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Citi Bank hikes fees on checking accounts....
- Thread in 'General' Thread starter Started by shatterkneesinc,
- Start date
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Originally Posted by Ruxxx
Thanks for the SF Bank info ColdCity.
I'll definitely be opening up an account with them.
no problem NT fam im switching tomorrow if i cant piggyback off my og's citi account at her address
Senoj
formerly adidas freak
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Ok let's just de-regulate them so we can have another bailout soon. These banks aren't meant to be trusted. They'll fly to bailout hearings in corporate jets then beg for billions of dollars from the government in their Armani suits and Rolex's while they lay off thousands of workers because of THEIR greed and @!@% ups. What the banks did to this economy stinks to the high heavens and not one person has been indicted for this crime.
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bingo. all these big banks are going to get ROCKED when they realize all their customers are going to swap to local banks/credit unions who don't try to rob you. i can't believe these big banks do not see this coming.
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I'm pretty sure the banks have already weighed the revenue they are gaining from the fees vs the customers they expect to lose (which is not as many as some of you may think). People are lazy, if it takes more than one step to switch bank accounts, which it does, then that cuts out at least 50% of those even considering the switch.
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I think the fee is ridiculous but ya'll really don't have 6K in your savings accounts? I thought everyone on NT drove a BMW at minimum, had stacks to blow for bottle service every weekend, and smashed 10's on the regular.
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Theres no fee if you have direct deposit & do pillpay with 1 bill per month.
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- Jul 11, 2000
same thing happened to my wells fargo california checking account..Originally Posted by sillyputty
Six...Thousand?
They trollin
i'm afraid closing that particular account will hurt my credit. can anyone shine any light on how closing an account correlates with your credit score?
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Compass Bank SBA + Jeff Co credit union + Paypal + mattresses >>>
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No BS
They robbing us...
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you obviously have not worked with senior citizens....once they see that @+*@ they will bounce......this country is FULL of seniors
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[h1]Wells Fargo's $3 Debit Card Charge: A Sign of More Bank Fees to Come?[/h1]By Ron Dicker Posted 10:00PM 08/16/11 Wells Fargo & Co, Banking
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A new report emerged Tuesday that Wells Fargo (WFC) will begin charging some customers $3 every month to use their debit card -- further indication that banks are putting on the squeeze as new swipe-card regulations are set to take effect.
Wells Fargo already sent letters to customers in Georgia, New Mexico, Nevada, Oregon and Washington that the fees will begin Oct. 14, according to MyBankTracker.com. That's just two weeks after Federal Reserve-mandated rules slash the amount banks can charge retailers for every debit card purchase. Regulators reduced the maximum bank take on each transaction from 44 cents to 24 cents.
A chain reaction was already in effect before Wells Fargo acted. In March, JPMorgan Chase (JPM) began assessing a $3 service fee for debit card use and $15 for checking accounts in certain regions,according to reports. Chase has also pondered the idea of capping the amount per debit-card purchase at $50 to $100, along with other major institutions such as Citigroup and Bank of America, the New York Post reported.
Not only would customers not be able to pay for items as modest as a children's bicycle with the debit card, they would likely be forced to make more individual transactions that would generate more charges.
In another strategy to offset anticipated losses from the upcoming Fed reductions, Bank of America (BAC) already raised its ATM fee to $3.
The bad news may keep coming for Wells Fargo customers. At a recent conference, Wells Fargo Chairman and CEO John Stumpf outlined other possible revenue generators, including raising minimum account balances and slapping on a fee for even the right to have a debit card, MyBankTracker wrote.
Wells Fargo estimated it would save more than $200 million in losses with the $3 debit card fee. But it might also anger a lot of account holders in the process. If the fee were to go in effect nationwide, it would hit 40 million Wells Fargo customers, the article said.
While the banks figure out to the penny how to offset the inhibited profit flow, one wonders if anyone in the industry is putting a price on customer resentment?
