Banks

[Anita6586]

n
Bank,or Credit Union...Where are you investing? Should $5.oo really jeopadize visions within?
I had both for years,and every year the bank seems to implement new rules.

[Abrupt]

They implement new rules because congress implements new rules.  This latest 5 dollar deal came from the Durbin Amendment on the Frank/Dodd finance reform bill.  This was the politicians brilliant idea to save you money and shows just how little they understand.

[cloudsoup]

my fiance stands by his credit union,
which in theory is a great idea... and it works
for him. i would like to dedicate myself to a
credit union too, based on the mere fact that
they don't exist to screw you 

unfortunately, i can't gaurantee that i'll have
a minimum of $500 in my account at ALL times,
and only use my debit card a set amount of times
a month. i need a lot more flexibility than that...

eventually, i'll join a credit union instead.
i use PNC right now.

[handllucas]

Personally I use credit unions. Both of mine have a minumin of only $5.
The ATMs are a little restrictive, but almost all transactions are check cards now.

One of mine offers a 3.5% interest on checking if you meet certain guidelines.

These requirements are not outside of what the average person does every month anyway.

[jaymz462]

They implement new rules because congress implements new rules.  This latest 5 dollar deal came from the Durbin Amendment on the Frank/Dodd finance reform bill.  This was the politicians brilliant idea to save you money and shows just how little they understand.

Seeing as how we bailed out these Too Big To Fail banks when they royally screwed up, the least they could do is try not to charge us some new fees, don't you think?

[Abrupt]

They implement new rules because congress implements new rules.  This latest 5 dollar deal came from the Durbin Amendment on the Frank/Dodd finance reform bill.  This was the politicians brilliant idea to save you money and shows just how little they understand.

Seeing as how we bailed out these Too Big To Fail banks when they royally screwed up, the least they could do is try not to charge us some new fees, don't you think?

I didn't agree to any bail out.  This money was stolen from us and given to them.  Remember "too big to fail" was a government word used to scare people (like you perhaps?  I don't know so asking it as a question since you don't seem to advocate an objection to the government bailing them out) into supporting the governments binding of us and our offspring into servitude.  Also take note that the financial institutions (except for Freddie and Fannie) have re-payed these 'bail outs' and some of these institutions never wanted them but were forced to take them so as to protect the ones that were actually in trouble.  Also recall that Freddie and Fannie were the cause of this mess in the first place and is traced back to the Affordable Housing act under Clinton which basically forced banks and institutions to loan money for homes/mortgages to people that couldn't afford to pay them back.  This was under the guise of 'fairness' and 'equality' and other socialists words were used as well.  Under Bush the issue of Freddie and Fannie and this insanity posing a threat were repeatedly brought up with continual reassurances by the democrats that "everything was fine" and "republicans just want to punish the poor", etc.  Countless warnings were given but the liberal politicians payed no heed and repeatedly dismissed the warnings.

Now the same government is now saying that the banks must operate at a loss when handling debit transactions.  Be aware that such transactions were offered as a privileged by the banks and the technology was originally worked out with banks and businesses to provide the service to consumers with the business picking up a portion of the expense of the service.  Congress, in their brilliance, decided that they knew best how much this amount of expense the business could pay should be and thus now has a cap on it as they figured if the business didn't have to pay this cost anymore that they would provide this now discounted amount to the consumer (how the hell they figured that would happen I can never know but they were absolutely certain that it would -- just because I suppose was their best reason).

In closing I would say "No, I don't think so" as an answer to your questions.  In fact not covering the loss would be foolish and inexcusable by any bank...but I don't think it actually is a loss if it increases customers and considering newer technology mostly automates that at a low cost (it is probably more like an investment that earns a profit but has to be watched to be sure that it continues to do so).

[jaymz462]

Fannie and Freddie were certainly not the prime cause of the economic downturn http://motherjones.com/mojo/2010/05/dear-gop-fannie-mae-freddie-mac-cause-financial-crisis-subprime-mortgage-gse

Turn off the Fox News, dude.

But you're right, the money was stolen to us and given to the very same people who blew up the economy.  And they just so happen to own the government.

