Bank of America, Chase, Citibank and Wells Fargo to name a few helped cause the mess of this financial crisis and now are set to rape you again with new bank and debit fees. With America’s financial system doing what most would deem as falling off a cliff banks are lining up to rape you with ridiculous bank fees. Once upon a time banks were there to serve customers all bank accounts were free and yup you could even use other banks atms free of charge. Hell I can even remember being able to deposit checks in other banks atms and somehow they worked it out again free of bank fees.
The major banks are looking to loot us financially by allowing us to have and account were they are able to use fractional reserve banking practice (for every $1 you deposit banks are able to loan $10) and then on top of that charge us for the privilege of having an account. Now what would happen if we all got pissed off and removed our money from the banks charging these fees. After watching the FDIC put a policy into place that would not allow people to access their money for 7 days things are starting to come into place. It is very much possible they put this policy in place back in April 2010 here is a notice from Citibank to it’s customers back in February 2010.
What’s ironic is WAMU formerly Washington Mutual Bank use to have a truly free checking and they even let you wire funds domestically free of charge. Somehow this bank managed to be gobbled up by Chase and so did the idea of free with checking. Well here are some tips to help you avoid getting stuck with some of these new bank and debit card fees.
Why did the banks come up with these new fees well U.S. Senator Dick Durbin introduced a bill that capped transactions fees on merchants to 21 cents when the banks were use to getting 44 cents. This resulted in a 6.6 billion shortfall in revenue to these banks.
So in order to make up this revenue banks had to stick it to customers so Bank of America announced its plan to charge a $5 per month debit fee.
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