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Top Dem Calls For Run On Bank - 10/4/2011 12:04:30 PM

Sanity

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The same Dem responsible for the higher banking fees, no less:

quote:

Durbin to Bank of America Customers: ‘Get the Heck Out of That Bank’

Holding up a plastic debit card on the Senate floor this afternoon, Sen. Dick Durbin, D-Ill., had some advice for Bank of America customers angry about the new $5 monthly fee: leave.

“Bank of America customers, vote with your feet, get the heck out of that bank,” Durbin said on the Senate floor. “Find yourself a bank or credit union that won’t gouge you for $5 a month and still will give you a debit card that you can use every single day. What Bank of America has done is an outrage.”

Durbin said consumers are rightfully outraged about last week’s announcement.

“It is hard to believe that a bank would impose such a fee on loyal customers who simply are trying to access their own money on deposit at Bank of America,” he said. “Especially when Bank of America for years has been encouraging their customers to use debit cards as much as possible.” Most basic checking accounts at Bank of America will see a 40 percent jump in monthly costs and the bank says the debit fee will be waived for customers who upgrade to “premium” accounts that require higher minimum balances.

The Dodd-Frank financial law this month lowers “interchange fees” that banks can charge retailers for debit transactions. Fees for retailers will shrink from 44 cents to a cap of 24 cents, which has led some debit card issuers to seek other ways to make up that lost revenue. Some people have blamed Durbin for his amendment, which capped the so-called swipe fees that banks can charge retailers.

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

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RE: Top Dem Calls For Run On Bank - 10/4/2011 12:08:51 PM

mnottertail

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I think so, there are a slug of Senators who want to add perks to the corporate welfare rolls.

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RE: Top Dem Calls For Run On Bank - 10/4/2011 12:24:24 PM

MasterCord

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quote:

ORIGINAL: mnottertail

I think so, there are a slug of Senators who want to add perks to the corporate welfare rolls.

It's pretty amazing though that Democrats see no problem in picking our pockets via tax increases and running up the national debt with worthless/ineffective pork and spending....and local governments run "fees" upward and upward....and somehow Mr. Durbin sees no issue there....

I'm a BofA customer in both business and personal and I am looking for another bank because I think their fees have gotten out of hand....not to mention some of their other increasingly-shitty penalty fee practices. However, I did not need the good Senator to tell me that. That is not his job. He is not there to pass public judgement on private enterprise acting within the law.

Matters not if they are Democrats or Republicans. If a Republican does it that Senator should be pilloried as well.

Frankly I'm tired of the whole bunch of them, jackasses or elephants.

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RE: Top Dem Calls For Run On Bank - 10/4/2011 12:30:57 PM

mnottertail

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That is not his job. He is not there to pass public judgement on private enterprise acting within the law.

It may surprise you to note that that legislative body, of which he is a member, MAKES laws.

Yanno, like passing judgement on marraige and sexuality of military members and shipping jobs overseas........................

some good, some bad.

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RE: Top Dem Calls For Run On Bank - 10/4/2011 1:03:58 PM

joether

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quote:

ORIGINAL: MasterCord

quote:

ORIGINAL: mnottertail
I think so, there are a slug of Senators who want to add perks to the corporate welfare rolls.

It's pretty amazing though that Democrats see no problem in picking our pockets via tax increases and running up the national debt with worthless/ineffective pork and spending....and local governments run "fees" upward and upward....and somehow Mr. Durbin sees no issue there....

But its 'ok' if Republicans do it, right? Those 'fiscal conservatives' with their principles that helped soundly during the Bush Administration keep the US Debt at or below $2 Trillion from the Clinton Admnistration? And they kept the US Budget as a surplus, another thing left after from the Clinton Administion, right? Oh, and Republicans didnt increase goverment when they controlled things, right? That's right, not even an OUNCE of accountibility or responisiblity towards the very people you elect to office.

Unless your making a huge pile of money, the Democrats are not really looking to increase your taxes. Perhaps you should try READING the actual bills instead of being brainwashed by sound bites from the likes of FOX News and Mr. Limbaugh.

quote:

ORIIGNAL: MasterCord
I'm a BofA customer in both business and personal and I am looking for another bank because I think their fees have gotten out of hand....not to mention some of their other increasingly-shitty penalty fee practices. However, I did not need the good Senator to tell me that. That is not his job. He is not there to pass public judgement on private enterprise acting within the law.