[GramPolly3]

I have had both CU and small community bank accounts after freeing myself from big banks 20 years ago.
As a newly divorced single mother, I went to one of the 'majors' to open an account. The treatment I received--when trying to give them my money--made me take a quick walk out the door. I had given them all kinds of info and ID and yet while I was sitting there they wanted to call a friend of mine for a description of me. I doubt this could happen now but it did then and I have never forgotten it.
I joined a credit union and never looked back. I have had mortgage, auto loans, credit card and bill-pay services. Also invested in CD's. When you think about it what else do we need--and they KNOW you.
When I retired and moved out of the area I joined a small community bank which offers all the service of the BIGS--knows and invests and supports our community.
Over the years I have heard horror stories from people who continued to deal with big banks and each time I was thankful I hadn't fallen victim to them.

[Abrupt]

Fannie and Freddie were certainly not the prime cause of the economic downturn http://motherjones.com/mojo/2010/05/dear-gop-fannie-mae-freddie-mac-cause-financial-crisis-subprime-mortgage-gse

Turn off the Fox News, dude.

But you're right, the money was stolen to us and given to the very same people who blew up the economy.  And they just so happen to own the government.

They were at the root of the cause but the blame goes to the government for making it that way.  They were the ultimate guarantors of mortgages.  They lowered the lending value guidelines to compete with non bank lenders and the rest of the market had to keep pace to compete.  They were government sponsored entities and what they did (were forced to do by congress) is the significant domino in the chain that got the rest falling (even though there were lenders exposed previously.

I never mentioned anything about Fox News, and unless Democratic Senator Durbin is somehow a spokesman for Fox News I cannot see where my information is sourcing Fox.

The only way they can 'own' the government is if the government has grown beyond its intended constraints and become entangled in areas where it is has no authority.  It certainly has, but the people that blew up the economy are not the businesses but our elected politicians.  Shrink the government back to its rightful powers and do away with all these socialist programs and we will be immune to such things in the future -- unless of course we ignore personal responsibility in our decisions and investments (which we did in the current instance since the government was guaranteeing everything and made it even worse still by using phrases such as "too big to fail").

[lorettahknox]

When is the madness going to end? I have never seen such greed and arrogance running rampant. We need to take back our power from these monsters. This is too much, first we have to watch them take us down with their phony real estate loans that got us in this trouble in the first place. Then we sit and watch while they flaunt in our face the loans they all got from the Feds that they used to make themselves solvent while our interest received from banks took a nose dive. So average people can't even get one percent on their savings so now we save and get nothing and they want us to keep our money in their banks. Forget it I'm looking for a credit union.

[Abrupt]

When is the madness going to end? I have never seen such greed and arrogance running rampant. We need to take back our power from these monsters. This is too much, first we have to watch them take us down with their phony real estate loans that got us in this trouble in the first place. Then we sit and watch while they flaunt in our face the loans they all got from the Feds that they used to make themselves solvent while our interest received from banks took a nose dive. So average people can't even get one percent on their savings so now we save and get nothing and they want us to keep our money in their banks. Forget it I'm looking for a credit union.

You are talking about the federal government are you not?  If you mean the banks, then I can only shake my head and smirk, but if you mean the government I am in complete agreement with you.

[Adroden2010]

My bank is a credit union. I trust my bank.

[smithjcsdfw]

Given the choice between a big national bank or a local credit union.  I will take the local credit union every time just based on the principal that they will invest in the local community where you certainly do not have that guarantee with the national banks.  Also quite honestly I believe you get better service from a local credit union than I have ever seen from a national bank.   Try taking a roll of coins into a national bank and get treated as a criminal.  No thanks.

[monnee]

I heard that a lot of people transfer their funds to credit unions and smaller banks on bank transfer day yesterday.

[luvh8tragedy87]

I switched to a credit union last month. I was with Chase for 2 years and they took $6 out of my account every month for a service fee if I didn't make a direct deposit or use my card 5 times a month. Well, I didn't always have to use my card that much but I did figure out the direct deposit thing by leaving money in my paypal and putting like $2 in every month. But then they changed their policy and it had to be a deposit of at least $500 a month. Couldn't even open a savings account without them taking $6 out of that every month. But now I don't have to worry about that