Citibank increasing fees on checking accounts

[BlahBlahYouToo]

So spidey you'd prefer the banks keep their hidden fees instead?

If Citibank wants to jack up it's checking account fees smart consumers will walk elsewhere-I'd much rather have that than the hidden fees.

what exactly are the "hidden fees" that you speak of?
overdraft?
late payment?
low balance?
interest charges?

those aren't exactly "hidden", so i'm confident that you must be talking about something else.

 

[Strk]

Am I missing something or are these just fees that are paid if you don't meet certain minimums?

 

[BlahBlahYouToo]

Fee=tax on consumer.

i can easily avoid fees.
taxes, not so much.

fail analogy.

 

[Ausm]

Banks raising fees should give Spidey a raging hard on.

 

[Lithium381]

dick durban is an idiot

when congress passes laws that threaten the bottom line of companies, be it banks or computer manufacturers........ they will adapt to survive. don't be mad at the banks.

 

[jstern01]

Oh really? And all this time I thought it was a party-line vote in both the House and Senate with only a couple exceptions. I learn something new everyday.

While to original bill past along on party lines, the final version had both party support.

 

[Thump553]

what exactly are the "hidden fees" that you speak of?
overdraft?
late payment?
low balance?
interest charges?

those aren't exactly "hidden", so i'm confident that you must be talking about something else.

Already answered by others in this thread-it was the outrageous and excessive processing fees appled to retailers, which of course were passed onto and paid by consumers. Even customers who paid cash were, in effect, subsidizing "free" checking at banks they didn't even have accounts at.

If Citi wants to charge $xx per month for checking, a smart consumer looks at the alternatives-other banks, stock brokerage account, online accounts like ING, etc. I personally write may 2-3 checks a month, at the most, outside of two accounts where I am mandated by law to have a checking account (very special situation and they are business accounts).

 

[spidey07]

While to original bill past along on party lines, the final version had both party support.

Wikipedia has it as pure party line vote in the house and senate except for one or two RINOs in the senate voting yes. You must be thinking of a different bill/law.

http://en.wikipedia.org/wiki/Dodd%E2%80%93Frank_Wall_Street_Reform_and_Consumer_Protection_Act

 

[jstern01]

Outstanding source of info that wikipedia. Not like people have not tried to revise it to fit their agenda.

But in this case the vote would indicate that was pretty much along party lines.

 

[spidey07]

Outstanding source of info that wikipedia. Not like people have not tried to revise it to fit their agenda.

Fine, click on the actual vote counts, that takes you to the records of the house and senate. It's over on the right hand side where it shows passage in house and senate.

 

[Budmantom]

That's quite the weighty authority there. I mean, an Assistant Professor in Marketing from an unranked, little-known institution is definitely the best person to talk to regarding national banking and monetary policy. Hopefully he can take some time away from his other responsibilities, like sports marketing, consumerism, baby-boomer marketing, and Super Bowl ads, to give us more wonderful insight.

Do you think he is better suited to talk regarding national banking and monetary policy or our never did anything in the free market(or anywhere else), community organizer president running the free world?

 

[Budmantom]

dick durban is an idiot

when congress passes laws that threaten the bottom line of companies, be it banks or computer manufacturers........ they will adapt to survive. don't be mad at the banks.

I hope you aren't insinuating that they should be mad at the people that are responsible for these charges.

 

[jstern01]

Do you think he is better suited to talk regarding national banking and monetary policy or our never did anything in the free market(or anywhere else), community organizer president running the free world?

I know too many professors, that never worked a day in private sector, and I do mean worked, not that academic consulting crap that they get paid to sign off on. So I will take a US senator/community organizer that had to deal with real world issues like budgets and such, over an ivory tower academic, who receives a money for their endorsement.

 

[dank69]

The difference is that you get something for that transfer. Because of the new legislation, I get no additional service or product, but I have less money. Wonderful.

Why do you have less money? Are you not smart enough to find a bank that doesn't charge the fees?

 

[dank69]

Thanks to democrats and Obama you're going to see more and more of this. What liberal and democrats fail to realize, business WILL find ways to make money, especially if you take revenue away from them via draconian big government knows best regulations.

http://www.kdvr.com/news/kdvr-citibank-hikes-fees-on-checking-accounts-20111005,0,5878707.story



And why Obama will simply never, ever, never get it...

Hey spidey, why do you think it is okay for any bank to charge you for the right to use your money to make more money for themselves?

 

[Lemon law]

Ok OK, CITI bank and BOA have every right to set legal fees at what ever they diddly darn feel like. Their problem is that when customer leave in droves, they will not have enough assets to offset their loans, and will be broken up and sold to other banks.

And I will certainly cry a river when their exec's go from huge paychecks to the unemployment line. Or maybe only spidey will cry that river. Earth to spidey, the world does not owe big business a living, if they are stupid, they will go broke, and excess greed of part of stupidity. Banking is a competitive business, banks owe their existence to their customers, no customers and no bank.

