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Mike Adams There’s only one reason people leave money in a bank: because they think it’s safe there. They think they can get their money back out when they ask for it. This trust is what makes bank accounts possible, and without this trust, there is no longer any reason to put money in any bank. from NYT: Major banks have quickly become behind-the-scenes allies of Internet-based payday lenders that offer short-term loans with interest rates sometimes exceeding 500 percent. With 15 states banning payday loans, a growing number of the lenders have set up online operations in more hospitable states or far-flung locales like Belize, Malta and the West Indies to more easily evade statewide caps on interest rates. While the banks, which include giants like [...] It’s getting more important to consider the size and scope of your bank’s network of A.T.M.’s if you use them frequently. An annual analysis of checking accounts from Bankrate.com finds that the average A.T.M. surcharge — the fee charged by the machine’s operator to a noncustomer — rose 4 percent to a new record of $2.50. http://www.cnbc.com/id/49179146 June 19, 2012 Remember when America’s big banks destroyed our economy, and then got bailed out by the government to the tune of trillions of dollars? And remember how, in the wake of that disaster, the government passed some important but relatively modest regulations to keep the banks from fleecing consumers – the very people whose taxpayer dollars saved the banks from ruin – quite as badly as they had [...] by James Wesley Rawles There are already quiet electronic bank runs in progress in Greece and Spain. On Monday, a bank “holiday” was announced in Italy. More bank runs will likely follow. As of today, Wednesday, June 13, 2012, I strongly urge all SurvivalBlog readers to immediately draw down their checking accounts and liquidate their CDs, passbook savings accounts, and most of the their stocks to buy tangibles. If you already own a retreat, an honest [...] HUFFPOST Starting this summer, some of SunTrust’s least wealthy customers will have to pay higher fees on everything from ATM withdrawals to checking accounts, the bank confirmed on Wednesday. The changes in fees affect primarily Everyday Checking, Student Checking and Solid Choice account holders. The first two accounts are targeted at customers who maintain lower balances. The changes, scheduled to begin Aug. 24, will raise the minimum daily balance a customer is required [...] From WSJ: J.P. Morgan Chase JPM -2.66% & Co. said it will start selling prepaid debit cards in its 5,541 branches this summer, accelerating the banking industry’s push to generate revenue with new fee-based consumer products. The move by the nation’s biggest bank by assets comes six months after several big banks abruptly retreated from plans to impose monthly fees on traditional debit cards that are linked to checking accounts. Those plans collapsed after consumers [...] Screenshot: http://i.imgur.com/IpVYu.png this is why i support credit unions, specifically mine. Ah banks. Profit from holding your money, charge you for the privilege of letting them. And some people accuse the poor of feeling too entitled. NEW YORK (AP) – Bank of America gave its CEO a pay package worth $7.5 million last year, six times as large as the year before. It happened while the company’s stock lost more than half its value and the bank lost its claim as the biggest in the country. The package for CEO Brian Moynihan included a salary of $950,000, a $6.1 million stock award and about $420,000 worth of [...] It may be easy to lash out at a bank each time it adds another surcharge to a checking account product, but in many respects the impact regulatory changes have had on financial institutions has less to do with the fees themselves and more to do with how they can be avoided. Take, for instance, Wells Fargo’s (WFC) recent expansion of its $7 monthly checking account fee. Account holders can easily bypass the charge by [...] by Noelia de la Cruz A group of 128 community banks and credit unions have linked up with Kasasa, an online money management service, to lure new customers from big banks, reportsCNN Money’s Blake Ellis. Customers banking with Kasasa receive free cash back rewards checking accounts and high-interest savings accounts in addition to regular banking services. The program seems to be working. One Minnesota bank saw a 25 percent uptick in checking and savings deposits [...] From CNBC: “Even as Bank of America and other major lenders back away from charging customers to use their debit cards, many banks have been quietly imposing other new fees. Need to replace a lost debit card? Bank of America [BAC 6.05 -0.16 (-2.58%) ] now charges $5 — or $20 for rush delivery. Deposit money with a mobile phone? At U.S. Bancorp [USB 25.48 -0.46 (-1.77%) ], [...] NEW YORK (AP) — It’s moving day for bank customers. A grassroots movement that sprang to life last month is urging bank customers to close their accounts in favor of credit