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Banks Tout Fee-Free Cards – WSJ.com

October 1, 2011

UPDATE

Bank of America Corp is dropping plans to charge a $5 monthly fee for debit card use, a source familiar with the matter said on Tuesday.

via BofA Scraps $5 Monthly Debit Card Fee | Fox Business.


Related: Democrat Dick Durbin is a joke. via FREEDOM EDEN: Dick Durbin and Bank of America.

Related: Fox Business Video Link: Serious, funny … and gosh, I love this woman!

From the Wall Street Journal Saturday, October 1, 2011

On Thursday, the same day that BofA, the largest U.S. bank by assets, announced its $5 fee, USAA proclaimed that its debit card “will remain fee-free.”

“We saw it as an opportunity to reinforce to our members and the marketplace at large that we’re committed to avoiding these types of debit-card fees in an environment where a lot of competitors are taking it on,” said Justin Schmitt, a spokesman for USAA Federal Savings Bank.

via Banks Tout Fee-Free Cards – WSJ.com.

My bank is mentioned in this article. I fear I shall soon be looking for another.

Isn’t it a sign of the times that when the ‘common’ man is giving up so much for his country that so much of the cost of doing business in the same country is passed down as far as it will go? And when congress passes regulations to supposedly help the ‘common’ man, guess who gets hurt? Yes, the ‘common’ man. You-know-what rolls downhill.

So now what? More regs to rein in the banks? Would that be wise? I think not, for congress has a nasty habit of doing so much more than is needed, as I said already in the above paragraph. And we won’t talk about pork, earmarks and favors.

The Democrats, with all their taxing and regulating, are only causing more grief. Thank God and goodness that we managed to shift the political party balance of the House of Representatives in favor of Republicans, sorry as they can also be at times.

Well, when we get the sand kicked in our faces, all we can do is vote with our feet. That’s right, find somewhere else to store our money while we work hard to bring that balance to zero on a monthly basis. And keep and eye out for more stories all over the place in the coming weeks about this banking ripoff. It could be interesting.


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2 Comments
  1. October 2, 2011 11:02 AM

    USAA is at the top of my list. Chase, aka J.P. Morgan Chase, just added a $1.50 minimum charge to my credit card which I have almost always kept paid in full. Since the card came from an offer by Amazon.com, this kinda stinks, too. A buck and a half isn’t bad, but it’s a foot in the door.

    Ironically, Chase paid me $100.00 to open a checking account. Not only that, I’ve gotten over $100.00 in ‘Rewards’ from the credit card (I used it to buy two TVs over the past three years) so in total, I’m way ahead, but I’m not in favor of the nickel-and-dime method of extracting fees from customers to make up for the effects of stupid government regulations.

    Thanks, 10aciousj, for your comment.

  2. 10aciousj permalink
    October 2, 2011 1:05 AM

    Great post! I’m switched to USAA earlier this week – Best free checking program I’ve ever seen. Citi has been good to me, but $15 per month is ridiculous for a checking / savings account.

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