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"Remember when I opened up an account with a bank and not a credit union?"
"NOPE"
"ME NEITHER"
HAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA!
"NOPE"
"ME NEITHER"
HAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA!
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Originally Posted by MECKS
[h1]Wells Fargo's $3 Debit Card Charge: A Sign of More Bank Fees to Come?[/h1]By Ron Dicker Posted 10:00PM 08/16/11 Wells Fargo & Co, Banking
CommentsText Size A A A
Print this page|EmailShare on FacebookShare on TwitterShare on DiggShare on Lifestream
A new report emerged Tuesday that Wells Fargo (WFC) will begin charging some customers $3 every month to use their debit card -- further indication that banks are putting on the squeeze as new swipe-card regulations are set to take effect.
Wells Fargo already sent letters to customers in Georgia, New Mexico, Nevada, Oregon and Washington that the fees will begin Oct. 14, according to MyBankTracker.com. That's just two weeks after Federal Reserve-mandated rules slash the amount banks can charge retailers for every debit card purchase. Regulators reduced the maximum bank take on each transaction from 44 cents to 24 cents.
A chain reaction was already in effect before Wells Fargo acted. In March, JPMorgan Chase (JPM) began assessing a $3 service fee for debit card use and $15 for checking accounts in certain regions,according to reports. Chase has also pondered the idea of capping the amount per debit-card purchase at $50 to $100, along with other major institutions such as Citigroup and Bank of America, the New York Post reported.
Not only would customers not be able to pay for items as modest as a children's bicycle with the debit card, they would likely be forced to make more individual transactions that would generate more charges.
In another strategy to offset anticipated losses from the upcoming Fed reductions, Bank of America (BAC) already raised its ATM fee to $3.
The bad news may keep coming for Wells Fargo customers. At a recent conference, Wells Fargo Chairman and CEO John Stumpf outlined other possible revenue generators, including raising minimum account balances and slapping on a fee for even the right to have a debit card, MyBankTracker wrote.
Wells Fargo estimated it would save more than $200 million in losses with the $3 debit card fee. But it might also anger a lot of account holders in the process. If the fee were to go in effect nationwide, it would hit 40 million Wells Fargo customers, the article said.
While the banks figure out to the penny how to offset the inhibited profit flow, one wonders if anyone in the industry is putting a price on customer resentment?
welp boy am i glad i left that bank 3 months ago for a local bank....even got paid $200 to join mine...use your debit card 5 times, set up auto pay, and have a direct deposit of atleast $500 a month to get that $200...
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I deal with seniors everyday. There are still some that dont even use their debit card. There are also a lot that won't want to change their Social Security direct deposits. Also, when someone has had an account for 15, 20, 25 years, they dont tend to want to get a new one that easily. Most people will just deal with it.
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I deal with seniors everyday. There are still some that dont even use their debit card. There are also a lot that won't want to change their Social Security direct deposits. Also, when someone has had an account for 15, 20, 25 years, they dont tend to want to get a new one that easily. Most people will just deal with it.
lol, those exact seniors on an already short fixed income....good one man
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i'm not saying whether they can afford it or not. Obviously, and unfortunately, many seniors are on a fixed income and need everything they get. I'm just saying what I think will happen.
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So %$+!+$! true.
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I hear ya, opinions are opinions, only time will tell.
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Why are you defending banks as if they are victims? These banks are almost all terrible companies. They took bailout money! The only reason they exist is because the United States government saved them. We, the taxpayers, saved them. The entire industry needs to be wiped out and have new companies with good business models take over.
Yes, I get it that they are trying to make up revenue and get rid of unprofitable accounts. Its just a desperate move for a terrible industry. I should know -- i work at a major financial institution (that didn't take bailout money). There needs to be change
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pretty much this. the $5/month hike on top of american outrage over their greed, is going to ruin big banks....it's inevitable
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The ironing is killing me
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