Jobless hit with bank fees on benefits

Jobless hit with bank fees on benefits

There are 16 comments on the www.toledofreepress.com story from Feb 21, 2009, titled Jobless hit with bank fees on benefits. In it, www.toledofreepress.com reports that:

For hundreds of thousands of workers losing their jobs during the recession, there's a new twist to their financial pain: Even as they're collecting unemployment benefits, they're paying bank fees just to get ...

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“EDITOR : Coffeyville Ks.”

Since: Dec 06

Coffeyville Ks.

#1 Feb 21, 2009
Hey > It's not local news. ok I know ! But isn't this recession a crying shame for those on unemployment, having to pay to use their debit cards to pay bills.????

It's bad enough We care alot about our banks being robbed. But why are they robbing us?????

Even if some of us are collecting unemployment benefits and having to pay in on taxes, they're paying bank fees on a service they don't want... what choice do we have here ?????....

This recession has a new twist to the unemployed financial pain:.... The banks are collecting from those when the chips are down all around.......

It's a crying Shame>> !!!!!

“EDITOR : Coffeyville Ks.”

Since: Dec 06

Coffeyville Ks.

#2 Feb 27, 2009
The proven fact could be in your next bank statement, you may find hidden bank fees and even double charges from your ATM and Debit cards.

Bank of America and Citi bank, are using your Money to pay for their mistakes.
Rusira

Naples, FL

#3 Sep 25, 2012
Citibank charges a $10/account fee if you don't schedule a bill pay AND have a direct deposit for each month. I understand that they need to maximise revenue and with an income of unemployment only, this may not be profitable for them but it is a form of gouging.
Beaner

Coffeyville, KS

#4 Sep 25, 2012
Rusira wrote:
Citibank charges a $10/account fee if you don't schedule a bill pay AND have a direct deposit for each month. I understand that they need to maximise revenue and with an income of unemployment only, this may not be profitable for them but it is a form of gouging.
I think everyone is finally getting the message which is: In this prevalent form of bastardized capitalism we live in, if you do not profit the wealthy, they don't care. Get used to it.

“Voters elect Big Bird”

Since: Jan 07

Dump American Eagle

#5 Sep 25, 2012
Rusira wrote:
Citibank charges a $10/account fee if you don't schedule a bill pay AND have a direct deposit for each month. I understand that they need to maximise revenue and with an income of unemployment only, this may not be profitable for them but it is a form of gouging.
odd/Frank regulations ended many of the traditional ways banks USED to make profit. So they got creative and started doing all these little "fees" they never used before. But think about it. All these little transactions cost the banks to perform. Someone has to enter them into the system or monitor the accounting systems that does. Then there are the bank to bank transactions customers make,ATM costs,dozens of little things we never gave a thought before Dodd/Frank was passed,supposedly to "improve" banking for customers and keep costs down. Right...... More proof of liberalism ignorance.
The Fixer

Mexico

#6 Sep 26, 2012
Yeah, but too bad the fees they charge per customer are about 1000% actual cost. The actual costs on these transactions are in the 1/10th a penny range, yet they charge everyone upwards 10 dollars for the transaction, or to maintain an account.

It was this reason why it was so easy for the banks to offer 'FREE' checking in the first place, as the costs of maintaining a checking account were negligable, and it brought the customers in for actual money making services.

No, the banks are attempting to 'rob Peter to pay Paul'... Instead of creating new services that customers actually WANT to pay for, they instead just start charging for things that used to be free.

It's a short sighted, stupid, and lazy action, as 'inventing' requires thought and effort, but charging MORE for something that doesn't cost much is easy.

Mojo Nixon said it best, "I hate banks..."

“Voters elect Big Bird”

Since: Jan 07

Dump American Eagle

#7 Sep 26, 2012
The Fixer wrote:
Yeah, but too bad the fees they charge per customer are about 1000% actual cost. The actual costs on these transactions are in the 1/10th a penny range, yet they charge everyone upwards 10 dollars for the transaction, or to maintain an account.
It was this reason why it was so easy for the banks to offer 'FREE' checking in the first place, as the costs of maintaining a checking account were negligable, and it brought the customers in for actual money making services.
No, the banks are attempting to 'rob Peter to pay Paul'... Instead of creating new services that customers actually WANT to pay for, they instead just start charging for things that used to be free.
It's a short sighted, stupid, and lazy action, as 'inventing' requires thought and effort, but charging MORE for something that doesn't cost much is easy.
Mojo Nixon said it best, "I hate banks..."
Chalk it up to the cost of doing business in a post anti-bank regulatory world. When politicians demonize banks and get in their business it is easy for the public to hate banks. But folks forget,a bank's JOB is to MAKE money.
The Fixer

Warren, NJ

#9 Sep 28, 2012
PUH-LEASE! You're blaming the fact that the banks acted so goddamned irresponsibly, criminally stupidly, and with nothing but SHORT TERM greed as a motivator that the government HAD to step up and attempt to get them under control, on the government?

No one forgets the ultimate goal of a bank is to earn an HONEST profit, but the hyper-capitalists seem to forget about the HONEST part.