unions by Saturday. The spirit behind “Bank Transfer Day” caught fire with the OccupyWall Street protests around the country and had more than 79,000 supporters on its Facebook page as of Friday. The movement has already helped beat back Bank of America’s [...] By Hugh Son - Nov 2, 2011 6:36 AM PT Bank Of America Corp. (BAC) and its U.S. rivals may struggle to replace the $8 billion in revenue lost because of federal debit-card rules after abandoning plans to extract more fees from customers. Bank of America said yesterday that it wouldn’t charge debit-card users $5 per month, four weeks after the firm’s announcement of the fee sparked a backlash from customers and lawmakers. [...] Holding up a plastic debit card on the Senate floor this afternoon, Sen. Dick Durbin, D-Ill., had some advice for Bank of America customers angry about the new $5 monthly fee: leave. “Bank of America customers, vote with your feet, get the heck out of that bank,” Durbin said on the Senate floor. “Find yourself a bank or credit union that won’t gouge you for $5 a [...] U.S. banking giant Citigroup Inc. said this week it would charge $15 per month for checking account holders who kept a balance below $6,000. The firm’s move comes on the heels of Bank of America’s announcement this week that it would charge $5 for most debit card holders and sparked at least one desertion, the Los Angeles Times reported Saturday. Cheryl Holt of Burbank, Calif., said she [...] By Claus Vistesen The Calafia Beach Pundit raises an interesting question in relation to the recent surge in the US money supply, which he suggests might be a reflection of a scramble for USD assets. More specifically, the argument would seem to be that a silent run on European banks is in the works as money is moved into perceived safe USD liquid assets. As this chart of [...]
This is a follow up to some posts from last month, in which I noted the surprising jump in M2 growth. As this chart of the M2 measure of money supply shows, it has gone on to experience a gigantic surge in the past seven weeks. M2 has risen almost $420 billion since the week of June 13th, on average almost 60 billion per week. To put this in [...]
NEW YORK (CNNMoney) — Three major banks have formed a joint streamlined transfer system in an attempt to rival PayPal. Bank of America (BAC, Fortune 500), JPMorgan Chase (JPM, Fortune 500) and Wells Fargo (WFC, Fortune 500) announced Wednesday that they will launch a system, called clearXchange, allowing customers to transfer money electronically through the use of mobile phone numbers or email addresses. The systems could replace other [...] by Times staff [Hernando County Sheriff’s Office] BROOKSVILLE — A Sumter County woman has been arrested and accused of stealing more than $500,000 from her in-laws to support a gambling habit that saw her spend more than $14 million at a Tampa casino over two years. The Hernando County Sheriff’s Office gave this account: The family of a Brooksville couple knew something was [...] FED currently holds a record $2.55 Trillion in treasury debt and has spent about $400 Billion in just over 3 months: The Federal Reserve’s total assets rose by $11.9 billion to a record $2.55 trillion, the fifth record in as many weeks, as the central bank bought Treasury securities in the second round of its quantitative easing strategy. Treasuries held by the Fed rose by $22.8 billion to $1.24 trillion as of [...] by AmericanPatriot An enormous overhanging problem that affects up to 62 million existing houses and condos is the lack of clear title on these properties as a result of the sloppiness and shenanigans that have gone on over the past 10 years in the transfer of these properties and their mortgages without proper required legal reporting and recording of title transfers. At the core [...] by Mary Harada Bank of America pays almost no interest on checking accounts and savings accounts yet they are going to jack up fees. via WSJ: Bank of America Corp. told employees Wednesday how it intends to restructure the way it charges customers, though the company avoided any detailed discussion of new consumer banking fees. But according to a person familiar with the plan, the bank will soon begin testing [...] by Henry Blodget Banks Working On New Ways To Screw You
Aaron Task and I had a good rant on TechTicker this morning about the new bank fees… (See video below). Two years after reckless lending by the big banks nearly destroyed the U.S. economy, regulators have begun placing minor restrictions on how the banks can make money. So the banks, not surprisingly, are looking for new ways to [...] Charles Schwab. They are very service oriented and cheap. Go online and get one of their checking accounts with a brokerage account attached. Once you have that yo can invest in anything you want with direct transfer from your checking, or wherever. Plus once you are a customer you get all their services FREE. Go in and talk to someone, or call them up and start buying. Remember to buy [...] |
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