So, B of A and the $5.00 debit card

[classicman]

I just missed your post #58 completely.

I'm currently with TD and have been for many years. I loved Commerce before they sold/were bought by TD. Its been one thing after another since. Little things here and there buried in fine print inside my monthly statements that the majority of people never read. This is the last straw for me. The fee wont really affect me, but I'm gonna get into a Credit Union soon. I even found one that has a branch relatively close and offers free debit withdrawals at Wawa (they are everywhere)

[ZenGum]

Hello? Tap tap.

TW appears not to have read the Bloomberg article - this is about getting the FDIC to cover trillions of dollars worth of risk in European default risks - but is reciting his usual themes.

The rest of you are arguing about single digit figures while the bank (and others) are positioning to pillage you for a couple of trillion.

I mean, they're both real issues, but ... but ...

[classicman]

Eh hem ...

Originally Posted by classicman

That makes the news that TD Bank is now charging a $9 savings account fee almost meaningless.

Yes I'm pretty mumblegrumblebrumble

[tw]

Originally Posted by ZenGum

TW appears not to have read the Bloomberg article - this is about getting the FDIC to cover trillions of dollars worth of risk in European default risks

Why is that relevant? Moving risk does not incur current losses. And does not justify those 'nickel and dime' fees. BoA's losses are mostly due to CountryWide Financial. Other BoA units (including Merrill Lynch) are profitable.

Banks are using excuses (such as lower Debit Card fees) to justify charging more for everything. In BoA's case, major losses are due to Countrywide Financial. Rather than admit the real problem, banks are blaming ridiculous things such as government reduced fees on Debit Cards. And increasing profits at the expense of anyone who does not complain.

The 'usual themes' said these investment vehicles should be traded in open markets. So that people educated in corruption can no longer profit from their expertise. Zengum's articles suggest same 'usual themes' as necessary to insure economic stability.

'Government required' lower fees on Debit Cards is how banks justify increasing fees. To divert blame from the real problem. And to increase profits at the expense of anyone who does not complain. Significant BoA losses are in CountryWide Financial. Not in risky investment vehicles in Merrill Lynch. Merrill is currently profitable. That Bloomberg article obviously does not explain all those 'nickel and dime' charges. And has no relevance to this thread.

How many kids have seen their first saving account wiped out by bank service fees?

[BigV]

Originally Posted by tw

Why is that relevant? --snip

Good question, let me draw you a picture.

You're in the bank; you're a customer of theirs. You're waiting in line and in walks a half dozen people, one of which skips the line completely and moves to the open teller window that would have been yours, had this jerk not jumped ahead. He calmly takes a piece of paper out and with the little pen chained to the counter, writes something on the paper, passes the paper to the teller. The teller looks at it, frozen with fear. The line-jumper breaks the frozen concentration of the teller by yanking the pen and chain from the counter with a loud SNAP! The gesture works and the man smiles and pockets the pen with the chain swinging gently back and forth. The teller flies into motion, opening her drawer and moving bricks of wrapped cash onto the counter which are swept into a waiting duffel bag by the man.

This brazen act of wanton destruction shocks and infuriates you and as you look around expecting to see others similarly scandalized you see the same massive "withdrawal" underway at all the teller windows. But to your dismay, no one else has raised a finger against this vandal. You shout "He's stealing that pen!!" and the sound of your voice causes others to turn and look. You're right, everyone can see the chain dangling from his pocket, but no one joins you in your righteous cause.

*******

end of the story, or at least this episode.

Will the bags of money leave with the robbers? Will he take the pen? How can that little chain be mended? Did the other dufflebaggers also vandalize the teller windows too?

Stay tuned!

*********

Now, let me ask you, what do you think is the most important thing happening in this story?

[Lamplighter]

Second to puns, I love allegories !

[classicman]

Originally Posted by BigV

Now, let me ask you, what do you think is the most important thing happening in this story?

The dye pack exploding?

[infinite monkey]

I don't get it. They use dye packs for pen thieves? Is the pen thief the same guy as the money thief? Why does a pen being yanked from a table 1) going to jerk a clerk into action and 2) make a thief smile?

[classicman]

sigh, Its code for a
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Grenade

[Lamplighter]

CNN
By Blake Ellis November 4, 2011: 12:26 PM ET
Bank dumping days begin

NEW YORK (CNNMoney) -- Customers are dumping their banks in droves ahead of the nationwide
"Move Your Money" and "Bank Transfer Day" movements this Saturday.

At least 650,000 consumers have already joined credit unions since Sept. 29,
the day Bank of America (BAC, Fortune 500) announced plans to impose
its controversial $5 debit card fee, according to a nationwide survey of credit unions
by the Credit Union National Association.

That amounts to $4.5 billion in new savings accounts, CUNA said.

.

[ZenGum]

Grenade ... lols!

[tw]

So let me understand this. BoA has a new service charge for any robbery exceeding $10,000?

Being true criminals, it is probably defined in fine print.

[classicman]

Hundreds of Thousands of Consumers, Billions of $$ Move to Credit Unions

Rising fees at banks spark consumer action during October in run-up to ‘Bank Transfer Day’

Reacting to rising fees at banks, hundreds of thousands of consumers have rushed to credit unions over the past four weeks, and have joined existing credit union members in depositing or shifting billions of savings to credit unions, according to estimates released today by the Credit Union National Assn. (CUNA), the nation’s largest credit union advocacy group.

Based on the responses of a nationwide survey of 5,000 credit unions, CUNA estimates that at least 650,000 consumers across the nation have joined credit unions since Sept. 29 (the day Bank of America unveiled its now-rescinded $5 monthly debit card fee). Also during that time, CUNA estimates that credit unions have added $4.5 billion in new savings accounts, likely from the new members and existing members shifting their funds.

The survey results also show that more than four in every five credit unions experiencing member growth since Sept. 29 attributed the growth to consumer reaction to new fees imposed by banks, or a combination of consumer reactions to the new bank fees plus the social media-inspired “Bank Transfer Day,” Nov. 5.

“Bank Transfer Day” urges consumers to transfer their accounts from banks to credit unions by Saturday, Nov. 5.

“These results indicate that consumers are clearly making a smarter choice by moving to credit unions where, on average, they will save about $70 a year in fewer or no fees, lower rates on loans and higher return on savings.” said Bill Cheney, president and CEO of CUNA, the Washington, D.C.-based advocacy group.

He added that studies have shown people living paycheck to paycheck save even more at a credit union than the average financial institution customer, as they use more credit union services.

Link