Banks Plan New Fees for Using Debit Cards

[Novaheart]

That is not APR either....those are the rates for short term loans, like 1 to 4 weeks...many payday and title loan stores were found to be charging triple digit APRs....500 to 900% APR was not uncommon.

I would not call payday loan stores "banks." You might, but I don't.

Here in Florida, Amscot started off as a payday loan or title loan place, and they have grown into a kind of bankers' pornography. They still loan money to coke heads at 2 am, but they also perform banking services to the poor or unbanked that traditional banks either won't perform, charge too much to perform, or turn up their nose at.

At Amscot you can go in there on Friday with your paycheck, sign over your check, get money orders for your rent, car payment, and utility bill, and leave with the rest in cash or on a debit card. It's pretty close to banking.

[Molon Labe]

I know, but the fact that I have to pay $ to access my own money is absurd.
.

this^

I think sometimes banks believe it's not your money. Not only are you screwed by the measley % in a savings account they give you to lend to other people....but everyday inflation makes that .01 % your earning on it negated.

[RobJohnson]

Here in Florida, Amscot started off as a payday loan or title loan place, and they have grown into a kind of bankers' pornography. They still loan money to coke heads at 2 am, but they also perform banking services to the poor or unbanked that traditional banks either won't perform, charge too much to perform, or turn up their nose at.

We all know banks want more 2 AM drug addicts as clients...

Bless their hearts for helping. So they are non-profit?



I agree they might make things easier for those that have fucked up banking relationships with real banks.

[Hawkgirl]

UPDATE:

BANK OF AMERICA has scrapped it's plan to charge a montly fee for the use of debit cards....hundreds of thousands of B of A account holders have switched over to their credit unions...with many more planning to....this in turn made B of A abandon it's plan...along with many other big banks like Citibank and Wells Fargo drop their's as well...so good to have competition where companies compete for YOUR business...


CAPITALISM....at it's finest...:D