Bank of America Corp. 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.
Free checking accounts, which have been widely available for more than a decade, have been a boon to middle-class consumers and attracted low-income customers to the banking system for the first time.
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.
So, the banksters already have the use of your money, and now they want to charge you for letting them do that?
Move your money to a credit union or a local bank immediately.
Those fees are the bankster's life blood. So cut off their supply.
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I've considered this
I've considered moving my money, but the one thing that stops me is that I'm not sure about debit cards. Can I still have a debit card and convenient access to ATM machines? Can I still do online banking and automatic bill pay?
Virtually all credit unions and small banks
have debit cards (which aren't nearly as safe as credit cards, btw), it's a way to make money. They also almost all have online banking with automatic bill pay. It isn't just big banks that offer that, nearly all banks and credit unions do, in my experience. One of the local banks in my area just announced a checking account with no ATM fees anywhere so people aren't limited to their ATMs.
"Do what you feel in your heart to be right -- for you'll be criticized anyway. You'll be damned if you do, and damned if you don't. " - Eleanor Roosevelt
Costs of Local
The local bank I just moved to (yay!) has debit card service and online banking and online bill paying (don't know to what degree it's "automatic", I haven't gotten online yet), but it won't cover the fees imposed by other banks if you use their ATMs. They've got exactly one ATM, at one of their bank locations, and that's it.
So I'm going to need to change my habits about that, and I don't think that's too unusual.
That's too bad
Though I do find that if I don't have money in my pocket, I don't spend it. Maybe you could lobby the bank...
First they ignore you, then they ridicule you, then they fight you, then you win. -- Mahatma Gandhi
Some local banks and credit unions
use networks to help keep down ATM fees for customers. My credit union has agreemens with other credit unions, for example. It's certainly one thing to ask about when you're checking out local banks and credit unions because that could get expensive and eat up the savings from the other fees.
Also, FYI, credit cards from credit unions have an interest rate cap of 15%.
"Do what you feel in your heart to be right -- for you'll be criticized anyway. You'll be damned if you do, and damned if you don't. " - Eleanor Roosevelt
Our small local bank offers both.
I don't know about credit unions.
I am very tired of getting [vulgar verb]'d by TD BankNorth.
Reporter to Mahatma Gandhi: What do you think of Western Civilization?
Gandhi to reporter: I think it would be a good idea.
My credit union offers free money transfers
you can do it via email or text, making paypal unnecessary.
It also offers 6% on the first $500 in *both* checking and savings accounts. Free online checking. Free online banking. Great customer service--I bought something from overseas and they called instantly to make sure that it was really me. I can use *more* ATMs for free since most credit unions give free access to customers from other credit unions. No question that switching from Wells Fargo to my credit union was a great choice.
Only tyrants rig elections.
Just moved my money from BofA...
to a local bank! Should've done it sooner, but it's done! Higher interest rates, no fees, and second-to-none service.
It's all about rents and rent-seeking.