#2419097 - 06/16/11 11:24 AM
New Bank regs stink! So tired of the government
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Jer
8 Point
Registered: 11/25/07
Posts: 2046
Loc: Old Hickory, TN
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So I just got my real estate license, (anyone looking to buy or sell let me know! :)), and I wanted to open a new checking account to help keep track of my expenses. I use First Tennessee and my wife and I already have a couple of free checking accounts and savings accounts. Well now with all the new regs for overdrafts FT doesn't offer a free basic checking you have to have a direct deposit of pay a six dollar monthly fee.
This is the kicker. There is a new Fed reg that if you make more than six withdrawals from your savings account your bank has to send you a warning letter to let you know that you are only allowed to have six withdrawals a month and if you keep it up, since you are not using your account as a "savings" account, your bank has to convert your savings account to a checking account!
The 6 withdrawal limit only counts for ATM and online banking transfers. If you call the bank and do a transfer over the phone it does not count.
It is not any of the federal governments [censored] business how I use my savings account. Man I was hot. Can you say we have an overreaching government?!!??!?!
_________________________
Laws that forbid the carrying of arms disarm only those who are neither inclined nor determined to commit crimes. Such laws make things worse for the assaulted and better for the assailants. - TJ
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#2419099 - 06/16/11 11:28 AM
Re: New Bank regs stink! So tired of the government
[Re: Jer]
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TAFKAP
12 Point
Registered: 11/06/09
Posts: 7005
Loc: Memphis
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GO WITH A LOCAL BANK!
Make sure they have an agreement with a big bank for free use of their ATM's, and you should never have to worry again.
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Everything important in life was learned from Mary Jo Kopechne.
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#2419101 - 06/16/11 11:34 AM
Re: New Bank regs stink! So tired of the government
[Re: TAFKAP]
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eightpointer
14 Point
Registered: 08/17/02
Posts: 7888
Loc: Birchwood, TN
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I'll be honest here...I think all these new fees and charges that banks and insurance companies and credt card companies are charging...well they can blame them all day long on the Govt. but many of these are just a fee these money hungry guys are wanting to charge us and laying blame on someone else.
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#2419113 - 06/16/11 11:51 AM
Re: New Bank regs stink! So tired of the government
[Re: eightpointer]
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Crappie Luck
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Registered: 01/29/03
Posts: 56268
Loc: Smith Co.
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I'll be honest here...I think all these new fees and charges that banks and insurance companies and credt card companies are charging...well they can blame them all day long on the Govt. but many of these are just a fee these money hungry guys are wanting to charge us and laying blame on someone else.
That's exactly what they hoped you would say. Now people will want the govt. to step in and regulate that TOO.
Wow, I can't imagine how this WOULDN"T help the economy and the banks willingness to lend 
_________________________
Compromise is surrender on an installment plan
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#2419123 - 06/16/11 12:08 PM
Re: New Bank regs stink! So tired of the government
[Re: Crappie Luck]
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smstone22
16 Point
Registered: 01/11/04
Posts: 16323
Loc: Allardt, TN
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The government is taking over banks. My Dad gets more mad over it every week. Banks really dont run themselves anymore, the governement tells them what they will or wont do.
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- Fentress Roots 200 years and growing
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#2419168 - 06/16/11 12:54 PM
Re: New Bank regs stink! So tired of the government
[Re: Crappie Luck]
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Jer
8 Point
Registered: 11/25/07
Posts: 2046
Loc: Old Hickory, TN
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I'll be honest here...I think all these new fees and charges that banks and insurance companies and credt card companies are charging...well they can blame them all day long on the Govt. but many of these are just a fee these money hungry guys are wanting to charge us and laying blame on someone else. That's exactly what they hoped you would say. Now people will want the govt. to step in and regulate that TOO. Wow, I can't imagine how this WOULDN"T help the economy and the banks willingness to lend
Yup then there will be a new reg because of an old reg...The problem is there wasn't fees before! now there are new fees because the fed took away a way that banks made money...
If people are irresponsible and get charged and responsible people get free accounts because of the fees I am fine with that…
_________________________
Laws that forbid the carrying of arms disarm only those who are neither inclined nor determined to commit crimes. Such laws make things worse for the assaulted and better for the assailants. - TJ
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#2419173 - 06/16/11 01:01 PM
Re: New Bank regs stink! So tired of the government
[Re: smstone22]
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preds1
10 Point
Registered: 10/16/09
Posts: 4546
Loc: Sumner County
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The government is taking over banks. My Dad gets more mad over it every week. Banks really dont run themselves anymore, the governement tells them what they will or wont do.
