Citibank increasing fees on checking accounts

[spidey07]

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

DENVER – Following what seems to be an industry trend, Citibank announced Wednesday that it will slap customers with rate hikes on checking accounts.

Citibank’s move comes after Bank of America increased fees for debit card purchases.

Banks say the fees are a way to recover the money they lost when the government capped what banks could charge retailers for customers who use debit cards.

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

Some consumers call it greedy, while others say they don’t understand it. Even President Obama says banks don't have the right to certain profits.

"I think Obama does not understand the for-profit model. The reason why a bank is in business it to provide maximum return on investment for shareholders," says Metro State College Professor Darrin Duber-Smith.

 

[Thump553]

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.

 

[CrackRabbit]

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

That isn't a quote from Obama.

 

[spidey07]

That isn't a quote from Obama.

But it does show how much of an idiot he is and how he'll never understand why his polices are so destructive. He just doesn't get it.

 

[CrackRabbit]

But it does show how much of an idiot he is and how he'll never understand why his polices are so destructive. He just doesn't get it.

Or it shows that you don't know how to properly attribute a quote to someone.

 

[her209]

ITS MY MONEY SPIDEY! NOT THE BANKS! ITS MY FUCKING MONEY!

(caps)

 

[sactoking]

says Metro State College Professor Darrin Duber-Smith.

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.

 

[Jaskalas]

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

Those 'hidden' fees were on the retailers. The alternative is directly on the consumer.

 

[PokerGuy]

Those 'hidden' fees were on the retailers. The alternative is directly on the consumer.

Yep. And retailers of course will pocket that difference, so it essentially amounts to a transfer of wealth from the individual consumers to the large retailers. Thanks guys!

 

[her209]

Yep. And retailers of course will pocket that difference, so it essentially amounts to a transfer of wealth from the individual consumers to the large retailers. Thanks guys!

I transfer wealth to a retailer when I buy stuff. How do you do it?

 

[Ldir]

I transfer wealth to a retailer when I buy stuff. How do you do it?

Mommy and Daddy buy it for him.

 

[PokerGuy]

I transfer wealth to a retailer when I buy stuff. How do you do it?

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.

 

[halik]

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.

This,
might as well make the cost of a checking acct clear, rather than charging trying to fuck me out of $35 by processing withdrawal checks before deposits and/or not declining debit xactions.

 

[halik]

But it does show how much of an idiot he is and how he'll never understand why his polices are so destructive. He just doesn't get it.

How's that destructive? I'd rather have the banks compete on checking acct cost, than making them all "free" and not competing on fine print fees.

 

[halik]

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.

I too get my Policy insight from community college marketing lecturers

 

[drebo]

Doesn't affect you if you have $6k combined deposits. However, it is very much making me consider moving my banking to Bank of the West instead of Citibank.

 

[chihlidog]

This shouldnt come as a surprise to anyone. Unless people leave these banks in droves, they'll keep racking up the fees. Someone has to pay for the private jets, Rolls Royces and vacation homes.

 

[theeedude]

Fee=tax on consumer.

 

[momeNt]

Dick Durbin has tried to keep the retailers happy with this one. Illinois also is one of the states with the "Use Tax" which tries to collects taxes on goods bought in different states or online to raise the state revenue but also reduce the incentive for shoppers to buy online. Retailers are trying to pass this on a federal level with the "main street" fairness legislature.

 

[momeNt]

The problem with this is NOBODY cares if they have to pay .5% more on retail purchases because the retailers are forced to pass that cost on to the consumers. EVERYBODY cares if their bank is slamming them with up front fees.

 

[halik]

This shouldnt come as a surprise to anyone. Unless people leave these banks in droves, they'll keep racking up the fees. Someone has to pay for the private jets, Rolls Royces and vacation homes.

Aren't you supposed to be at a bongo drum circle on Broad and Wall?

 

[momeNt]

Aren't you supposed to be at a bongo drum circle on Broad and Wall?

They aren't using 5 gallon paint pails? Amateurs. They would not receive my quarter if I were to pass them on the street. Hell no.

 

[jstern01]

Look here is the deal.

1. This is not an Obama idea, it started when the whole market collapsed in 2008 (which if you want to be particular was under Bush Jr.).
2. It was a congressional reaction to the outrage that their masters (The US Commerce lobbyists) to the bank raping their members.
3. Both Republicans and Democrats supported it.

So if you want to be pissed off, blame the retailers and congress.

 

[halik]

Look here is the deal.

1. This is not an Obama idea, it started when the whole market collapsed in 2008 (which if you want to be particular was under Bush Jr.).
2. It was a congressional reaction to the outrage that their masters (The US Commerce lobbyists) to the bank raping their members.
3. Both Republicans and Democrats supported it.

So if you want to be pissed off, blame the retailers and congress.

I think Spidey is the only one "pissed off"... but mostly because everything is Obama's fault. Everyone else will just switch banks, like they've done many times before.

 

[Doc Savage Fan]

Look here is the deal.

1. This is not an Obama idea, it started when the whole market collapsed in 2008 (which if you want to be particular was under Bush Jr.).
2. It was a congressional reaction to the outrage that their masters (The US Commerce lobbyists) to the bank raping their members.
3. Both Republicans and Democrats supported it.

So if you want to be pissed off, blame the retailers and congress.

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.