Retreat on bank fees

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  • VIDAR Murray, UT
    Nov. 3, 2011 1:15 p.m.

    RE: RanchHand | 7:27 a.m. Nov. 3, 2011

    I agree that people should move their money out of banks, the problem of course is the banks then turn around, and get the money via our US congress, in the form of bailouts.
    Apparently, bad business decisions do not effect banks, we all get to bail them out, when everyone goes elsewhere.
    I wonder if the banks will push again to tax credit unions this year in utah.
    They argue "its for the school children" they do not seem to care about the children that lose their homes during foreclosure.
    hopefully this is not the year it finally goes through.
    The way our Utah legislator has been acting lately, I worry it will.
    Not like there will be any consequences to them, utahns will re-elect them as long as they have the R in front of their name.

  • The Real Maverick Orem, UT
    Nov. 3, 2011 11:45 a.m.

    This is exactly what OWS protesters are protesting. Banks aren't charging these fees to survive. They're charging these fees to gouge. To further fill their CEO's already overfilling pockets.

    One of the cures to this greed? Move your business elsewhere.

    Unfortunately, this solution cannot be used in all aspects of life. Ever tried to move your business to a different energy company in Utah? Yeah.... Good luck!

  • RanchHand Huntsville, UT
    Nov. 3, 2011 7:27 a.m.


    I switch to a Credit Union nearly 30 years ago when First Security Bank began charging a monthly service fee on my checking account on top of the .35 cent per check charge.

    The more customers leave, the sooner the banks will scour the wax out of their ears.

  • RanchHand Huntsville, UT
    Nov. 3, 2011 7:24 a.m.

    "Analysts say the banks will inevitably try to make up those losses but in craftier and less visible ways that won't arouse consumer outrage."


    No doubt. Profits at all costs. Exhorbitant profits at any costs.

    There is nothing wrong with making a decent profit, but these days, profits are obscene and the only people to benefit are those at the very top of the pyramid.

  • Screwdriver Casa Grande, AZ
    Nov. 3, 2011 5:46 a.m.

    What bothers me the most is that all the banks were going to follow this AT THE SAME TIME! They didn't make independednt decisions to charge this $5 fee.

    Instead of trying to get more customers by NOT implementing this just because fee and earn the money they all just decided they would give us nowhere to go and all charge the same fees that obviously they don't want to be alone in doing.

    When the banks all act together it's just as bad as price fixing colusion. I've allready moved my direct deposit to a credit union. Long time in comming.

  • spring street SALT LAKE CITY, UT
    Nov. 3, 2011 12:11 a.m.

    Poor banks - instead of making 1000% profit on the cost of processing a debit card transaction, they will only be able to make between 320% and 425% profit!

    The horror!