U.S. banks may end free checking accounts: report

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(Reuters) - Bank of America Corp and other U.S. banks may introducenew fees on basic services and eliminate free checking to replacerevenue lost to new banking regulations, the Wall Street Journal said.

Themove is expected to hurt retail clients who could be asked to pay newmonthly maintenance fees on the most basic accounts that do notgenerate a lot of activity, the paper said.

To avoid a fee,customers will have to maintain certain account balances or frequentlyuse other banking services, such as credit and debit cards, automatedteller machines and online accounts, the Journal said.

Banksincur an expense of between $250 and $300 a year to maintain each ofthe roughly 200 million checking accounts, the paper said citingindustry estimates.

Bank of America may lose more revenue thanmost other big banks because it is in the process of dismantling itschecking-overdraft program in the face of new restrictions.

From this summer, banks must receive customer permission before they can charge for overdrafts.

However,in March, Bank of America announced plans to suspend overdraft feecharges on all debit card transactions from this summer.

Bank of America could not immediately be reached for comment.

Smh.
 
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Haven't they made enough money off of charging people $30-40 for over drafting $ .50 ?
 
Pretty much why you cannot half @#$ regulations on huge industries.... If you regulate them half way and take some money out their pocket, they come back and take the money out of ours at twice the rate..


Ahhhhhhhh politicians bought off by hundred thousand here and there.. That's why when it comes down to it.. We need campaign finance reform and lobbyist reform first but need regulation on banks ASAP at the same time...

Rock and a Hard Place literally
 
Exactly, the @*%$ rolls down the hill. You can't take out of the next man's hand and don't expect them not to find away to gain something back
 
They can kiss my ##*
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I got slapped with $220 for overdrafting my account by 32 cents. I even went and made a cash deposit (supposed to be effective immediately) before my other charges posted to make sure it wouldn't happen, and they instead delayed my cash deposit until the next day. Since they hit me with an overdraft fee that was higher than my deposit, my deposit didn't get me back into the black and all my subsequent purchases (all were $3 or less) made me overdraft even further.
 
It makes absolute business sense. You guys have to understand there are people that open account with absolutely little to no activity. It's THOSE customers that ruins it for everyone else.
 
Originally Posted by RKO2004

Haven't they made enough money off of charging people $30-40 for over drafting $ .50 ?
yes, but they paid their CEO's 6-7 figures to sit behind a desk and look busy.....

i understand why people are mad cause it isnt fair......

BUT if you use your card enough or have enough money then its not a prob...
 
Originally Posted by air max 87

Originally Posted by RKO2004

Haven't they made enough money off of charging people $30-40 for over drafting $ .50 ?
yes, but they paid their CEO's 6-7 figures to sit behind a desk and look busy.....
I can do that. I look busy easily.
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Dab a little water in the pits of your shirt and dab some on the face, busy.
 
Originally Posted by 5am6oody72

They can kiss my $%!
smh.gif
I got slapped with $220 for overdrafting my account by 32 cents. I even went and made a cash deposit (supposed to be effective immediately) before my other charges posted to make sure it wouldn't happen, and they instead delayed my cash deposit until the next day. Since they hit me with an overdraft fee that was higher than my deposit, my deposit didn't get me back into the black and all my subsequent purchases (all were $3 or less) made me overdraft even further.
I'm sorry but
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And I'd soon as close my bank and use a pre-paid card, exclusively.
 
Originally Posted by Mangudai954

From this summer, banks must receive customer permission before they can charge for overdrafts.
So if i overdraft an the bank calls me up to charge me the $35 i could say "nah, dont charge me" ?

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Look no matter what there will be one bank that will advertise free checking. If not credit union or local banks.
 
I hurts me just a little to say it and I am sure it really hurts some when I say this. Ann Coulter got it right. She has been at the forefront at when it comes to pointing out how cozy Wall Street and the Democratic party really is. 

The Wall Street "reform" simply made Bailout permanent by creating a huge, permanent slush fund for the banksters. The slush fund would be paid through taxes levied on banks that will be passed onto ordinary consumers of financial services. Like Miss Coulter said , the little guy is still going to by paying for Gordon Gecko's bad bets.
 
Originally Posted by balloonoboy

Originally Posted by 5am6oody72

They can kiss my $%!
smh.gif
I got slapped with $220 for overdrafting my account by 32 cents. I even went and made a cash deposit (supposed to be effective immediately) before my other charges posted to make sure it wouldn't happen, and they instead delayed my cash deposit until the next day. Since they hit me with an overdraft fee that was higher than my deposit, my deposit didn't get me back into the black and all my subsequent purchases (all were $3 or less) made me overdraft even further.
I'm sorry but
laugh.gif


And I'd soon as close my bank and use a pre-paid card, exclusively.

smh.gif
I know how you feel 
 
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