Well, what were you expecting when the regulations that keep banks 'in line', were removed by the very people YOU voted into office? Did you foolishly believe those companies would do things 'out of the generousity of their hearts'? So, vote Republican, help the GOP reduce regulations (cus it 'creates' jobs, right?), so that MORE banks can follow BOA's lead. Do choose wisely on that next bank there MasterCord. By your actions and 'principles' you'll be switching a few more times before long. An you'll be bitching the whole time, never putting 2+2 together.

If your STILL bitching about it, why not do something positive about it?

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RE: Top Dem Calls For Run On Bank - 10/4/2011 1:15:19 PM

thishereboi

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I don't see it as Senate business, but I have to agree. If my cu did this, I would drop them in a heartbeat.

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RE: Top Dem Calls For Run On Bank - 10/4/2011 1:20:56 PM

tweakabelle

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I don't know about any one else but I am sick to death of being gouged relentlessly for ridiculous fees by banks that make mega-squillions in profits annually.

Fees such as this one hurt the poorest sections of the community hardest - the ones least able to afford it. $5 is nothing to a bank - it can be the difference between eating a meal and going hungry for some old folks. It is the job of elected representatives to stand up for ordinary people against powerful interests such as the banks and the well-heeled fleece merchants known collectively as the financial industry.

I applaud any one who makes a public stand against rapacious banks and their endless all-consuming greed.

< Message edited by tweakabelle -- 10/4/2011 1:22:26 PM >

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RE: Top Dem Calls For Run On Bank - 10/4/2011 1:28:56 PM

Lucylastic

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If he is speaking for his constituents, whats wrong with telling people to vote with their feet
someone actually looking out for the gouged in instead of the gougers?? how fucking horrendous![8]
Just waiting for someone to come along and say that" cat food doesnt cost five bucks, so whats the issue"!!!!!!!

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RE: Top Dem Calls For Run On Bank - 10/4/2011 1:34:11 PM

SternSkipper

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quote:

The same Dem responsible for the higher banking fees, no less:

What's wrong with moving your checking account to another bank? And what's wrong with a US Senator Agreeing with his constituents who as I understand (mentioned on NECN last night) were calling his office non-stop about BOA's unreasonable rate change? Tell me what's wrong with that? You are absolutely LYING about it being anything about a bank run... but that's not a new practice for you.
   Where's all your give the market what's in demand? Okay, so you can argue 'supply and demand' feebly by saying the supply of money is low so things are more expensive.
    But your argument is PURELY RIDICULOUS! People all over the country are calling their congressmen and senators bitching about this. And you have to attack the one that has the balls to point out the obvious? Dude, riddle me this... the guy doesn't introduce legislation, so well he's not increasing goverment. The matter is a consumer issue, so he's addressing it as such and letting business regulate itself. And if he is merely silent when everyone wants an answer, well that isn't fair to the people who voted him in and are asking. He has to explain he's not going to take any action to prevent it, so he needs to justify it. THE ANSWER IS TO DO YOUR CHECKING WITH ANOTHER BANK... What? Getting the best deal for yourself is not okay with the TeaPutties now?
    I moved two accounts from BOA to TD yesterday... Where should I report for arrest?
Whatever ... you guys need to start your own fucking contrarian country where down is up... It's the only way you corporate jihadists will ever be happy

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RE: Top Dem Calls For Run On Bank - 10/4/2011 2:23:57 PM

tj444

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regarding various points-

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.. That said, perhaps more local banks would be better choices for the ones to deal with in the first place. Also, imo, a bank could be great for a long time then, bam, a new manager comes in and everything changes... Never, never, never fall in love with a bank! (no matter what their ads say)..

About the senator waving his BofA card around and making his cute lil speech.. the guy is, imo, looking for attention, to get his name in the paper (seems to have done that), and for people to think he is actually doing something (when all he is doing is grand standing).. Hmmm,.. now i just wonder if he would stand up waving his US passport and tell people to vote with their feet and leave the US since the govt has done such a shitty job and run up the debt (which means tax payers will be paying much, much more sooner or later)...

