loyalty - as soon as they try to fark me, I'm gone).

[Bob Gray]

Re: Banks, Credit Unions, and Fees: Oh my!

Right. Because Potter's Bank was the hero and Bailey's Savings and Loan was the villain in It's a Wonderful Life, right?

The ability of society to repeat its mistakes never ceases to amaze me.

I say this as a customer of Wells Fargo (though, again, without any loyalty - as soon as they try to fark me, I'm gone).

I find myself agreeing with unofan!

[Handyman]

Re: Banks, Credit Unions, and Fees: Oh my!

Yeah if Banks had their taxes ended tomorrow they would not change anything. It is like the idiotic idea of having gas tax holidays...why would the gas company drop the price when they know people will pay it as is. They already shifted the burden to the customer anyways.

Same holds true for the banks...they would do nothing but protect their bottom line.

[Priceless]

Re: Banks, Credit Unions, and Fees: Oh my!

If banks didn't pay taxes and didn't have to spend anything on CRA then you'd likely see more happy bank shareholders.

Fixed

[ScoobyDoo]

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.

[St. Clown]

Re: Banks, Credit Unions, and Fees: Oh my!

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.

[Patman]

Re: Banks, Credit Unions, and Fees: Oh my!

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.

[FlagDUDE08]

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.

[bostonewe]

Re: Banks, Credit Unions, and Fees: Oh my!

Thinking about it. Depends whether I can find a viable alternative.

I'm in the same boat.