 

[Doc Savage Fan]

While to original bill past along on party lines, the final version had both party support.

Wrong. Final version votes were as follows:

House (237-192)
http://clerk.house.gov/evs/2010/roll413.xml

Senate (60-39)
http://www.senate.gov/legislative/L...ote_cfm.cfm?congress=111&session=2&vote=00208

3 Republicans defected from the party line in both the House and Senate.
19 Democrats defected from the party line in the House and 1 in the Senate.

 

[woolfe9999]

Our checking account is with Citi. If we're getting a big fee bump, we're out of there. Looking into it right now.

 

[sactoking]

Do you think he is better suited to talk regarding national banking and monetary policy or our never did anything in the free market(or anywhere else), community organizer president running the free world?

Well, aside from the obvious deflection apparent in such a question the president is still more qualified solely because that's his job. You've just made the political equivalent of the argument that many armchair sports fans do: "I could do a better job than Theo Epstein even though I have no baseball management experience and haven't played since tee ball!"

 

[Budmantom]

Hey spidey, why do you think it is okay for any bank to charge you for the right to use your money to make more money for themselves?

It's okay because that's what two parties agree upon.

Strangle I have a feeling that you are big on increased taxation.

 

[The-Noid]

To all that are looking to move. Move to a bank with less than $10B in assets. Part of the law exempts and allows them to charge more on swipes. The only problem is you are going to start seeing signs at small business "We will only accept debit cards from these banks," as why if you are a small business do you want to pay more on swipes?

It's a stupid, anti-competitive rule. Let's be perfectly honest though BAC/C/WFC/etc. don't want little shitty checking accounts with little shitty deposits. There is a surplus of deposits right now and very weak loan demand. My guess is to all those that are going to leave, they aren't going to miss you...

 

[dank69]

It's okay because that's what two parties agree upon.

Strangle I have a feeling that you are big on increased taxation.

Yes, I am big on paying the bills this country has run up over the last 30 years, even if I don't agree with how they were run up. Unfortunately I can't pay them all by myself, so I can only hope our government can raise taxes to more appropriate levels at every possible opportunity, even if that means I have to pay more taxes myself.

You see, I love my country. I am glad I was born here with all the opportunities our forefathers have fought for to provide us. I'm not even in the very top tax bracket, yet I have plenty of money to provide for my family and even plenty left over to splurge on hobbies. A modest tax hike won't change my lifestyle at all, but could go a long way to digging this country I love out of the hole it has dug.

Speaking of digging that hole, I also realize that with very few exceptions, the GOP and its policies are directly responsible for that hole. Even putting aside all the social conservative fucktardery, their actions on the fiscal front have fucked this country for far too long, no matter how nice their slogans may sound. While I don't think the democrats are perfect, or even much better, I do know that the GOP has been exposed as a party of greed out to destroy this country for their own gain. So fuck them and fuck every single person stupid enough to vote for them.

 

[Budmantom]

Yes, I am big on paying the bills this country has run up over the last 30 years, even if I don't agree with how they were run up. Unfortunately I can't pay them all by myself, so I can only hope our government can raise taxes to more appropriate levels at every possible opportunity, even if that means I have to pay more taxes myself.

You see, I love my country. I am glad I was born here with all the opportunities our forefathers have fought for to provide us. I'm not even in the very top tax bracket, yet I have plenty of money to provide for my family and even plenty left over to splurge on hobbies. A modest tax hike won't change my lifestyle at all, but could go a long way to digging this country I love out of the hole it has dug.

Speaking of digging that hole, I also realize that with very few exceptions, the GOP and its policies are directly responsible for that hole. Even putting aside all the social conservative fucktardery, their actions on the fiscal front have fucked this country for far too long, no matter how nice their slogans may sound. While I don't think the democrats are perfect, or even much better, I do know that the GOP has been exposed as a party of greed out to destroy this country for their own gain. So fuck them and fuck every single person stupid enough to vote for them.

So if it's a voluntary increase you are against it but if it's a mandatory increase you are all for it.

BTW feel free to start paying more for taxes(it's voluntary like the Citi charges), I hear democrats say that we should pay more but few if any ever do. I'm not sure anyone in the WH paid taxes until they were appointed to office.

 

[dank69]

So if it's a voluntary increase you are against it but if it's a mandatory increase you are all for it.

BTW feel free to start paying more for taxes(it's voluntary like the Citi charges), I hear democrats say that we should pay more but few if any ever do. I'm not sure anyone in the WH paid taxes until they were appointed to office.

So you can't read and you can't think? Good to know.

 

[IceBergSLiM]

Oh look another bailed out greedy bank being greedy again because they are still drowning in toxic assets lulz lulz lulz

why doesn't the OP realize that this has ZERO impact on most banks. You know the ones that didn't abuse their power and collapse the global economy...