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RE: Top Dem Calls For Run On Bank - 10/4/2011 2:28:20 PM

willbeurdaddy

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quote:

ORIGINAL: joether

Well, what were you expecting when the regulations that keep banks 'in line', were removed by the very people YOU voted into office? If your STILL bitching about it, why not do something positive about it?

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

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RE: Top Dem Calls For Run On Bank - 10/4/2011 2:34:47 PM

mnottertail

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Our response should be to run the banks if we dont want increased fees. Plow them under.

Oh yeah, and wheres my goddamn money, wilbur?

Roseannes your daddy!!!!

< Message edited by mnottertail -- 10/4/2011 2:38:16 PM >

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RE: Top Dem Calls For Run On Bank - 10/4/2011 2:40:06 PM

SternSkipper

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quote:

I don't see it as Senate business, but I have to agree. If my cu did this, I would drop them in a heartbeat.

Understood, and under normal circumstances I would say a politician SPONTANEOUSLY saying anything in regard to whether or not to use a bank is a thing best left alone. But in this case, there's recently been a reform law that has been enacted and fee limits are a part of that. And there was a groundswell of inquiry by the public.
He was within his parameters to respond to the public. Period. And if BOA wants to play leader of the PAC and cut their own balls off you can't really take issue with anybody but them. Tell me, have you called BOA's 800 # and told them their fees have become outrageous? I did, and and SURE AS HELL didn't like how empowered they sounded in telling me I had no choice but to spend the minimum fee on the 'free' checking account. And on the one with bounce protection? No I don't have to pay on that one... guess why? It already went up an equivalent amount over the last year!
I didn't need the advice of the legislature to pull my money. But apparently people were demanding to know what was up. so they rated a response.
Good news? I found a local savings bank that because their behavior is restrained and sensible, they have low fees on commercial accounts and their free accounts are , get this, FREE. Oh, and unlike the big commercial banks, they HONOR taransactions within the network as a network bank ... so LESS ATM FEES. I have most of the cash still in TD as a holding measure ,... Soon as I get this months chek flood through it all goes local
Wanna do something this week you'll feel great about? FUCK your big commercial bank by nosing aropund local banks, particularly credit unions.. get yourself a bargain by moving checking and savings there, and throw a gut punch to a the bankster fucking punks.

< Message edited by SternSkipper -- 10/4/2011 2:42:59 PM >

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RE: Top Dem Calls For Run On Bank - 10/4/2011 2:58:21 PM

FatDomDaddy

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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?

Wait Sanity... he's got a point

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RE: Top Dem Calls For Run On Bank - 10/4/2011 6:10:52 PM

thishereboi

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quote:

Tell me, have you called BOA's 800 # and told them their fees have become outrageous?

I don't have an account with them, why would I call them?

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RE: Top Dem Calls For Run On Bank - 10/4/2011 6:13:29 PM

gman992

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Guess you just bought tons of stock of BOA??? Obama's new best friend--Warren Buffett! He let go 400,000 people two weeks ago, and his stock went up....oh where is the outrage from the so-called liberals on this? I call them so-called liberals because if a democrat fires people to bring up the stock of his company and pad his wallet, it's okay....a liberal is some who is offended when both a republican and a democrat is a cheater...

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RE: Top Dem Calls For Run On Bank - 10/4/2011 6:47:19 PM

Theon38

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I love the way this idiot decided what the Banks could charge to businesses because he think he's knows better than the business themselves.

He was warned that if he tried price controls (Hey, how did they work out for Carter in the 70's?) that they banks would just pass the buck to someone else.

Gee, what happened? Exactly as he was warned.

The only option here is for Senator dumbass to remove all of our freedoms. Otherwise, how will he ever make us do what's good for us?

