Higher bank fees are on the way and the so called “free checking” is dead. But we don’t have to take this. We can move our money - all of it - including retirement accounts.
Nice system we have. Too Big to Fail (TBTF) banks crash the economy, receive $13 trillion bailout, recovery nicely then stick it to their customers (again):
J.P. Morgan Chase (JPM), which has has 27 million checking accounts, has announced it will impose fees ranging from $10 to $12 per month on those accounts—though the fees can be avoided if you maintain a minimum daily balance of $1,500 or set up a direct deposit of $500 or more each month into your account….
Meanwhile, Bank of America (BAC), which has 57 million consumer and small business customers, has started a pilot program to charge new customers in Arizona, Georgia and Massachusetts for checking accounts, says spokeswoman Anne Pace. The four account options on offer have fees ranging from $6 to $25 a month, but customers maintaining a minimum daily balance of $5,000 won’t have to pay the fees.
TBTF banks require tens of billions of dollars in revenue to feed their ginormous size and pad the pockets of TBTF CEOs and executives. A slight reduction in revenue could mean that CEOs and other executive get a slightly lower bonus. Of course, TBTF Banks are saying that new (very weak) financial regulations are the culprit. But these regulations haven’t been implemented yet. These new high fees are in anticipation of new regulations. READ: just another excuse to raise fees and increase revenues. We should’ve ended TBTF banks when we had the chance.
We don’t have to accept these higher fees. It’s not that difficult to move our money to a community bank or credit union. Here are some resources to help with moving our money:
It’s time we send a message to TBTF banks that they may own both political parties but they don’t own us. Let’s let our business do the talking. It’s time to move our money!
economy financial+crisis budget+deficit obama unemployment jobs credit+cards debt social+security personal+finance capitalism deficit bailout mortgage mortgage+crisis economic+crisis wall+street+bailout new+economy job+guarantee retirement+savings credit+unions deficit+hawks economic+stimulus cooperatives health+care+reform financial+regulatory+reform income+inequality financial+conglomerates tarp financial+oligarchy 401k worker+cooperatives gdp federal+debt new+normal money scams fiat+currency debt+management globalization savings consumer+protection stimulus neoliberal unemployment+rate tax+cuts middle+class wall+street investing consumer+debt investments china economic+growth wages federal+reserve debt+settlement federal+deficit democrats republicans stocks government+spending negative+equity risk foreclosure budget financial+planning credit+card+debt ira inflation class+war jobs+report financial+bailout fiscal+policy pete+peterson evil health+care financial+literacy jobs+crisis foreclosures move+your+money full+employment modern+monetary+theory stock+market neo-liberal checking economic+policy u.s.+treasuries bonds economic+mobility job+growth bank+of+america foreclosure+fraud taxes consumer+spending cfpa derivatives goldman+sachs mortgages debt+consolidation eu great+recession gold keynes refinance fico+scores debt+crisis credit+scores real+estate mortgage+foreclosure financial+regulation banking+system federal+budget de-regulation financial+crisis+inquiry+commission deficit+commission debt+servitude krugman solidarity free+trade wisconsin debt+collection income+tax refinancing loan+modifications financial+stability+plan poverty trickle+down+economics working+class retirement currency wills economics #finreg tbtf monthly+budget estate+planning consumer+credit auto+industry president+obama gold+standard debt+ceiling center+for+responsible+lending mutual+funds innocent+fraud aig life+insurance personal+income trade+deficit market+fundamentalism consumer+financial+protection+agency cash+flow banking identity+theft fraud compound+interest too+big+to+fail predatory fdic state+of+the+union u.s.+treasury+securities net+worth class+warfare bankruptcy interest+rates greece quantitative+easing political+system fundamentals living+wage output+gap success consumption ltcm universal+health+care income+distribution household john+mccain minimum+wage new+democrat+coalition two+americas frontline senate+democrats eurozone debt+commission haymarket american+recovery+and+reinvestment+act oligarchy two+economies income regulations ben+bernanke california+budget catfood employee+ownership existing+home+sales jobless+recovery carried+interest john+edwards mark+to+market budgets payroll+tax euro chicago+idea paladino robert+reich gmac life+settlements tax+holiday ireland mlk fannie+mae housing+market cowards slavery dollar sector+balances target+date+mutual+funds argentina fierce subprime bad+bank bullshit phone+scams financial+regulations national+debt free+markets united+states now savings+plan alan+greenspan deficit+errorists payroll+tax+holiday fica+tax madison time+value+of+money cost+of+unemployment ponzi+schemes swipe+fees savings+bonds shadow+banking+system tax+code #wallstreetscam great+divergence paulson future+value pensions fed+audit debit+cards credit+markets fair+debt+collection+practices+act predatory+home+lenders cash cdo walker warren+buffett treasury+department present+value tax+deal cooperative+economy liquidity u.s.+debt poverty+rates conservatives ppip job+loss 20-year+mortgage obama+tax+deal short+sales cash+management treasury+securities detroit+schools home+buying economic+purgatory long+term+unemployment vicious+cycle bartering emergency+savings efca debt+hysteria home+closing banks deficit+hawk american+capitalism community+gardens economic community+banks debt+to+gdp recession austerity online+scams income+taxes investment inequality estate investment+yields happy+year finreg hyman+minsky american+dream email beige+book mortgage+modifications yuan risk-return investment+advice dot+com+bubble leading+economic+indicators malicious+software deflation corporate+bailouts federal business+roundtable cooperation returns housing+bubble chris+dodd lei deferred+annuities bailouts economic+policies balancing+checkbook alternatives disability+income+insurance scam fiscal+sustainability home+mortgage fixed+rate+annuity lobbyists debt+is+evil balance+check+book credit+report teach-in currency+manipulation bill+gross insurance variable+rate+annuity corporate+tax+breaks credit+card+law deficit+spending tina general+motors economic+indicators budgeting financialization warren+mosler washington+consensus foreclosure+rescue+services gross+domestic+product race+to+bottom big+banks marx june+jobs+report open+auction lost+decade financial+genocide republican+budget emergency new+capitalist+manifesto bank+fees credit+card minsky tips geithner commercial+real+estate direct+jobs+program civil+disobedience human+capital direct+deposit reaganomics overdraft cfpb galbraith social+security+cards personal+consumption treasuries protests balance etf economic+justice barack+obama worker+ownership wall+street+bailouts exports household+debt fallacy+of+composition gas+prices obama+administration destruction citizens+united outlays unemployment+benefits imports card+act fallacies securities+laws save public+option living+standard unions july+2011 laid+off citigroup financial+sector foreclosure+gate auto+loans emergency+funds deductibles strategic+defaults keynesian wiped+out productivity+ralph+nader new+era+windows money+market+accounts unemployment+insurance fox+news+channel human+capitalism savings+tip financial+reform arra free+credit+report chicago money+market+mutual+funds afl-cio fox move+money predatory+lending credit+rating+agencies credit+reports fallacy uaw employment principal+reduction roger+ailes close+banking+accounts countervailing+powers refund+anticipation+loans jobs+data moody's revolution tax+reform denmark propaganda banking+services john+k.+galbraith tax+refund debt+forgiveness lehman+brothers cornel+west exuberance disposable+income national+infrastructure+bank corporate+welfare u.s money+manager+capitalism birth+certificate monetary+policy option+arm mortgage+loan+modifications subprime+mortgages corporate+profits