Every day, EVERY GODDAMNED DAY, a new article about bankers, traders, financiers, et al comes out showing how they rig the system against the common man, or out right cheat, steal, lie and generally 'shit the bed' when it comes to being RESPONSIBLE, ETHICAL, and HONEST.

If any bank would JUST provide an HONEST service, the 'profit' would take care of itself. Yeah, maybe not the obscene trillions of dollars per hour profits, but it would STILL be a positive cash flow AND they wouldn't have to worry about being fined, or being the cause of world wide economic apocolypse.

“Voters elect Big Bird”

Since: Jan 07

Dump American Eagle

#10 Sep 28, 2012
The Fixer wrote:
PUH-LEASE! You're blaming the fact that the banks acted so goddamned irresponsibly, criminally stupidly, and with nothing but SHORT TERM greed as a motivator that the government HAD to step up and attempt to get them under control, on the government?
No one forgets the ultimate goal of a bank is to earn an HONEST profit, but the hyper-capitalists seem to forget about the HONEST part.
Every day, EVERY GODDAMNED DAY, a new article about bankers, traders, financiers, et al comes out showing how they rig the system against the common man, or out right cheat, steal, lie and generally 'shit the bed' when it comes to being RESPONSIBLE, ETHICAL, and HONEST.
If any bank would JUST provide an HONEST service, the 'profit' would take care of itself. Yeah, maybe not the obscene trillions of dollars per hour profits, but it would STILL be a positive cash flow AND they wouldn't have to worry about being fined, or being the cause of world wide economic apocolypse.
My suggestion.... Start your OWN bank. One that would be FAIR to the customer.
Beaner

Coffeyville, KS

#11 Sep 29, 2012
okimar wrote:
<quoted text>My suggestion.... Start your OWN bank. One that would be FAIR to the customer.
Yeah, I hear Pay Day Loans is good. lol
The Fixer

New York, NY

#13 Oct 1, 2012
Would that I could start my own bank, however, it's not neccessary. There are quite a few smaller, local banks and credit unions that do the job quite nicely, without finding it neccessary to over charge for every little thing.

These smaller financial institutions are operating under the same laws the big banks are, are typically even under more scrutiny than the big banks (because a small bank doesn't have the political pull to receive as much 'free money' from the government and therefore have a much smaller safety net, if any, then the Citi's and BoA's do), and they're doing it a smaller cost to the customer.

As long as you're not attempting to flush millions in and out regularly, these small banks and credit unions are actually safer than the big banks.

Just less convenient when it comes to traveling and such...
Pamela

Citrus Heights, CA

#14 Oct 1, 2012
okimar wrote:
<quoted text>My suggestion.... Start your OWN bank. One that would be FAIR to the customer.
There's no way to do that. Over the years the banks bought up one another until there are only six banks, mega banks, so they are toooooo big to fail. So we have just six banks running the entire U.S. financial sector, so those six banks are in bed with the Federal Reserve. Wonder what happened to the bad mortgages those big six banks still had on their books?? QE1, QE2, QE3, QE forever, like the Fed just said it will do. The bad loans were transferred from the people to the banks and now to the country, it's now being bought up by the government. Soon enough the U.S. will collapse from the debts. This is why even the bankers are now saying they need to break the banks up and not let them deal in every aspect of finance and not be so large. When they get so large that if they go under the country goes under, then it turned into socialism, where the government had to save them. If they were all small banks and some of them went under, it would not have been a big problem.
Pamela

Citrus Heights, CA

#15 Oct 1, 2012
The bankers liked capitalism until the mega banks went under. Then, suddenly they believed in socialism. Same thing with the car companies. Notice how when capitalism failed them, they turned right to socialism to save them. Same as the tea party all living on government money and on government medicare. They ALL love socialism.
Citi Worker

Commack, NY

#16 Oct 1, 2012
There used to be this cartoon like character at Citi, he called himself Cash, probably real name Gertrude. Does anyone know if he is still around? If so, you have to get on a conference call with this guy. Better than watching Letterman. Enjoy!
Funny

Coffeyville, KS

#17 Oct 2, 2012
Banking is not a right. Stop using the Banks. Take all your money from your card in one swoop and minimize the fee. Keep your cash under your matress, In mason jars behind your house, there are no fees for that? I know they are charging for things that used to be free. But you always have a choice. Shop around dont use the big banks. Mabey a credit union, Condon bank has free checking. Dont just cry about it use your brain and do something, anything but just accepting it.

Since: Sep 12

Coffeyville, KS

#18 Oct 2, 2012
Funny wrote:
Banking is not a right. Stop using the Banks. Take all your money from your card in one swoop and minimize the fee. Keep your cash under your matress, In mason jars behind your house, there are no fees for that? I know they are charging for things that used to be free. But you always have a choice. Shop around dont use the big banks. Mabey a credit union, Condon bank has free checking. Dont just cry about it use your brain and do something, anything but just accepting it.
Federal National Bank on 11th is another good bank. I canceled Bank of America several years ago when they would not allow a flag BE PUT ON their building. Because of this and their fees for everything i dropped them. The lady ask why. I told her what happened. She said Sir, this problem has been taken care of. I told her it should of never happened in the first place. I told her to cancel my bank account and give me my money.

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