Yep. Same deal with insurance. Single coverage for my 14 yr. old niece doubled when they had to change providers. Same coverage, but all because of compliance with new regulations.
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#2419364 - 06/16/11 05:36 PM
Re: New Bank regs stink! So tired of the government
[Re: smstone22]
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elauwit
14 Point
Registered: 12/01/07
Posts: 8256
Loc: Near Bull Run
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credit unions are better than banks. don't fee you to death.
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#2420367 - 06/17/11 08:33 PM
Re: New Bank regs stink! So tired of the government
[Re: elauwit]
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litilman
6 Point
Registered: 05/11/09
Posts: 757
Loc: North Al
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I work at a larger bank. With that being said, here is the deal. The government has now passed a bill called the durbin amendment. In this bill the government felt it necessary to try and save the consumer money by regulating the charges banks get with the swipe of a debit card. The old"normal" charges, the consumer didn't see because it was built into the transaction at the retailers. Well, they dropped the limits banks can charge from $0.44 per transaction to $0.12 per transaction.
The problem with this is that the retailers have already said they are NOT going to reduce their prices by this amount. So, the consumeris not going to save, the banks lose, and the retailers win.
So, now that this has happened, the ba are losing big money. To give you an example, a larger bank will lose anywhere between 200 and 900 million dollars, depending on size, Because of this amendment.
Another point that has been rolled around, this amendment only effects banks with over 10 billion in assets. The smaller banks will maintain their charges. If this happens, large retailers have mentioned not taking their cards, since they are paying over 3 times the rate for a debit card purchase compared to the affected banks.
Housed, government intervention sounds good, until it happens. I remember that old quote, "it's not their problem, until it's their problem".
That it what we are going to see in the coming months as free checking is going to be phased out in most banks. You will have, I would say, the ability to "earn" free checking, but it will not be a no questions asked deal anymore.
Any questions, just ask.
Edited by litilman (06/17/11 08:34 PM)
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Inspect what you Expect.
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#2420371 - 06/17/11 08:35 PM
Re: New Bank regs stink! So tired of the government
[Re: litilman]
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litilman
6 Point
Registered: 05/11/09
Posts: 757
Loc: North Al
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The loss of 200 to 900 is a loss of revenue, not profit.
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Inspect what you Expect.
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#2420384 - 06/17/11 08:57 PM
Re: New Bank regs stink! So tired of the government
[Re: litilman]
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Wildcat
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Registered: 06/10/00
Posts: 39171
Loc: Western Ky.
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litilman,
Thank you for your honest answer.
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A Government that does not trust its law abiding citizens to keep and bear arms, is itself unworthy of trust..... - James Madison
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#2420452 - 06/17/11 10:32 PM
Re: New Bank regs stink! So tired of the government
[Re: Wildcat]
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litilman
6 Point
Registered: 05/11/09
Posts: 757
Loc: North Al
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No prob. I just think everyone needs to understand what is happening to us as business people and citizens.
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Inspect what you Expect.
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#2420473 - 06/17/11 11:53 PM
Re: New Bank regs stink! So tired of the government
[Re: litilman]
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Crappie Luck
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Registered: 01/29/03
Posts: 56268
Loc: Smith Co.
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I appreciate your info, litilman.
But the truth is, most people don't want to hear what REALLY happens.
They just want to cheer when politicians stick it to 'Fat cat bankers", then blame capitalism and "Greed" when the new costs and regulations cost them money, jobs and/or their home.
It's an aggressive ignorance and it's eating this country like cancer.
_________________________
Compromise is surrender on an installment plan
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#2420484 - 06/18/11 12:51 AM
Re: New Bank regs stink! So tired of the government
[Re: Crappie Luck]
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MsuFinProf
8 Point
Registered: 04/16/04
Posts: 1444
Loc: Murray, KY
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Good answer Litilman...very well explained. I am currently in Cyprus teaching a graduate banking class. One thing we will do is compare the Cypriot banking system, the Greek banking system, and the U.S. banking system. They are much alike in some ways and worlds apart in other ways.
