When Congress passed the Consumer Bill of Right’s Measure everyone thought it was just the greatest idea EVER.
I didn’t so. When given the choice of who should protect my money; me or the government, I chose me. Every time. Me.
Well, guess what happens when the government takes care of me? They don’t.
I love, LOVE, getting stuff for “free”. I like it when I get free refills at my restaurant. I love getting free air for my tires at the gas station. I really like it.
And what I REALLY like is my free checking accounts. I get to go the bank, have them take my money, put it into an account, e-mail me notes that remind me to check my statements, give me debit cards to use my money ANYWHERE all for free. FREE.
Why? Because they want to entice me to bank with them.
Bank of America Corp. and other banks are preparing new fees on basic banking services…
… they try to replace revenue lost to regulatory rules, in a push that is expected to spell an end to free checking accounts for many Americans.
Aaahh..banks are in business.
And how much might this cost me?
Fifth Third will offer an account for $15 a month; TCF one for $9.99. Now, these fees can be waived under certain circumstances, but the fact remains; free is gone.
And to add to happiness:
The offers of free checking without any minimum balance requirements attracted a new wave of low-income customers, who previously went to check-cashing stores. Some consumer advocates have warned that the elimination of free checking could drive some of those customers out of the banking system.
Yup. The very people Congress and Obama tried to help are now going to be priced out of the banking system.
Wanna have those low-interest, no annual fee credit cards? Free checking accounts? Fees for people who fail to manage their money?
Change it back!