More Hope & Change… Dem's Financial Bill Forces Banks to Get Rid of Free Checking
Posted by Jim Hoft on Wednesday, October 20, 2010, 9:32 PM
More hope and change…
Everything these radicals touched ended up costing Americans more money.
The democrat’s financial overhaul bill is forcing banks to get rid of free checking.
The AP reported:
Free checking as we know it is ending.
The days when you could walk into a bank branch and open an account with no charges and no strings attached appear to be over. Now you have to jump through some hoops — keep a high balance, use direct deposit or swipe your debit card several times a month.
One new account at Bank of America charges $8.95 per month if you want to bank with a teller or get a paper statement.
Almost all of the largest U.S. banks are either already making free checking much more difficult to get or expected to do so soon, with fees on even basic banking services.
It’s happening because a raft of new laws enacted in the past year, including the financial overhaul package, have led to an acute shrinking of revenue for the banks. So they are scraping together money however they can.
Bank of America, which does business with half the households in America, announced a dramatic shift Tuesday in how it does business with customers. One key change: Free checking, a mainstay of American banking in recent years, will be nearly unheard of.
Maybe this explains why a majority say President Obama has either brought no change to Washington or has brought change for the worse.
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Published May 24, 2012 at 8:46 pm - 91 Comments
gus commented:
I wish the KENYAN FUXING HACK would quit helping me. I can’t afford it.
Wading Across commented:
I can’t see how this is going to help BoA in the long-term. Enough customers get fed up, they’ll find other banks… or better, Credit Unions.
Toaster802 commented:
Obama, costing the middle class money? Who would guess?
We are all Kulaks now…
http://en.wikipedia.org/wiki/Kulak
Franklin commented:
Every day I wonder what else will go wrong – progressives don’t disappoint me, there’s usually more than one per day. It almost doesn’t shock me anymore, but it grinds me down. Hearing about all the voter fraud that could happen (I’m from Minnesota, I KNOW it happens – remember Al Franken?), I’m beginning to turn off the news. Don’t know how much more I can handle, but must stay strong. I pray every day that lies, fraud, greed, evil and hate will be exposed so that the “little o” lovers will see the truth.
Chloe commented:
Well, this has been the case for some time, at least in Southcentral Alaska.
However, now there is a fee to talk to a customer service agent at ACS (telephone company)–even if you are going to pay your bill!
What’s next?
PJ commented:
But we will be saving so much on our health insurance we will have extra money to throw around!
Right?
Wodun commented:
Under the old system you could avoid the extra charges by being responsible. That is no longer the case.
rickl commented:
It sounds like a way to force people into using electronic transactions, and eventually phasing out cash.
Lou Cartz commented:
Obama took away my private health plan last week. Now he’s taking away my free checking.
“CHANGE YOU CAN BELIEVE IN”- MY A$$.
Send the Village Idiot back to Kenya.
Militant Conservative commented:
Are you outraged yet??? If your not, your not paying attention. powder is dry.
Robert commented:
While I am certainly NOT in favor of the regulation, I doubt that there is anything there that FORCES banks to make additional charges against consumers.
The banks and the government are hand-in-hand ruining the economy, first one and then the other turning over established good practices, and then fleecing the public to cover the costs of the consequences.
As usual, the people who will be hurt the most by this change will be the working poor who maintain bank accounts with a low balance. On occasion, the service charge will cause an overdraft on the account, costing them yet more money.
dad29 commented:
Nothing like AP swallowing, whole, a BofA press release.
Sure, the regs will cost money. But BofA is facing LARGE writeoffs for its lousy loan portfolio (does “mortgage” ring a bell?) and facing large legal expenses for its foreclosure fight.
You really think that the reg-costs are the ONLY driver behind the end of free checking?
The Elector of Saxony commented:
Not a big surprise. Obama is forcing the middle class out of private health care and on to Medicaid. Now he’s forcing lower wages earners out of banking and into the loving arms of the paycheck-cashing places! Maybe Cash America is a big donor?
The only financial institutions that needed regulating were Fannie Mae and Freddie Mac. The banks that made bad loans did so because they were required to by law in order to address the “RACIAL DISPARITY” in lending! Well, how do you like an affirmative action financial sector? Doesn’t work well, does it?
