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Banks set to punish the prudent
Tuesday, October 20, 2009
The banking industry is further endearing themselves to the American public by instituting a new policy - a pilot program beginning next year - to levy fees on credit card holders who pay their bills on time or don't spend enough. This USA Today story has the details:
Starting next year, Bank of America will charge a small number of customers an annual fee, ranging from $29 to $99. The bank has characterized the fee as experimental. But card holders who have never carried a balance or paid late fees could be among those affected.Like many of you, perhaps, I continue to doubt the conventional wisdom that, "Until the banking industry recovers, the U.S. economy won't recover".Citigroup, meanwhile, has started charging annual fees to card holders who don't put more than a specific amount on their cards, typically $2,400 a year. Other banks are charging inactivity fees if customers don't use their credit cards during a specific period of time. You heard that right: You could be spanked for staying out of debt.
These fees are the credit card industry's response to credit card legislation that will, among other things, restrict credit card issuers' ability to raise interest rates on existing balances. Credit card issuers are looking for ways to raise income before the new rules take effect in February.
To me, a more apt description is, "Please don't let the banking industry suck us all down the same hole they're trying to crawl out of".
22 comments:
as soon as my credit card debt is gone im never getting one again! it wasn't bad enough to fleece the taxpayers under a ruse of "bailing out" their industries and then taking that stolen money and paying out major bonuses, they want to take any additional money we've earned until we are all under the grinding poverty of debt the banking industry strives off of. tar and feathers isnt enough, break out the torches and pitchforks!!!
I don't even paying mine for almost a year. Screw them.
The banks, obviously, have no idea how to implement the "B" in their MBAs. I used to change banks every year. 12 years ago I moved to a Credit Union. I have never looked back.
Fine, banksters, go ahead and charge fees. I hope it feels good and gets you that Bentley you needed to have this quarter.
As you begin to charge me fees, I will begin to close my accounts. The expense of using your products cost more than the convenience is worth to me. That means no more skimming off the top of the merchants for you.
It may take five, ten, or twenty years for the economy to recover. When it does, the credit card offers will once again be be coming to those of us with good credit. Go ahead, waste your money marketing to me. The more the better. You have bought your last car with my money.
I'm in it for the long haul. Years from now, I will still remember how badly you behaved in 2009. I will remember how you chose next quarter's profits over our long term relationship. I will not forgive you, nor should I. You have lost a customer for life. I hope you can live with yourself later.
That's the game you want to play boys? No problem. Been weening myself off credit for over a year.
In about 3 months just a 5% fixed first mortgage. I can live on a no fee no BS card from my credit union. Hasta La Vista BOA, Chase and Citi. Growing some of my own food, Coop for the rest, running car on heating oil, Antenna for TV, good bye cable. Kiss my grits FiOS. No newspapers, eating out. Big items bought in no Sales Tax State. I've cut my discretionary by over 30% and still going. And we are doing just fine. Moving my dollars into Euros and buying gold. Paying cash or barter for most everything now. Kiss off big banks, who needs you...
Related - Kunstler on Goldman Sachs (http://kunstler.com/blog/2009/10/marching-toward-zombieland.html)
"It seems to me that conditions are ripening for a bloodbath. The kind of heinous acts that we have feared emanating from foreign "evildoers" since the awful stunt of 9/11/01 are now most likely to come from among our own "people" - a few pounds of Semtex in the lobby of Goldman Sachs's New York headquarters... a few men with market-grade small arms converted to full-automatic outside on the Wall Street sidewalk one evening at holiday time when the suits are leaving work for the day.... It won't take much."
The problem is if people don't "borrow" money, the system collapses. So c'mon Americans, be American, take one for the team and load up those credit cards! Or, start a revolution kick out the international bankers and their many supporters and TAKE BACK AMERICA.
The choice is yours. The road you are on now (like all countries) is a DEAD END. The banks will own everything.
Visit www.subvertednation.net to join with real Americans fighting to get their country back!
For you military and policemen out there, go to www.realoathkeepers.org
Its all up to you.
I've already moved to a credit union so no problem there. Also reccommend that if you can't pay off your credit card balances in full next month, don't pay at all, ever. Stop being a debt slave while the banksters rape you. If you owe more on your house than it's worth, find a home to rent, move, then don't pay another dime on your mortgage. Home prices will fall much further in many areas. Now that the stock market has had a nice rally and is ripe for a crash, sell all of your stocks and move into cash if you haven't already. And don't forget to vote out of office all incumbents next year that are still pandering to wall st. And of course don't forget to tell everyone you know to do the same.
