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Expect Even More Fees From Banks This Year

     
10:28 am on Jan 9, 2011 (gmt 0)

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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.



[online.wsj.com...]

Why don't banks return to making money the old fashioned way - earn it.
10:46 am on Jan 9, 2011 (gmt 0)

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CitiBanks traditional branch earnings were a fraction of their traditional banking activities. From the November 29th New Yorker Magazine:

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.


Your checking and savings account is a drag on their profit margin stats. To paraphrase Larry Ellison, it's not enough that the banks win a profit on your capital, you have to lose your shirt. ;)
5:21 am on Jan 10, 2011 (gmt 0)

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It's a good thing the tax payers bailed these guys out. A bunch of smaller banks competing for business would be a lot better than a handful determined to gamble recklessly and have the market power to keep increasing fees. The ATM fees are already getting crazy, esp while traveling. Seems some spots will only let you take out $200 for which you have to cough up at least $2.00 the the machine that owns the bank and your bank if they don't own the ATM.

Pretty soon you'll have to travel with a vault in the car to hold cash to avoid 1% - 5% of your cash paying for an account and access to it. Even some of the pre-paid cards where you give the bank a free loan carry hefty fees with them.
12:48 pm on Jan 10, 2011 (gmt 0)

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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.

The Philanthropic Bank.
1:25 pm on Jan 10, 2011 (gmt 0)

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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.


Please check into your local credit unions.
 

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