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Banks are considering additional fees on credit cards and checking accounts. But they also are looking at new ways to make money on cash machines and especially debit cards as regulators pinch the cards' conventional revenue streams.
Banks are thinking about imposing annual fees of $25 or $30 on debit cards, according to people familiar with bank strategies. Some also are considering limiting the number of debit-card transactions that a customer can make each month, these people say. Another idea circulating in the industry: limiting the size of a purchase that a customer could make with a debit card.
Between January and September, Citigroup's bond traders alone generated more than twelve and a half billion dollars in revenues- more than the bank's entire branch network in North America.
I've often thought, especially in recent years, there ought to be a nationalised bank for the people, with the objective of covering their costs, making loans, driving profit for savers, not solely shareholders.
If it costs money to process something, then there should be a charge for it, covering the cost, plus a little to help feed the savers.