I have been a customer of Bank of America for about 20 years now. Had four mortgages, auto loans, currently have checking account, savings account, and credit cards. Never carried a balance on my cards and always paid on time. If they try to stick me with a fee, I will close all my accounts and credit cards without giving them a chance to wave any of it. I will move everything I have with them to another bank and Never look back!
Read this and had to pick my jaw
up off the floor. Of all the low
down, cowardly,nasty, backstabbing
things Bank of America has done,
this tops them all!!!!!!!
Makes me soooooo glad I don't
have an account with them.
People if they do this, close
your accounts(ALL of them) and
take your business else where.
Like to a local bank or a credit
union. You don't have to take
any more of their stealing your
money to buy themselves a nice
new car or high priced furniture
or jewels for the wife or mistress.
This is complete and utter
bullshit!!!!!!!!!!!!!!
Where's the government antitrust enforcement? This is yet more evidence that the banks are too big. With more competition the banks could not do this.
These few huge banks need broken up, not only since they are too big to fail and a systemic risk, but because they are monopoly powers and smothering competition. The law of the land says to break up these monopoly powers.
Where is our stinkin, good for nothing, Congress and President on this? Why are they not enforcing antitrust laws? Our Congress and President are the pathetic pawns of Wall Street. The USA is not a democracy. It is a fascist corporate controlled state.
The Card Providers make 3-6% on each transaction from the Merchant.
They make money if you carry a balnce.
And now they want money just to issue you a card?
Why?
Unbelievable....I have already started moving my accounts to a credit union.The VISA card is set to go next from my current bank. I and my family are keeping a significant portion of our assets in precious metals as cash does not pay anything anymore. The banks and big government are taking over and I'm doing everything I can to assert control over my assets B4 the Goldman Sachs of the world suck everything up. I can't believe there is no public outrage.....perhaps not enough people understand how the fractional reserve banking system works or are paying attention.I've even started conducting more of my affairs in the underground economy as it gives me great satisfaction to ensure government and banks don't benefit from me. I guess that's the moral hazard everyone refers to when they take the incentive out of the system to play by the rules.I think we are at the "every man for himself" stage.Good Luck.
I'm so very proud of my fellow citizen/patriots who have commented here.
As I was driving from my banks today I reflected upon how I can decrease my business with them and put them out of business.
We have been sold this credit score bullshit for a long time and have used credit cards and bank accounts for profit centers for those blood sucking vampires who used to help us.
My idea from a few days ago has been circulating in the ether and I notice I am not alone.
Yes indeed, we can limit our deposits and change our banking habits while driving the banks OUT of BUSINESS ! What favors have they really done for you lately?
There are usury laws in New York for example that prohibited Banks or Lending institutions to charge more than 15% interest. So these crooks had moved their Credit card Operations to South Dakota where they had no such a laws! South Dakota evidently was not known as the Financial Capitol of America and didn't have any restriction of these Banksters so there they can charge as much interest as they liked~!
And our Supreme Court upheld that if the Bank is located in South Dakota and the Credit Card holder is in New York, the governing law that's applicable will be the law of the State where the Credit Card company is physically located, namely the laws of South Dakota and not New York State law........
Thats why all these bastards are Headquartered in where else? South Dakota..........where there are no restriction on SHYLOCK PRACTICES...
Whoever makes the rules is the winner. BofA and the rest of their ilk are clearly the winners. The sad thing about this, we Americans have very short memories of how the banks will have treated us once the crisis passes and the economy begins to gain strength. We will be out their running amok in wanting to do business with these banksters. The cycle starts again ....
Please, when will we drag the bankers, the Fed, SecTreas, and the SEC into the street and engage them in an enhanced demonstration (just like enhanced interrogation but without any questions being asked) of our anger and disgust?
The answer:
Credit Unions
They are everywhere and nearly everyone can join.
I have been with a CU for nearly 20years (in each of the 5 different places I have lived), and they all have offered excellent, personal service.
It is up to each of us to affect the change. Refuse to be a slave to the banks that don't give a sh!$ about you anyway!
Come to think of it, I've been with the same credit union for 25 years and have always wondered why others bother with any of the big banks since I think just about anyone can be part of a credit union these days.
This "carrot and the stick" process is all part of leading people back to precious metal based money. The challenge of liquidity has been overcome thanks to the up-pegging and the digitizing of tiny weights that can now carry large trade values.
The established powers are cast in the role of the stick and are fobidden from using the carrot for the sake of slow transition, which is critical.
Good Going Everyone, I stopped using US Banks several years ago. Made a special trip to Canada to open an online banking account there. Use only Credit Union locally, Gold/Silver, Charles Schwab. Couldn't be happier. Will never do business with a US bank ever again. sarge
i just got one of those notices from b of a last week. wanted to start charging me $49/year for the priviledge of having their name on my credit card. called them immediately and cancelled it.
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