Banks are starting to charge us to bail them out!

Thanks for the heads up. I guess if they start charging me for any checking services they can find themselve a new customer, as I will certainly find a new bank!

Our bank now charges $37 for a bounced check - up to three times for the same check. It's $37 when the check is first presented. If you haven't brought the account current within 3 days, it's another $37 and the check is returned. If the check is presented again, it's ANOTHER $37. Last year, my roommate suffered a stroke and one of the effects of the stroke was a lowering of inhibition about money affairs. Before I knew what he was up to, his bank account was nearly $2500 in the hole - and nearly $1800 of it was in overdraft fees! I managed to get them to waive most of the overdraft fees and we did manage to catch up, but it took us months and his credit is irrevocably affected. Not too long ago, there was a bill or set of regulations floated that would have required banks and lending agencies to state all their fees in simple, layman's terms and display them prominently on their web sites, in billing and statements and in brochures. Three guesses what happened to that bill when it was opened for public comment. In a nutshell, the banking industry and related industries freaked out about "additional regulations" and what a heavy weight it would be on them to print up all these notices, and how much business they'd lose by being more transparent. I lost track of what happened to it, but I'm pretty sure it was defeated. Interestingly, just last week there was an article in the NY Times Sunday magazine about a bank that has bought one of those neighborhood check cashing and payday loan companies - and decided to keep the founder on as CEO because he understands the market for the product. The reporter visited one of his check cashing places and found that signs in the lobby clearly displayed the services offered and exactly how much those services would cost the customer. He spoke with people in line and asked them if they understood that they were paying outrageous interest rates to take out loans this way, and that they could cash checks for free if they had a bank account. The response he got was really interesting - and telling. Every single one of them knew that they were paying high interest rates - but they said that at least they knew -exactly- what it would cost them, unlike a bank where they could never get a straight answer about how much it would cost to get a loan (of course, that also assumes that someone could go to a bank and get a loan of $200 for a month - which you can't). The UK has required banks and credit card companies to simplify their language and to post their fees and rates prominently for a few years now. It only makes simple sense - but then again, we all know how rare it is that banks use simple sense. The more complicated they make things, the easier it is for them to fleece the rest of us.

I guess I am lucky my bank dont charge any fees for checking,unless they start now that every thing is so messed up.You have a great night.

That is the way it always works...the rich play their games, and the poor foot the expenses for it...