Is this the new banking regulation?

[NotThisTime]

So, I opened up my mail today only to find that each of my four accounts will now be charged 5.00 a month unless they keep a particular sum in them or have 5 online transactions.. it says due to new banking regulation, I wasn't aware the new legislation required the bank to charge me for my <used to be free> account or that they had to charge me 2.00 for a paper copy of my account?

If this isn't all banks, I'll be going out Monday to find a new bank.... bastards, 2.00 for a paper copy, they can eat dirt....

[BzaDem]

1. You think we should pass regulation mandating that all checking accounts be free?

What about computers?

[DJ13]

2. Banks originally had a charter to provide a service to their community

They dont pay interest anymore, so why should they also get to charge you to keep your money there?

[NotThisTime]

4. Well, it doesn't seem to matter, this bank can kiss my money good bye...

What bastards, it doesn't even matter that all the accounts are linked to go over their stupid limit so as not to charge us.... so they can stop offering me a home equity loan or a private meeting every time I go through their damn drive through, I'll find some place else.... bastards, I'm so pissed... That's big banking for you...

[BzaDem]

7. That's interesting. So you want to force banks to offer a service for free. Would you let them stop

offering the service? What would be your legal sanction if a bank decided to leave the checking account business?

[NotThisTime]

10. They make a crapload off the interest we don't collect, now I'm upgrading to the massive account and

will get interest. Meanwhile, I'll look for a credit union that doesn't require this kind of balance requirement.

And for the record, it's not my personal accounts that are the trouble, it's my small business accounts that don't keep large balances. This won't be my loss it'll be Citizens loss.

[BzaDem]

17. And that's great.

If you find a better bank, you should absolutely leave your current one.

I'm just commenting on the association of non-free checking with the banking regulation. The post seemed to imply that it is the fault of banking regulation that checking accounts now cost money sometimes, and I was asking why that is the fault of banking regulation.

[SoCalDem]

8. and banks got their profit from the interest they charged when they loaned out

money that depositors placed in their banks. It was an easy proposition..They paid interest for allowing them to use your money..and they charged MORE interest to people who needed to borrow it.. Their profit was the difference between the two...

Banks used to offer all kinds of freebies to encourage people to open accounts..They made their money on volume..Free checking was common..

Community banks (like mine) still do it. We have free checking,service charge-free debit cards, free travelers' checks, money orders, safety deposit box..the works.. They know my first name & recognize my voice when I call them

[NotThisTime]

13. This was always a free account smart ass, I chose what I wanted, now I'll choose elsewhere

[Greyhound]

15. She's on distraction duty today. Reply to your post with an absurd, and

completely off-topic "question", and we're off...

With a bit of luck she can get this thread locked.
:kick: & R for your OP.

[Angry Dragon]

3. CREDIT UNIONS

I have been in one for almost 40 years

[NotThisTime]

6. Are they charging you fees? I have to look around promptly...

[Angry Dragon]

11. No fees

The members usually own the credit union ......
Mine has shareholder meetings that I am free to go to
because I am a member through banking there

[NotThisTime]

14. You're right, I looked one up that a relative has - no fee's for the basic accounts I want... and

they offer low interest rates on mortgages, that will be important as we're selling and building and the timing may not be perfect... So Citizens just lost a crap load.... so sad for them....

[Angry Dragon]

16. Better that you are happy and they are sad

[Davis_X_Machina]

5. Find a credit union...

...the banks don't want you anyway, unless you've got a sizable business, or are actually wealthy.

The legislation's got nothing to do with it. They could always charge those fees -- twenty-five years ago many did. But they discovered other ways to make the same or more money -- overdraft 'protection', for example -- that are now being closed off to them. So it's back to Old Reliable,

[Gormy Cuss]

9. Find a new bank (or credit unions as others have suggested) and tell the old one why you're leaving.

They won't care about you alone, but they'll care when they start calfing off hundreds or thousands of accounts over these fees.

[NotThisTime]

12. Thanks, I'm going to do just that... they said they periodically check their finances to be sound

I told them last I knew they were quite sound and getting sounder by the minute....