Banks apply pressure to keep fees rolling in

[Contrary1]

I guess I better start reading all that crap they send me every month.


Industry mounts campaign aimed at keeping billions flowing into coffers

"NEW YORK - For many households trying to improve their finances, tossing out pitches from the bank has become almost automatic. But in recent weeks, Chase has been fanning special letters out to consumers with an offer that it urges them not to refuse.

“Your debit card may not work the same way anymore, even if you just made a deposit. Unless we hear from you,” the message, emblazoned in large red type, warns. “If you don’t contact us, your everyday debit card transactions that overdraw your account will not be authorized after August 15, 2010 — even in an emergency,” with “even in an emergency” underlined for emphasis.

As the government cracks down on the way banks charge fees for overspending on debit cards, the industry is mounting an aggressive campaign aimed at keeping billions of dollars in penalty income flowing into its coffers. Chase and other banks are preparing a full-court marketing blitz, which is likely to include filling mailboxes with various aggressive and persuasive letters, calling account holders directly, and sending a steady stream of e-mail to urge consumers to keep their overdraft service turned on.

Starting this summer, banks must get consumers to agree, or “opt in,” to a service covering purchases on a debit card when there is not enough money in their account. The Federal Reserve has ordered the same restriction for banks that want to let people withdraw more than their balance at an automated teller machine. Many banks now automatically provide such coverage for fees of up to $35 or more..."

http://www.msnbc.msn.com/id/35535382/ns/business-the_new_york_times/

[Rosa Luxemburg]

1. my bank started to charge $8 per month because they said the account was inactive!

so I closed the account. Two can play at that game!

[AllentownJake]

2. The fuckers don't deserve to exist anymore

The federal government is the only entity doing any lending, they are hoarding as much cash as possible for when reality sets in and all that toxic shit that they haven't been able to dump on the federal reserve blows up doesn't kill them a second time (it will), and the are trying to take what little consumers have left for their little hoarding operation.

Banking is the problem, letting these fuckers die, is in the long term health of the nation.

[Kyril Enko]

3. Shakespeare was wrong.....

...when he said, "Kill all the lawyers." }(