I just left Greece and things are a real mess there...and the Cypriot banks are very worried because many of them have invested heavily in Greek bonds. I will have the President of the Bank of Cyprus (Retail Banking) speak to my class Wednesday night and am looking forward to his take on some of the new regulations and hot topics in the banking industry.
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Best of all he loved the fall
The leaves yellow on the cottonwoods
Leaves floating on the trout streams
And above the hills
The high blue windless skies
Now he will be a part of them forever
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#2420493 - 06/18/11 05:46 AM
Re: New Bank regs stink! So tired of the government
[Re: eightpointer]
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BMan
14 Point
Registered: 02/06/06
Posts: 8968
Loc: Middle TN
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I'll be honest here...I think all these new fees and charges that banks and insurance companies and credt card companies are charging...well they can blame them all day long on the Govt. but many of these are just a fee these money hungry guys are wanting to charge us and laying blame on someone else.
Banks are for-profit entities, and they should be expected to take actions to make a profit. It's what their stockholders expect.
The government is trying to deflect attention and blame from themselves and onto these for-profit entities, with the end goal of either regulating them to death or nationalizing them at some point.
As litlman's post points out, the unexpected consequences of Congress' actions will have a further, costlier effect than before.
"We're from the government, and we're here to help screw you."
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Rules are for people who lose fights.
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#2420497 - 06/18/11 06:21 AM
Re: New Bank regs stink! So tired of the government
[Re: Crappie Luck]
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Wildcat
Non-Typical
Registered: 06/10/00
Posts: 39171
Loc: Western Ky.
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I appreciate your info, litilman.
But the truth is, most people don't want to hear what REALLY happens.
They just want to cheer when politicians stick it to 'Fat cat bankers", then blame capitalism and "Greed" when the new costs and regulations cost them money, jobs and/or their home.
It's an aggressive ignorance and it's eating this country like cancer.
You nailed it.
People want to blame someone else and want someone else to pay. They do NOT want to understand the truth. They are happy in their ignorance.
_________________________
A Government that does not trust its law abiding citizens to keep and bear arms, is itself unworthy of trust..... - James Madison
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#2420541 - 06/18/11 07:41 AM
Re: New Bank regs stink! So tired of the government
[Re: Wildcat]
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Bottom Hunter
16 Point
Registered: 12/29/06
Posts: 15550
Loc: Hatchie Bottoms
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I appreciate your info, litilman.
But the truth is, most people don't want to hear what REALLY happens.
They just want to cheer when politicians stick it to 'Fat cat bankers", then blame capitalism and "Greed" when the new costs and regulations cost them money, jobs and/or their home.
It's an aggressive ignorance and it's eating this country like cancer. You nailed it. People want to blame someone else and want someone else to pay. They do NOT want to understand the truth. They are happy in their ignorance.
This statement can be made about most every aspect of our everyday life in this country, personal and business related.
Blinders come in all colors and sizes....
"YOU CAN'T HANDLE THE TRUTH".
_________________________
There are some people who always seem angry and continuously look for conflict.
Walk away; the battle they are fighting is not with you, but with themselves.
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#2420910 - 06/18/11 07:07 PM
Re: New Bank regs stink! So tired of the government
[Re: Bottom Hunter]
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Wildcat
Non-Typical
Registered: 06/10/00
Posts: 39171
Loc: Western Ky.
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I appreciate your info, litilman.
But the truth is, most people don't want to hear what REALLY happens.
They just want to cheer when politicians stick it to 'Fat cat bankers", then blame capitalism and "Greed" when the new costs and regulations cost them money, jobs and/or their home.
It's an aggressive ignorance and it's eating this country like cancer. You nailed it. People want to blame someone else and want someone else to pay. They do NOT want to understand the truth. They are happy in their ignorance. This statement can be made about most every aspect of our everyday life in this country, personal and business related. Blinders come in all colors and sizes.... "YOU CAN'T HANDLE THE TRUTH".
You've been watching too many Jack Nicholson movies.
Some people don't want the truth nor will they research for the truth themselves, they only want to believe in something like Santa Claus, the Tooth Fairy, etc as long as someone else pays for it. As long as someone says what they WANT to hear they will buy into that.
Here's another example. It's a proven fact that smoking causes cancer but there are some people that REFUSE to see that because they don't want to.
_________________________
A Government that does not trust its law abiding citizens to keep and bear arms, is itself unworthy of trust..... - James Madison
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