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Mr. Ford95 · #1 07-15-2010, 10:12 AM

Thanks to our govt. and passing a financial overhaul without thinking the whole picture through. Bank of America is rolling out an $8.95 a month charge for a simple bank account, Wells Fargo has done the same thing unless you keep a minimum balance above a certain amount. I do not know about the rest of you but my current bank has a minimum balance of $300 or they charge you $4 a month if you drop below that at any point in the month. I absolutely hate it and it's why I'm changing banks.

At the same time, the same overhaul is also going to hurt many farmers who produce for profit as an unintended consequence of the overhaul relates to not just Wall St but the farmer in Nebraska.

Nice job guys, real nice job hurting the little man again.

cdswans · #2 07-15-2010, 03:40 PM

Quote:

Originally Posted by Mr. Ford95

. . At the same time, the same overhaul is also going to hurt many farmers who produce for profit as an unintended consequence of the overhaul relates to not just Wall St but the farmer in Nebraska . .

This article provides a slightly more balanced analysis to your dire declaration. It also has a great graphic that helps to explain the relationship between derivatives (a primary target of reform) and soybeans.

Article: Finance Overhaul Casts Shadow on Plains - WSJ.com

Graphic: http://online.wsj.com/public/resourc...bDate=20100713

"Some worry the coming curbs will make it riskier and pricier to do business. Others hope the changes bring competition that will redound to their benefit."

Malaki86 · #3 07-15-2010, 05:22 PM

I still have free banking, unless you take into consideration that I have to keep a $1,000 balance, don't use the debit card at any atm fee other than their own (if you can find one) and don't write over 10 checks per month.

Bigmon · #4 07-15-2010, 07:37 PM

Check Credit Unions. Most of them are free. ING Direct too.

Mr. Ford95 · #5 07-15-2010, 08:42 PM

Credit Unions are part of the Wall St overhaul, they are going to be in the direct line of fire.

Quote:

Designed to fix problems that helped cause the financial crisis, the bill will touch storefront check cashiers, city governments, small manufacturers, home buyers and credit bureaus

Mal, mine is the same way sans the checks per month. I can write as many as I want. Your isn't truly free if your required to keep a minimum balance and are told how many checks per month you are allowed. Free is free, no limits. I'm thinking of going to PNC, in-laws have had them for years, wife was with them before she moved here. In talking with them, unless they suddenly decide to change their ways, they will stay free for a while on normal checking.

Sorry CD, that graphic made little sense to me. What I got was that the farmer is SOL'ed either way under this new bill, am I wrong?

Mackman · #6 07-16-2010, 01:50 AM

Mine is still free. As of now anyway.

golfhobo · #7 07-16-2010, 08:09 AM

Mr. Ford95 said:

Quote:

Credit Unions are part of the Wall St overhaul, they are going to be in the direct line of fire.

Quote:

Designed to fix problems that helped cause the financial crisis, the bill will touch storefront check cashiers, city governments, small manufacturers, home buyers and credit bureaus

I haven't read the specifics of the bill yet, but credit UNIONS are not the same as credit BUREAUS.

Mr. Ford95 · #8 07-16-2010, 10:06 AM

Your right, sorry folks. Bureaus report your credit scores which leads me to some questions, why the heck do they need to be "reigned in" by this new bill? What did they do that was so wrong and helped to further our economic demise? All they do is report your score, they don't make the decision on whether to give you money on a bad deal. Why do they need to have an oversight committee watching over their every move?

I have an idea for helping get out of this economic mess and help get money flowing again and it's not with a stupid oversight or regulation bill. It starts with the credit scores and the lending practices now going on with banks. They are not loaning money like they used to, even if you have a score of 700 it's no longer a done deal on getting a loan. Drop the credit score's right now. We need money to start flowing and this isn't helping. Anyone who had their home repo'ed or cars repo'ed because they lost their job, forgive their credit score. Re-instate it to what it was before and give them a chance to start over so long as they had a good history of paying on time. It's not their fault they lost their job but they are being punished as if it was their fault. Not saying this would fix the mess but it will help it some and it doesn't cost anything.

Bigmon · #9 07-16-2010, 01:56 PM

Ford.... a lot of credit reports have info that's being incorrectly reported. Also, the credit bureaus are in cohoots with the banks. They are not neutral like they claim.

There is lots of proof, but too much to go into here. But I'll give you 2 of them.

1)If a bank wants to report bad info about you it's free. If they want to report good info about you they have to pay a fee.

2) There is tons of case law that shows the bureaus don't always verify info when a consumer disputes it. This is one of the biggest complaints at the FTC.

Mr. Ford95 · #10 07-16-2010, 08:40 PM

Gotcha, thanks Bigmon. I check mine once a year and have yet to find any funny info on it, then again I do not give anyone who can make a report anything bad to say. Pay my bills on time and move on, if they want to file a false report then I will take it from there, probably with a lawyer.