Via Felix Salmon, this from WaPo:
To make up for declining revenue, many banks are boosting fees and are requiring higher minimum balances for many accounts. ...
"There is an economic storm that has made revenue fall," said Michael Moebs, an economist and chief executive of Moebs Services, an economic research firm in Lake Bluff, Ill. "Fee income [rents] is basically where banks and credit unions can offset both loan- and investment-related losses."
Bank of America this year raised the maximum number of times customers can get hit with overdraft fees from five a day to 10.
10 overdraft fees a day? Why stop at 10? Why not 100?
So, ever increasing fees, for an ever decreasing number of customers. Can anybody see a pattern here?
Say, why not turn the banks into regulated public utilities, and stop this nonsense?
NOTE See clang bird.
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Makes me glad we bank with the credit union.
We have an account with M & T also, but most of our bills, and our mortgage, are paid out of the credit union account. They actually know who we are, did not sell our mortgage, let us re-finance and shorten the term of our loan just by asking them to do it - although they no longer do that - and there are no fees every time you blink.