In our opinion: Rising bank fees


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    Oct. 7, 2011 2:49 p.m.

    "ignorance is bliss". This is what Durbin was counting on. Agree that financial reform was badly needed, however, to be naive or ingorant enough to create an amendment attached to the financial reform legislation where there clearly was not sufficient due diligence performed is nothing short of reckless. This never was a "play" for the consumer. Had Durbin and staff performed their due diligence, they would have realized this. There is clearly a lack of education on the original purpose of 'interchange'. Expenses, cost of funds, float.....clearly terms outside of Durbin's wheelhouse. Again, for Durbin to take advantage of the American public and mislead them on the outcome of his amendment during one of the worst economic downturns is nothing short of reckless.

  • TheProudDuck Newport Beach, CA
    Oct. 3, 2011 6:21 p.m.

    "So how are Republicans able to get middle-class people to vote against their own economic self-interest?"

    This is what logicians call "begging the question." Here, the question begged is the assumption (focus on the first three letters, please) that Democratic policies, in fact, benefit the middle class -- as opposed to specific Democratic constituencies. For some odd reason, the wonderful programs they propose always seem to phase out about ten bucks below whatever my own income happens to be. I'm starting to think they're using me as some kind of index.

    The taxes Democrats sell as intended for only "the rich," have a nasty habit of trickling down the brackets to bite the middle class. As quite a few people in high-cost-of-living states who contribute heavily to charity (that is, conservatives, who are as free with their own money as liberals are with others') find out when they first have to ask their tax planner "hey, what's this AMT thing?"

  • TheProudDuck Newport Beach, CA
    Oct. 3, 2011 6:13 p.m.

    For the record, I can't stand BofA, and switched to Wells long ago. The sooner the overleveraged, bailout-slurping zombie admits to its insolvency and is given a quiet burial, the better. Still, this made me smile:

    "Bank of America the nations largest bank has gone a second year in a row paying absolutely no federal corporate income taxes."

    Well, *yeah*. When you *lose* two billion dollars in 2010, you don't pay income taxes in 2010. Income taxes requires you earn, well, *income*.

  • TheProudDuck Newport Beach, CA
    Oct. 3, 2011 6:09 p.m.

    Re: "banks are making record profits" --

    Just to be clear, are you saying that bank profits are higher this year than they have ever been? In either constant or nominal dollars?

    And, being an honest man, you'd change your mind if someone were to show you that your opinions were based on mistaken facts?

  • TheProudDuck Newport Beach, CA
    Oct. 3, 2011 5:59 p.m.

    "Its infuriating to see bankers who were rescued by taxpayers now moan about regulations intended to prevent the next bail-out."

    Key word there is "intended." Because to a liberal, as long as your intentions are good, the unintended consequences don't matter.

    Every time there's an economic muck-up, there comes a whole new raft of regulations designed to make sure It Never Happens Again. Of course it never works. Business just finds all sorts of brave new ways of hashing things up, leaving the old regulations standing as monuments to futility.

    What do they say about generals always planning to fight the last war? Same thing.

    Case in point: The thumpingly expensive Sarbanes-Oxley legislation was passed after the dot-com bust. Yet here it came, right on the roughly seven-year boom/bust cycle that dates back to Joseph in flippin' Egypt -- a brand new bust that the anti-bust regulations enacted the last go-round had absolutely no effect on.

  • RedShirt USS Enterprise, UT
    Oct. 2, 2011 6:08 p.m.

    How dare those banks try and make a profit!! Their profit margins should be zero, and they should be taken over by the government!! (That is what all the liberals sound like so far)

    How about this. If you don't like a particular bank making a profit, DON'T get a bank account there or borrow money from them. Why do you liberals want government to make things better? All government will do is decide who they like the most and make them even bigger.

  • Christy Beaverton, OR
    Oct. 1, 2011 6:00 p.m.

    Its infuriating to see bankers who were rescued by taxpayers now moan about regulations intended to prevent the next bail-out. Does it feel right to anyone that the top 1 percent of Americans now possess a greater collective net worth than the entire bottom 90 percent?

    Who got bailed out? Not the tax-payers.

    Who pay taxes? Not Bank of America.

  • Nichiro-san Salt Lake City, UT
    Oct. 1, 2011 5:36 p.m.

    Bankers, Banking Lobbyists, and the Republicans who made this possible thank you for making them richer in these difficult days. It is easy to live an affluent lifestyle when your interests are protected and improved by conservatives who work to preserve their class.

    So how are Republicans able to get middle-class people to vote against their own economic self-interest? Why, it's the requirement to be "fair" towards rich people and get side-tracked by wedge social issues in an election.

  • one old man Ogden, UT
    Oct. 1, 2011 4:56 p.m.

    Brother Chuck -- please! It was Bush who bailed the banks.

    Sensible people will pull their money out of banks and deposit it in Credit Unions.

  • procuradorfiscal Tooele, UT
    Oct. 1, 2011 3:01 p.m.

    Re: "Bank of America the nations largest bank . . . will now charge you $60 a year to use your debit card. . . . It's outrageous. Talk about the final straw. Everyone who banks with them should close out their account."

    Hear, hear!

    If even 1% of its customers abandoned this bank in favor of a local credit union, not only would the policy change, but banks would be incentivized to engage in fewer monopolistic pricing policies and lobbying efforts seeking protections from the marketplace.

    But the very last thing we need is more expensive and sophomoric government regulation. That's what got us into the problem in the first place.

  • Christy Beaverton, OR
    Oct. 1, 2011 1:48 p.m.

    Bank of America the nations largest bank has gone a second year in a row paying absolutely no federal corporate income taxes. In fact, not only did the company use its losses to avoid paying taxes last year, but it actually reported a tax benefit of almost a billion dollars.

