10 comments
dbzwolle
dbzwolle

This is only a small example what's wrong with this world! What used to be Customer Satisfaction is now turned profitable! No more are we to have the smiling flesh and blood person give us service when we have Machines do it! If the Power That Be, (AND I KNOW WHO THEY ARE)'; set off to make a terrible world, their succeeding! Greed and a since of self has become the ruling factor here on MONEY PLANET EARTH! What's Nieve about the whole situation is we're not going to continue with this, IT'S NOT SUSTAINABLE IN ANY WAY SHAPE OR FORM! With the Money supply short of EXHAUSTION, BANK CONTINUE TO MAKE US THEIR BITCH, AND FOR GOD KNOWS WHAT REASON GOVERNMENT GOES ALONE WITH THEM, (THEY KNOW IT NOT SUSTAINABLE)! I'm not sure how many Scientists have told the power mongers that it's not sustainable, their solution to that problem is to NUKE everyone into OBLIVION! After all we caused this insanity on MONEY EARTH! 

GingerNaylor
GingerNaylor

At Sovereign Bank, they charge you $1 each time you use your bank card at the gas station - regardless whether you use it as a credit or not.  It will show up as a debit when it comes through your account.

mullet3
mullet3

What is this! Banks think they’re “services” are worth money? I’m sick of them taking my money without my consent when I’d much rather pay with cash that if someone steals or I lose gets refunded to me completely if I make a claim within 60 days. Also, what is with them thinking ATM’s are “convenient” for me…if I wanted cash I would have thought ahead and got it out of my mattress before I went to the casino. And online “bill pay?” Really, they want me to use something that doesn’t even give me an excuse for forgetting and paying late? I’m not going to pay extra for them to conveniently, securely, and quickly pay my bills when I can slap a costly stamp on those suckers and at least tell my cable company “The check is in the mail.”  

I know I only have a checking account which my bank can’t lend money on, and I know I’m always losing my check card and making Reg E claims, and I guess they have lots of tellers and bankers and a cool website to run, but seriously, what kind of world do we live in when people think they can charge for products and services? 

bojimbo26
bojimbo26

The banks invest customers money to make profits . What would happen if the customers took their money from the bank . Collapse .

DeweySayenoff
DeweySayenoff

Unless you're a world traveler (or do a lot of traveling outside of your area) and you still need bank access, I can't understand why anyone does business with a "big bank".  I've been using credit unions for a decade, ever since two "big banks" drained my accounts with their fees during times of low revenue flow.

My credit union has free bill paying, no minimum deposit, (I do have direct deposit, though I'm not sure that is a requirement) and a free visa/debit card on checking, and only modest minimums for other accounts in order to avoid a 3 dollar maintenance fee.  Its terms for loans are also more favorable than at big banks.  And at my regular CU, they know me by name before I show ID.

And all this with almost all of the same services available at big banks.  I mean, if you want to deal with foreign currency transactions, you may be out of luck.  But if it isn't foreign-oriented, Credit Unions can probably do it all for you at substantial savings.

Try finding THOSE perks at your big banks..

SwiftrightRight
SwiftrightRight

@mullet3 Your snark aside. I think you are missing the point. No one has a problem with a bank making money. The issue is they're charging historically high prices for every day and common services while raking in profits that haven't been seen since the gilded age.

Fortuntly for me i live in a part of the country where the local credit unions were strong enough to resist the monopolies during the aughts. When my bank started upping the costs of doing business with them I voted with my wallet and closed my accounts.

seejayjames
seejayjames

@bojimbo26  We should take all our money from them and put it into credit unions. They'd drop the fees in a heartbeat to get us back. Sorry about busting up your record profits, big banks...

mullet3
mullet3

@SwiftrightRightEveryday and common services cost money to provide...I'd like to see your "historically high prices" proof. Even so, if banks wanted to charge historically high prices, I'd actually be inclined to think maybe they deserve it. When else in history could you deposit checks from your couch, get cash 24/7, pay your friend by bumping phones, see all your spending categorized , pay your bills automatically...remember when you didn't get paid because the gold shipment was delayed? 

However, banks did create some of the problem themselves. In order to reach customers who traditionally are unbanked, they created "free checking" accounts to appeal to them. They then added more stringent penalty fees to make up for the cost of providing free checking. This worked great for many people who could manage their checkbook, they never had any fees. 30% (not a scientifically generated number) of the customers paid the fees and profit for the rest. People loved this, because they knew there was a chance they could get free service. Then they would get all mad when they messed up, switch to another bank, and repeat. 

So, to sum up: I salute your "voting with your wallet" (also called the free market) and moving your accounts. Banks are out to maximize their return, just as you and I are. May the best bank win. As long as people educate themselves and make an informed decision (as opposed to expecting someone else to do it for them), this experiment in freedom can work. 

Captain_Quirk
Captain_Quirk

mullet3, the banks originally created these "services" to save THEMSELVES money.  Installing ATMs and enabling the deposit of checks with your smartphone means they can lay off human tellers.  Now, on top of the money they're saving themelves, they now want to charge us for these things.

And yes, bank fees ARE at historically high levels.  Do you really need proof of that?  That's like asking for proof that gas prices are at historically high levels.

Your praise for the free market is all well and good, but of course the problem is that we seem to moving AWAY from that system.  Huge corporations are merging and getting huger, resulting in less competition.  Indeed, that's why the banks mentioned in this article feel confident that they can get away with these price increases.