Wednesday, October 05, 2011
Brother, can you spare $180/year ?Story
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 was "on my way out the door right now … off to start a new account at my nearest credit union."
"Should have done it years before," she added.
Holt said she received a letter with an "absurd salutation," that said, "Customers like you have told us that what they want from their banks are simple options and great rewards. We heard you and are writing to let you know that we are making some changes to your EZ Checking Package."
That said, the bank dropped the $180 per year bomb.
This has got to have political repercussions.
I do my banking at a local bank that doesn't charge these idiotic fees, and which never sells its mortgages. Our banker told us that we'll never wake up someday to find out our mortgage is owned by "for instance, the Peanut Bank of Georgia."
Political repercussions? Sure. Fox 'News' will inform its audience that poor Citi was forced to raise fees, against its will, due to regulations imposed by the Socialist crew of Obama & Bernanke. Erin Burnett will confirm this on CNN.
More Republicans will be elected.
Seems to me that the big banks main business model is to borrow money from the Fed and buy treasury bonds. They aren't interested in loaning money to anyone else and they aren't interested in your business. That makes them pretty much worthless.