    They will now charge you $60 a year to use your debit card.

    Not only are they going to charge you for using your debit card, they now have a minimum checking acount balance you must meet or they charge a monthly fee ($12) as well. You have to keep $1500 daily balance and have at least one direct deposit of a minimum of $250 a month. You also have to keep a certain balance in savings or they are going to charge fees for that.

    It's outrageous. Talk about the final straw. Everyone who banks with them should close out their account.

  • Roland Kayser Cottonwood Heights, UT
    Oct. 1, 2011 11:40 a.m.

    Remember a few years ago when the bankruptcy laws were reformed to benefit the bankers? They said that would allow them to charge lower interest rates on credit cards. They lied.

  • Deborah Huntington, WV
    Oct. 1, 2011 11:20 a.m.

    "I believe that banking institutions are more dangerous to our liberties than standing armies.

    If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation; the banks and corporations that will grow up around the banks will deprive the people of all property untill their children will wake up homeless on the continent their fathers conquered.

    The issuing power should be taken from the banks and restored to the people, to whom it properly belongs."

    Thomas Jefferson

  • IndeMak South Jordan, UT
    Oct. 1, 2011 10:36 a.m.

    Close your bank account. Move to credit unions.

  • KamUte South Jordan, UT
    Oct. 1, 2011 10:35 a.m.

    Zions Bank is horrible about fees. Today I had to go into Zions to figure why they took in all the deposits except the largest one. The largest one was being held until Tuesday. No rhyme or reason. In the interim, not all funds will clear and then the bank will charge more fees. The company paid over 55 thousand in fees because of their practices. Currently taking 110%. All banks are getting more cruel.

  • Screwdriver Casa Grande, AZ
    Oct. 1, 2011 10:20 a.m.

    Poor banks, stop picking on them and make sure they can grow thier bottom line every quarter like we citizens enjoy.

    We the people are getting rich while the poor banks are struggling to get along in life. It's just not right, give a bank a fee to help them out in these tough times they are suffering through.

  • Brother Chuck Schroeder A Tropical Paradise USA, FL
    Oct. 1, 2011 9:45 a.m.

    First I'll quote: "Banking is likely to get a lot more expensive in the coming months. Already, the Bank of America, Wells Fargo and JPMorgan Chase have instituted fees for debit card transactions in some states. Industry analysts say consumers can expect the trend to expand and grow."

    Don't blame this on the Banks. First they got bail-outs from ObamaNation, when they did not need the money - followed up from that - for a "you give me this and I'll give you that" ObamaNation HOGWASH, from The Tea Party and GOP US House - came even MORE Banking de-regulation's - when most all these Banker's should of went to Prison when they did their con job, and, helped to crash America in 2008, in the Housing Market fold-up. Anong with the Koch Brother's, now you know who is wrecking our country.

    Yet ya'll keep re-electing them, because of the "R" after their title. When will ya'll ever learn?. (Other then, "anyone but Obama") mental blocking.

    It's time to really "clean house" in Washington DC come 2012.

    And re-build America "as we all knew it", one time in life before it ran wild with corruption and crooks.

  • Midvaliean MIDVALE, UT
    Oct. 1, 2011 9:16 a.m.

    America First Credit Union and Mountain America Credit Union are great institutions to use instead of a bank. Try it.

  • KM Cedar Hills, UT
    Oct. 1, 2011 9:01 a.m.

    Frank Dodd Durbin and others have done more damage to our country than enemies without could ever hope. The government banking complex is wrecking our country.

  • The Real Maverick Orem, UT
    Oct. 1, 2011 8:31 a.m.

    You people are nuts!

    Banks are making record profits!

    They're increasing their fees not to make up for any money lost, but to make even more money off us!

  • Hellooo Salt Lake City, UT
    Oct. 1, 2011 7:59 a.m.

    This is also the result of the government financed consolidation of the banking industry. Now there are fewer community and regional banks with a tie to their customers, and so the corporate heads just look at where they can grab a little more from their depositors who have fewer options in the monopolized banking industry.

  • Hutterite American Fork, UT
    Oct. 1, 2011 7:55 a.m.

    Price outbundling is evil. It started with the airlines, and now everybody has rock bottom 'prices' supplemented by surcharges, levies, rate riders, convenience charges, shipping and handling, security fees, county assessments, recovery taxes, you name it. Now banks are really getting on board, nickel and diming everyone.

  • Dektol Powell, OH
    Oct. 1, 2011 7:47 a.m.

    The Mafia is alive and well in the banking industry.

  • UTAH Bill Salt Lake City, UT
    Oct. 1, 2011 7:38 a.m.

    I tired of the fees my bank was charging and moved my accounts into my local credit union. I've calculated it saves me about $200 a year.

  • Blue Salt Lake City, UT
    Oct. 1, 2011 7:11 a.m.

    Now wait a minute.

    Banks pay depositors a fraction of a percent on their savings, but charge them 15% - 24% for credit card balances. They borrow money for themselves at rates so low their loans are virtually free, but charge customers with perfect credit 5% for a car loan.

    Bank profits are a record highs.

    And now this newspaper is using its editorial page to shill for banks and get some licks in for it's Tea Party version of American economics?


  • Esquire Springville, UT
    Oct. 1, 2011 6:54 a.m.

    Did Zions Bank write this editorial? It is so wrong, taking the view of an industry that took billions from taxpayers and then turns around to stiff the consumer. And to blame one Senator is astounding! What is wrong with you? This is unfettered propaganda, not a reasonable, well considered editorial from a newspaper that is supposed to be a voice of rational thinking in our society. I am truly appalled!