What kinda bogus back woods logic is this??

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tizzo

Guest
Same here...When that bank was an individual branch in Hawaii, they were awesome, now, on an individual basis, they suck!
 
reefraff

reefraff

Active Member
I fired those idiots a few months ago, had great rate on the home loan but I wasn't putting up with any more of their ignorant crap.
I think part of this is pushing back against the new government regulations. There is some really dumb stuff in there so they probably figure if they start hitting people in the wallet it's going to blow back on the government. Not sure it's a good strategy or not, I suspect bank approval ratings are right down there with politicians.
 
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tizzo

Guest
WEll, I don't know much when it comes to banks and politics, but when the hubby read the sentence that I quoted from the article, he said, "Obama pleasers". And I ask what he meant and he said that that is a very democratic way of thinking. So is it banks pushing back or are the banks conforming because it's profitable for them??
 
mantisman51

mantisman51

Active Member
It actually is a whole lot less devious than it sounds. Simply put, instead of charging huge overdraft fees, mostly on the those that can afford it the least, they are going to charge monthly service fees for bank accounts with less than a specified minimum balance that will affect more people. It's going to happen with the passage of the new bank reform anyway. They just want regulators to think they were doing it anyway and hope to get friendlier scrutiny when the new law takes effect.
 
mrdc

mrdc

Active Member
This will more than likely cause people who can get credit easily to move on, leaving BOA with just the riskier consumers.
 
stdreb27

stdreb27

Active Member
The information that you need to pull is this. In response to federal regulations. Basically that bill that the dems just passed.
Basically the chief bankers have evaluated the situation and have decided, that the result of these new regulations, means that most likely they won't be able to continue charging people 30 bucks to over draft, or making their money "penalizing" the people who screw up their cc accounts and stuff.
So what they have decided to do, is make everyone pay much smaller fees for the formally free services subsidized by the people who can't figure out how much money they have left to spend...
 
deejeff442

deejeff442

Active Member
my wife got a letter this past week from chase.it said they wont be covering overdrafts at all anymore.i cash alot of checks and i will not bank with the big ones like boa,chase ,wells fargo anymore.they are just crooks.i am now at a smaller bank.bank of texas they have a dozen local branches and are great to deal with.all the other big bank are now putting holds on checks i deposit.like 3-5 days.especially anything over $5000.my little bank hasnt put a hold on anything .its in my account the next day.in fact if its over $5000 and local they will call them to verify it and send it right through.big banks are big headaches.
 
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smartorl

Guest
I could be wrong, because, I just browsed but I thought the Chase letter was that unless you "choose" a service they will not automatically cover overdrafts any longer. If you wish to be covered, you had to take action, failure to act would result in no coverage.
I will have to try and find it.
I browsed it because I thought it was reiterating what had been popping up on my online banking for the last several months.
 
reefraff

reefraff

Active Member
I stick with Chase because I make so much off the cash back on the credit card. I'd just as soon go with a regional bank but I want the money
 
mantisman51

mantisman51

Active Member
People have to sign up for overdraft protection. That was part of CARD law last year. The new law just passed last week caps overdraft fees, but I never did hear how low, just that they had to reflect actual costs. Also, Chase is soon going to end free checking unless you have direct deposit or a minimum monthly balance which is what the OP is referring to.
 
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smartorl

Guest
Not that I know of. I'm sure my son isn't charged fees and he's lucky to have $30 left in his checking at the end of the month!
 
reefraff

reefraff

Active Member
So this will make you sick. I have a Chase money market savings account with 70K plus change in it. Last month I made just over 25.00 in interest. I put about 5 grand on the credit card last month. I made just under 76.00 in cash back bonus for the privilege of taking out an interest free loan to pay all my bills and stuff. Makes no sense but I'll take it.
 
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tizzo

Guest
Let me preface by saying that in 3 years with 5/3, we recently had an overdraft charge... I was livid! I asked them, why, if we didn't have the $ in the acct, would they even cover the fee!? Then I got all that"people deposit checks and they don't clear until blah blah blah..."
But I told her if I don't have it at the time, then I want the card denied. It's that simple... We keep only enough to cover the bills in our checking also, I would rather be denied a charge then find out it was covered only so I can thank them with a $35 fee!
Well, now if it ever happens again, the card gets denied... I love 5/3 bank. They have been awesome for us!
 
stdreb27

stdreb27

Active Member
Originally Posted by Tizzo
http:///forum/post/3289099
Let me preface by saying that in 3 years with 5/3, we recently had an overdraft charge... I was livid! I asked them, why, if we didn't have the $ in the acct yet would they even cover the fee!? Then I got all that"people deposit checks and they don'tclear until blah blah blah..."
But I told her if I don't have it at the time, then I want the card denied. It's that simple... We keep only enough to cover the bills in our checking also, I would rather be denied a charge then find out it was covered only so I can thank them with a $35 fee!
Well, now if it ever happens again, the card gets denied... I love 5/3 bank. They have been awesome for us!
Fortunately wellsfargo will check the dates, so If I put in a check on Tuesday, I can spend it on say Wednesday, even if it doesn't clear till Thursday. (now if it doesn't clear that is a whole different story)
 
reefraff

reefraff

Active Member
The interest I earn on checking isn't that much lower than the embarrassment we earn on the savings so I don't worry about it.
 
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tizzo

Guest
Originally Posted by reefraff
http:///forum/post/3289123
The interest I earn on checking isn't that much lower than the embarrassment we earn on the savings so I don't worry about it.
lol... The good ol days. I remember when...
 
reefraff

reefraff

Active Member
I was making over 200 a month in interest back in 08.
I remember back in the 90's my uncle was whining because his CD's he bought back in the early 80's were set to expire and he couldn't renew at the same rates again. He was making something like 14% on one of them. Now those were the days.
 
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