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RE: Top Dem Calls For Run On Bank - 10/4/2011 7:03:30 PM

Lucylastic

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quote:

ORIGINAL: gman992

Guess you just bought tons of stock of BOA??? Obama's new best friend--Warren Buffett! and his stock went up....oh where is the outrage from the so-called liberals on this? I call them so-called liberals because if a democrat fires people to bring up the stock of his company and pad his wallet, it's okay....a liberal is some who is offended when both a republican and a democrat is a cheater...

you have some kind of proof of your assertion dont you?
He let go 400,000 people two weeks ago,

No one here has hailed buffet as anything but a millionaire, who said that rich need to pay more, he is no more obamas chum than you are, or I am, so puhleleeze, show me where he let go 400,000 and his stock went up
since on the 22nd of last month
Forbes was saying this about the man(22nd september)Warren Buffett lost the most money out of any billionaire on the FORBES 400 over the last year–$6 billion to be exact.

Why? Well, there are two reasons.

Shares of his conglomerate, Berkshire Hathaway, plunged about 10% over the last year on concerns about the insurance business and worries about how long Buffett, 81, and lieutenant Charlie Munger, 87, could continue to work their money-making magic. Meantime, the S&P 500 index was up 10% over the same span–if this downward trend continues it will only be the ninth time–since 1956–that Buffett’s performance lagged the general market.

Buffett’s generosity hurt his fortune more than any market dip. He’s this year’s biggest loser and this year’s biggest giver. Since last August, Buffett has given away more than $3.25 billion–mostly to Bill and Melinda Gates Foundation. Buffett and Microsoft‘s co-founder continue to push tycoons to eventually give away at least 50% of their wealth through their charity publicity project, the Giving Pledge.
Im calling bullshit on your post

Edited to add the forbes link
http://www.forbes.com/sites/stevenbertoni/2011/09/22/warren-buffett-biggest-money-loser-on-forbes-400/

< Message edited by Lucylastic -- 10/4/2011 7:06:59 PM >

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RE: Top Dem Calls For Run On Bank - 10/4/2011 9:07:25 PM

joether

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quote:

ORIGINAL: willbeurdaddy

quote:

ORIGINAL: joether
Well, what were you expecting when the regulations that keep banks 'in line', were removed by the very people YOU voted into office? If your STILL bitching about it, why not do something positive about it?

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

Its a 'sound bite' willbe, that's all it is. A 'knee jerk reaction' to something that is not even true. Why $5? Why not $5.50? Or $7? Or $3? The regulations would not amount to that sort of cost. But you'll overlook that in your arguement. Because you cant admit that the company took advantage of a situation to gain 'a few more bucks' out of people. They know they'll lost a few thousand customers initially. They'll get them back in a year or two. The bottom line will be, that they get more money out of the deal in the long run. That is the REAL reason for doing. A sort of 'hold people over a barrel' so the regulations will be dropped and allow the company to do what it wants without penalty. Why were those regulations put in place? Was the regulation trying to remove some bad business practice from being put into use (i.e. like the Anti-Trust laws)? Or to encourage businesses to deal in positive manner (i.e. Americans with Disabilities Act)?

If the regulations were so bad, why arent other companies following suit? Doing the same thing BOA has done? Maybe they are raising their rates.....secretly. That line of thinking willbe is what is called 'conspiracy thinking'. An conservatives are heavy users these days of conspiracy thinking. How many conspiracies can be found online with the following words "Obama" and "Birth Certificate"? And HOW many conservatives STILL believe the conspiracy verse the facts?

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RE: Top Dem Calls For Run On Bank - 10/4/2011 9:17:21 PM

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~FR

NEW YORK (Reuters) - Lehman Brothers Holdings Inc unveiled the latest in a string of settlements with major financial creditors, reaching deals with Bank of America Corp and Merrill Lynch that will reduce the banks' claims against Lehman by a combined $7.5 billion.

As part of the settlement, the banks have pledged support for Lehman's $65 billion bankruptcy exit plan, according to court papers filed late on Wednesday in U.S. Bankruptcy Court in Manhattan.

Bank of America will reduce its derivatives claims against Lehman entities by $4.5 billion, Lehman said. Merrill Lynch, a Bank of America subsidiary since 2008, will lower its claims by an additional $3 billion, court papers show.

Bank of America will also withdraw an appeal of a bankruptcy court's ruling rejecting its $500 million setoff claim against Lehman, and will return about 71 percent of that total -- $356 million -- to the Lehman estate, according to the filing.

http://news.yahoo.com/boa-merrill-pledge-support-lehman-exit-plan-012516183.html

Couldnt have anything to do with BoA losing money on this deal.

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