Let’ get real, really. Don’t spend money you don’t have. We must stop perpetuating this mindset that we can spend money that we do not actually have. This kind of behavior has led to risky trading, credit default swaps and other financial trickery that has only just had the light turned on it and IT STILL benefits those who STILL have all the cards stacked against us. REMEMBER we still have how many unemployed? 12 million? Last count for February another -36,000, and you want to perpetuate the army of those that work for financial institutions who will DO MORE HARM than good for the country? Do not listen to this crap, do not let financial lackeys try to confuse you.

Why is it that once a profit is generated (no matter how temporary or “one time” it might be), it must be maintained?

This smacks to me of the same kind of hubris that so many claim exist for entitlement programs the government administers.

Are businesses entitled to continue to take money from me just because they got away with an unethical naked grab previously?

Of is this OK because, in the stacked deck “free market,” it’s “dog eat dog” and “screw you if you’re not lucky enough to be me”? I’m sick of this “profits must be recovered” mentality.

I use a small local bank for my checking. The fees are really low, and the checking is free. I mean, they don’t even charge me ATM fees for using other banks’ ATMs (although the other bank might charge).

How is it that they manage to stay in business? Is it maybe because they don’t have executives getting billion-dollar year-end bonuses and salary packages?

I have to say I’m kind of dubious of the claims of a lot of these big banks crying poor.

“Totally” free checking is already pretty much history, but “mostly” free checking has taken its place. The new standard is another example of how the people who can most afford the service pay almost nothing for it.

For example at my bank a low minimum balance gets you everything except free checks, and who writes checks any more except people who can’t get a credit card or handle the responsibility of a debit card?

Unfortunately the people who pay overdraft fees will probably never be able to manage a minimum balance, and will one way or another continue to subsidize my “free” checking.

It’s always bothered me that the bank has so many conflicts of interest in this arena: - The bank shouldn’t want customers to use overdraft, - yet, they charge such high fees that they want me to overdraft my account, and - to make the fees as high as possible they have historically applied the highest debit first, resulting in more fees.

I’m glad that BoA will now be denying debit purchases if the cash isn’t there.

Kudos for this common sense move, but the reality is that B of A made this decision only AFTER they were backed into a corner. I am an avid fan of free markets but only when there is sufficient competition to make it so.

With so many industries consolidating and creating TBTF (Too Big To Fail) companies that not only create more systemic risk but drive prices up I think its time we accept the necessary role of government in business. Either government needs to promote competition by preventing consolidation under the false promise of “lower prices for consumers” or protect consumers from larger TBTF companies that assert themselves at the expense of market stability, jobs and prices with little resistance.

Scott - I think you have written about overdraft fees in a prior post or two. Can you provide a link to the previous post(s)? Thanks

As someone who works for one of the big banks..not BoA..I know that this is going to be a problem for them as I heard earlier that when making an ATM withdrawal that may cause them to overdraft, customers will be prompted to either cancel or continue with the transaction and accept a $35 OD fee.

1)Clients will accept it then call and ask to speak to a supervisor’s supervisor to have it waive,which if BoA was smart they wouldn’t waive.

2)The same people rejoicing about no fees will be pissed when their cards are being declined and they’re publicly embarrassed and will still call ready to bite someone’s head off.

It’s a lose-lose situation and to be honest as the writer stated, the people who OD often are the bums of banks and are of no value as customers.

Why does everything have to be taken to an extreme when all we wanted was fairness and reasonableness. The problem was not people who deserved an overdraft fee getting charged. It was people who didn’t deserve the fee.

Like banks holding up deposits until all the debits were processed. Like when people make a deposit after closing time at the ATM, have a receipt in hand for the deposit and made a debit 2 days after the receipt date and incurred an overdraft fee. You don’t get credit for the ATM deposit for overdraft purposes until the company that services the ATM takes it out of the machine and turns it over to the bank. You get your deposit quicker if you wait until the next day when the bank is open. Or the bank software which calculated the order of transactions in order to maximize fees.

That was all that we the people wanted fixed. Instead the bureaucrats used a nuclear option instead of a surgical strike and started a major war where now we all suffer. Are we the people being taught a lesson, to never ask for fairness and ethics or it will be hell to pay. Better to just to accept corruption and thievery as it is now than to right one wrong and cause total oppression.

Want to really make an impact on banking abuses? Move to a credit union. Quit thinking about it, talking about it, threatening to do it, whatever… and just do it.

Really? So To deal with your ridiculously high fee, instead of lowering the fee to $5 or even $10 you just eliminate the service altogether - how thoughtful of you BigBankX. But it’s ok - I’ve only ever needed 0-2 times ever. What’s that you say? You’re going to make me pay a small monthly fee of (for my purpose, not real)$3 for my checking - $36/year…so now I will pay more per year just to have checking, then if I accidently overspend once a year…

Obviously I don’t know if/what they will charge, but I’ve already received a notice for another bigbank credit card stating I will now have a $60 annual fee just for being such a loyal customer - i can only imagine the creative and amazing things they will do in the future to get around the new regulations. Meanwhile, the community banks and credit unions, who already avoided these abusive and deceptive practices will continue to struggle.

Either way do yourselves a favor and move your money to a local financial institution.