Poor banks - instead of making 1000% profit on the cost of processing a debit
card transaction, they will only be able to make between 320% and 425%
What bothers me the most is that all the banks were going to follow this AT THE
SAME TIME! They didn't make independednt decisions to charge this $5 fee.Instead of trying to get more customers by NOT implementing this just
because fee and earn the money they all just decided they would give us nowhere
to go and all charge the same fees that obviously they don't want to be alone in
doing.When the banks all act together it's just as bad as price
fixing colusion. I've allready moved my direct deposit to a credit union. Long
time in comming.
"Analysts say the banks will inevitably try to make up those losses but in
craftier and less visible ways that won't arouse consumer outrage."---No doubt. Profits at all costs. Exhorbitant profits at
any costs.There is nothing wrong with making a decent profit, but
these days, profits are obscene and the only people to benefit are those at the
very top of the pyramid.
@Screwdriver;I switch to a Credit Union nearly 30 years ago when
First Security Bank began charging a monthly service fee on my checking account
on top of the .35 cent per check charge.The more customers leave,
the sooner the banks will scour the wax out of their ears.
This is exactly what OWS protesters are protesting. Banks aren't charging these
fees to survive. They're charging these fees to gouge. To further fill their
CEO's already overfilling pockets. One of the cures to this greed?
Move your business elsewhere. Unfortunately, this solution cannot be
used in all aspects of life. Ever tried to move your business to a different
energy company in Utah? Yeah.... Good luck!
RE: RanchHand | 7:27 a.m. Nov. 3, 2011I agree that people should
move their money out of banks, the problem of course is the banks then turn
around, and get the money via our US congress, in the form of bailouts.Apparently, bad business decisions do not effect banks, we all get to bail
them out, when everyone goes elsewhere.I wonder if the banks will push
again to tax credit unions this year in utah.They argue "its for the
school children" they do not seem to care about the children that lose
their homes during foreclosure.hopefully this is not the year it finally
goes through.The way our Utah legislator has been acting lately, I worry
it will.Not like there will be any consequences to them, utahns will
re-elect them as long as they have the R in front of their name.