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Thursday, October 06, 2011

How To Kill An Already Sluggish Economy

Part Deux (sorry if I spelled that wrong - I don't do French)

So remember the other post about BoA charging people to get at their own money?

Citibank couldn't let BoA be he only one milking this cash cow so they have now jumped into the fray ...

They are going to charge a $20 monthly fee for balances UNDER $15,000!

If you have less than $6000 (like most of us) will only be charged $15/month IF they switch over to an EZ-checking acct.

Currently if you are not charged if you have/keep $6000 in the bank - don't know if that is JUST for checking or for all your Accra total though

Citigroup is the third largest bank in he US, that means that a lot of people who are hurting are going to be hurting even MORE now.

across the banking industry, monthly fees for NON-interest bearing accounts (you don't get any money back for letting the bank use your money) has risen 75% since just last year (2010)

The amount you need, on average, to avoid fees has risen 100% since 2010

The American people are being held hostage here and congress will be doing nothing about it - because they are either part if the banking industry themselves or they have enough $ in the bank that it doesn't effect them!

Fox News is reporting that as of now CapitalOne and P&C still offer what they are calling "true no fee checking" accounts ... I have a feeling they will be getting a LOT of business.

Like I said before - for a lot of people they have no choice but to have an account of some sort because so many businesses have switched to direct deposit only.

If you are paid by those gift cards, you have to be careful - we found that (a) only he FIRST use is fee free (b) transactions fees are generally higher than those of a regular credit card for each subsequent use (c)after a certain amount of time they will begin to TAKE money from the card just because you have a balance on it.

Granted you could take the card to the nearest bank and cash it out - but that would leave you open to not only robbery by a criminal ... but also from the bank who will likely charge you a fee for cashing it at their bank when you don't have an account there.

I remember in college going to the bank to cash baby-sitting checks ... They would be small, maybe $10 (I only charged $3/hr or something) like that ... was I pissed when they would take out $3 to cash them, not for the single transaction but for EACH check.

I remember when I opened my first checking acct at TCF ... You not only got a gift as a thank you, you got free checks, and you only had to have $100 to open the account - that meant that you could open the account with just a single paycheck ... you had to keep a minimum balance of $50/month but that wasn't tough to do - well not for me, I still lived at home so other than clothes, bus fare, and student loans I didn't have a whole lot of expenses.

I digress - surprise surprise - it all boils down to the banking industry shooting themselves in the foot here ...

If they think that people aren't going to find away around this they better think again. I suspect that people may start putting their paychecks directly into their credit card accounts and then using them to pay their bills ... no they won't get interest on their money - but they won't be charged fees either for carrying a credit balance either

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