BofA chief: We have a 'right to make a profit'

[Sixxxxer]

Your right, I use it bc i pay my bills online and it is convenient, but 5 years ago this shit was UNHEARD of...Now all the sudden they feel the need to charge you fee's? Why now? banks havent just been invented...It's greed and its shitty.

[Particle Man]

Originally Posted by Smittie61984

They're not charging you for access to your money. they are charging you for a service.

these days, you can even find stores that will either not accept cash without going through all sorts of hoops or they have ONE cash only line with everything else being electronic.

Again, they aren't charging me shit - I will continue going elsewhere. If other places follow suit, I'll go back to writing checks. I have no problem with writing a check to myself for cash and going to the bank. Not convenient but I'll still do it. I will laugh my ass off when the banks bitch about the administrative costs of handling checks.

Oh and by the way, they're using my money to make investments off of which they make their money when I make a deposit; basically, I'm allowing the bank to borrow my money. With the "charging for a service" logic, I should be within my rights then, to charge THEM a fee for providing THEM with a service.

Originally Posted by Homeslice

And giving you free checking, free auto-pay, free direct deposit, free ATM card.....

Consider it a continuation of the above logic - that's my service charge for allowing them to use my money.

[anthonyk]

Originally Posted by Particle Man

Oh and by the way, they're using my money to make investments off of which they make their money when I make a deposit; basically, I'm allowing the bank to borrow my money. With the "charging for a service" logic, I should be within my rights then, to charge THEM a fee for providing THEM with a service.



Consider it a continuation of the above logic - that's my service charge for allowing them to use my money.

I remember when you could actually get a meaningful interest rate with your checking account. Jeez, I feel old.

[Particle Man]

Originally Posted by anthonyk

I remember when you could actually get a meaningful interest rate with your checking account. Jeez, I feel old.

Same.

[Homeslice]

Originally Posted by anthonyk

I remember when you could actually get a meaningful interest rate with your checking account. Jeez, I feel old.

Blame Bernanke for that.

[Sixxxxer]

Originally Posted by Particle Man

these days, you can even find stores that will either not accept cash without going through all sorts of hoops or they have ONE cash only line with everything else being electronic.

Again, they aren't charging me shit - I will continue going elsewhere. If other places follow suit, I'll go back to writing checks. I have no problem with writing a check to myself for cash and going to the bank. Not convenient but I'll still do it. I will laugh my ass off when the banks bitch about the administrative costs of handling checks.

Oh and by the way, they're using my money to make investments off of which they make their money when I make a deposit; basically, I'm allowing the bank to borrow my money. With the "charging for a service" logic, I should be within my rights then, to charge THEM a fee for providing THEM with a service.



Consider it a continuation of the above logic - that's my service charge for allowing them to use my money.

Hit the Nail Right on the Head.

People think Good Banks arent making money?

[goof2]

I have one issue with the statement. They have a right to TRY to make a profit.

[Particle Man]

Originally Posted by goof2

I have one issue with the statement. They have a right to TRY to make a profit.

American sense of entitlement

[Sixxxxer]

Originally Posted by goof2

I have one issue with the statement. They have a right to TRY to make a profit.

Bank of America is not exactly hurting in the Profit department.

[goof2]

Originally Posted by Sixxxxer

Bank of America is not exactly hurting in the Profit department.

For now. Interest rates go up, ARMs reset, another wave of foreclosures hit, and they are right back in the bailout line. Most of the banks that are supposedly out of trouble are only safe as long as the Fed continues to ignore inflation.