The banks are only guilty of knowing they were being forced to make bad loans, knowing they were backed up by the policies of FNMA and FMAC, and trying to make lemonade out of lemons by packaging them up as high-risk, high-return essentially junk bonds. I blame the idiotic government, not the banks. Banks have ALWAYS ALWAYS made loans with care. Only since mathematics, statistics, and credit history have become “Racist” have they been forced to abandon the traditional means of lending and embrace “feel-good” lending.
If the banks had come out in the 1990′s/early 2000′s and complained on TV about the Feds forcing them to write mortgages for people with 550 credit scores, they’d have led off in handcuffs as “Hate Criminals”!
Teresa commented:
When I closed my BoA account they were charging me $20.00 a month. Went to a small local bank. If they start charging I’ll go to the credit union. It is insane when one has to move money around just to keep from losing it.
shibumi commented:
“I can’t see how this is going to help BoA in the long-term. Enough customers get fed up, they’ll find other banks… or better, Credit Unions.”
Stop feeding the beast.
Try a local credit union.
down with dems commented:
People who are irresponsible and overdraft their accounts had to pay fees. Be responsible, keep track of your balance, keep track of your debits and ATM withdrawals, and you know how much you have.
But no, the government has to step in and say “you’re too stupid to do that, and the banks are evil for charging you a fee for being irresponsible”, so now you have to opt in to overdraft protection before the bank can charge the fee.
Little tiny things like this, where an overreaching nanny state thinks it knows the best for the little peon citizens, add up… and then, instead of the peons paying overdraft fees they have to pay for what used to be free checking.
Unintended consequences. The more you regulate, the more unintended consequences there are going to be… except with Obamacare, where the “unintended” part is debatable.
down with dems commented:
The Elector of Saxony
October 21st, 2010 | 8:17 am | #16
_____________________
Couldn’t be more right. Banks made loans based on whether you could pay. It had nothing to do with skin color. If a higher percentage of minorities fell into the “can’t pay so can’t get a loan”, it was because they couldn’t pay, not because of their skin color. Correlation is NOT causation–you’ll learn that in any basic statistics class.
Home ownership is not a right or entitlement. The opportunity to get a loan and buy a home, if you are able to pay, belongs to everyone. If you are truly discriminated against because of race in the loan process, that should be remedied–but being a bad credit risk has nothing to do with skin color.
Banks are in the business of making money, or at least not losing it (unlike the government)… they do what they need to do to stay profitable, including denying loans to people. When artificial racial factors are introduced into the process, they have to assume risks they would otherwise have avoided… it’s like being forced to put extra bullets into a gun for Russian Roulette. They knew a few bad loans might slip through their screening procedures, but now they have to knowingly take extra risks on bad loans.
Obamacare is the exact same thing. Insurance companies are being forced to let people take out a policy after they’ve developed a serious illness… so people will pay the fine to not have insurance because it’s cheaper than buying insurance, and then when they’re extremely sick they will go say “yeah, I’d like some insurance now” and will get it. And the insurance company will pay through the nose to get them better, the cost for which will be passed on to others through higher premiums and to those who complied with the mandate to buy more insurance than they actually needed.
Dem financial reform –> no free checking
Obamacare –> mandate, higher premiums, or lost coverage
Not only do the Dems not know what’s in their actual legislation until after they pass it, they don’t have a clue what ripple effects it will have (even though people were shouting warnings before passage)… or, even scarier, they’re not unintended consequences at all but by design.
StandUp4Chuck commented:
In the words of my favorite dope of a vice-president…. Just one word… Credit Union.
Later Joe figures out it really was two words.
The Elector of Saxony commented:
“Home ownership is not a right or entitlement.”
I doubt Obama would agree with that statement, and I doubt you could get 10 Democrat members of Congress to agree with it. Somehow, our minds have completely warped to the point where any want IS a right.
We have a class of “poor” people in this country who drive luxury cars, own IPHONE’s with the contingent $100/month bill, and yet are in line at the grocery store using the foodstamp card. The millions of them so situated would look at you as if you were from outer space is you suggested that Escalades, flat-panel TV’s, and smartphones were not entitlements but were in fact rewards for hard work and success. What’s more, they would call you a racist for making that suggestion.