RE: Top Dem Calls For Run On Bank

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RE: Top Dem Calls For Run On Bank - 10/4/2011 9:21:40 PM

tazzygirl

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~FR

Bank of America, based in Charlotte, N.C., will waive debit card charges on premium accounts and for Wealth Management/Merrill Lynch and US Trust clients. Customers will still be able to get cash through ATMs, use online bill pay and mobile phones for free.

Banks have warned that the Durbin Amendment, which is part of the Dodd-Frank Act, could lead to negative repercussions for consumers. The amendment capped debit card transaction, or interchange, fees for merchants at 21 cents per transaction earlier this year. Before the amendment, debit card companies charged merchants an average interchange fee of 44 cents per transaction.

http://abcnews.go.com/blogs/business/2011/09/bank-of-america-site-temporarily-down/

What will happen is that people will hit the ATM's and avoid using the card for transactions. Not really much of a gain for BoA at this point.

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RE: Top Dem Calls For Run On Bank - 10/4/2011 9:32:12 PM

SternSkipper

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quote:

Imo, a person and/or business should have 2 or 3 banks they deal with regularly, that way they can pit one against the other for loans, mortgages, etc and if one of the banks starts jerking them around or charge too much (policy changes, etc), then you have the other(s) to take up the business after you dump the jerk bank

Glad you got a strategy ... I do have multiple banks (BOA, TD, and a little rockport bank that completely rocks ... one of the old style "national banks"... But I never really developed a 3 bank strategy.... BOA completely fucked me one weekend while they were upgrading software and something went wrong and I had to blow out the TD credit card that weekend I was pissed.. no BOA branches out here either. And now this. BOA will be completely fired tomorrow and I am kinda pissed I gotta head in to salem again over this because they make you wait before closing and i guess there's something to sign off on with this particular account.
All I know is I'll be glad when i am down to a small fund in the remaining commercial bank and the rest in the local.
What's really funny is that the OP starts a good bitch about a Senator, yet there's apparently nothing wrong with the small banks pitching even meaner balls at the commercials... The manager who signed me up was saying things like "After 08? Who wants to Trust Chase and BOA? Next time I don't know if they'll get bailed out.".

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RE: Top Dem Calls For Run On Bank - 10/4/2011 9:38:10 PM

SternSkipper

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quote:

No clue as to what CDOs are, their instigation to the skyrocketing "no doc" loans as a result, the complete wrecking of retired folks' savings and investments, all do to the runaway deregulation ...

I know exactly what a CDO is and what Buffet had to say about em if you've payed any attention to my posting in finance-centric threads I often mention derivatives. Ually Willbee then comes along and declares that the actual problem is something the democrats magically created without a republican in sight... Ahhh what fun.

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RE: Top Dem Calls For Run On Bank - 10/4/2011 9:58:22 PM

slvemike4u

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I don't see where "this idiot" decided anything...as a matter of fact it seems clear that if it was his decision BofA would nt be charging folks these outrageous fees.
It is clear that th bank is doing what they choose to do...and so is this Senator!
Leaves me wondering what is your problem with this happening in a free society......yanno one where the freedoms haven't been taken yet

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RE: Top Dem Calls For Run On Bank - 10/5/2011 5:48:48 AM

Fightdirecto

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quote:

ORIGINAL: Sanity
Is this what we have Senators for, to try to decide for us which businesses may or may not remain viable?

So you disapprove of a U.S. Senator encouraging American consumers to practice free market economics?

If a corporation is screwing it's customers, and I say to those customers, "You should stop doing business with that company and take your business to a different company which provides the same or better service without screwing you" - am I "anti-business" or am I encouraging the free market?

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RE: Top Dem Calls For Run On Bank - 10/5/2011 4:59:45 PM

VideoAdminDelta

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A number of posts have been pulled from this thread. If the personal attacks continue, I will be locking the thread.

Please enjoy the discussion of the topic and refrain from insults.

Thank you.

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RE: Top Dem Calls For Run On Bank - 10/5/2011 7:26:26 PM

thompsonx

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quote:

Too bad the fees are a response to INCREASED regulation. Repeal Dodd Frank if you dont want more fee increases

That is exactly what rush said...but like rush you have not stated what it is in "dodd frank" that you object to.
You and your buddy rush are long on outrage but short on substance.

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