Bank fees coming- Will you switch?

Banks invent more fees!

Photo credit: network.nationalpost.com
Photo credit: network.nationalpost.com

What is more inconvenient?

  • Paying more fees
  • Switching your bank
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Photo credits: eatonpeabody.com
Photo credits: eatonpeabody.com
Photo Credits: mcmcpa.com
Photo Credits: mcmcpa.com
courtesy of articles.sfgate.com
courtesy of articles.sfgate.com

Fees, fees, fees!

With the economic downturn, lower revenues, and new regulations and costs, banks are now looking at adding new fees for the use of debit cards. Debit card use is widely considered the same as a cash transaction. Up until now, there were no fees to use your own money. Unfortunately, those days are coming to an end. Different banks are contemplating different fees and coming up with special accounts with requirements to meet in order to avoid these fees. While this is in no way the fault of the customer, as always, the customer will have to eat the cost. Now is a good time for you to be getting information in order to make your bank loyalty decisions.

Banks are relying on customers to stay especially since shopping for new banks and making the switch is considered a huge inconvenience. However, failure on our part to show our disapproval of the new fees will eventually result in general acceptance. What I mean is that it will become a normal, socially acceptable fee eventually enforced by all financial institutions. Switching may not be the only answer. It was not long ago that people carried cash and checks with them. Some institutions are implementing fees on the account itself, so going back to traditional paper money will not work for everyone. I wanted to present you with some facts so that everyone had the time to look at their options.

Now for my personal opinion. I find it sadly hilarious that the institutions that are responsible (either directly or indirectly) for the economic downturn are complaining about the new costs and passing it down to the customers that were hurt by their ignorant judgement to begin with!
The mortgages that were written to families that didn't make enough to cover it, the decision to allow someone to take 2nd and 3rd mortgages on their properties, the terrible and deliberately confusing refinancing terms, the creation of new age mortgages like interest only, and the careless approval of countless equity loans led to thousands of foreclosures. This lost income could have more than covered any 'new costs'. These decisions were not made by the people yet the people will have to rescue banks by accepting new fees and costs? Add to that the gross lack of accountability and the bailout measures put in place to attempt to correct this and it is enough to make you sick. I find some humor in the boldness of big business.

Enough of my soap box. Make your informed choices and please read the fine print! With these changes come new goodies in the fine print.

Many Blessings.

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Comments 5 comments

TTanglewood profile image

TTanglewood 5 years ago

I've already transferred my primary banking services to a credit union.


Moms-Secret profile image

Moms-Secret 5 years ago from Central Florida Author

Good job TTanglewood. Was it a complicated process? Should people be intimidated by it?

Thanks for the read and the comment.


frugalfamily profile image

frugalfamily 5 years ago from Houston, TX

I am holding tight to fee-free ING but I'm worried about the new owners. It's like the devil Capital One married the angel ING. What kind of babies are they going to have?


Moms-Secret profile image

Moms-Secret 5 years ago from Central Florida Author

Oooo Capital One. That is one you have to keep an eye on. I wish you many fee free months.


TTanglewood profile image

TTanglewood 5 years ago

Not a complicated process. I maintain a BOA basic account for personal spending, but the bulk of my banking is with my Credit Union.

Being organized helps. I automate as many of my bills as possible so it helps to know which ones need to be switched over to avoid any missed payments.

Otherwise it was a cinch. And there is nothing more satisfying than rattling off a list of benefits you know a big bank can't match when you are asked why you are closing your account.

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