‘Banks’ were sold to the average human being as reliable institutions where one would keep one’s money to protect it, have immediate access to it, and make a modest return on it. Do you feel that the above statement is true, or is getting your money out of your bank like pulling teeth on a wet cat?
On July 15, 2010, the FrankenDodd Financial Regulatory Reform bill was passed opening the door to even more looting of the middle and poorer classes in America. Everything in this law that was passed to ‘protect Mainstreet’ from Wall Street goes far beyond ‘unintentional consequences‘ when one adds up the amounts of money being drained from average Americans’ wallets through additional fees and fines.
By Blake Ellis, staff reporterMarch 10, 2011: 9:34 PM ET
NEW YORK (CNNMoney) — Declined! Your debit card may soon be denied for purchases greater than $100 — or even as little as $50.
JPMorgan Chase, one of the nation’s largest banks, is considering capping debit card transactions at either $50 or $100, according to a source with knowledge of the proposal. And the cap would apply even if you run your debit card as credit.
Why? Because of a tricky thing called interchange fees.
Right now, every time you swipe your debit card your bank charges the retailer an average fee of 44 cents, which it shares with its partners. Those little fees, however, add up to about $16 billion per year, according to 2009 data from the Federal Reserve.
But as part of the Wall Street reform legislation that was passed last year, these fees are being slashed. The Fed is currently proposing rules that would go into effect in July and would cap interchange fees at 12 cents.
That’s a big enough cut to cost Chase (JPM, Fortune 500) more than $1 billion a year. And Chase may not be alone. Other major issuers are also projecting huge losses from the interchange fee cap.
Joe Price, president of consumer banking for Bank of America (BAC, Fortune 500), said in an e-mailed statement that the lower fee wouldn’t fairly compensate the bank for the infrastructure and services it provides to retailers.
And consumers would end up feeling the pain when Bank of America is forced to recoup costs “by increasing the cost of their everyday debit card transactions, limiting their payment choices, and impacting industry innovation,” according to the email.
So can you tell me why: A.) you still have your money tied up in Federal Reserve Notes, and B.) why you still have them in a bank account?
Have you not been paying attention? If you want some type of control over what is happening, you have to make proactive decisions about where to keep your money, how to spend it, and how to ‘store’ your wealth (and at this point, goods (i.e. FOOD) instead of Federal Reserve notes makes more sense due to Ben Bernanke’s hyper-inflation.)
I know it seems CRAZY but hey YOU CAN DO IT!No credit cards,no bank account,no ira,cash only,it’s a start! fuck the SYSTEM, how long before we figure out the system is theirs for them and not to our advantage! choke them,dont give them your money to work with ,hey when was the last time they gave US a loan hmm
Leaping Spark on March 14, 2011 at 10:32 am
Too late, they already took my IRA and most of my bank account, shortly after Obama’s Communist economy took my job. Amazing isn’t it 29,000 people who were tops in the engineering field cut loose and I would be willing to bet the majority of us didn’t vote for Obonzo.
The only thing I have left to lose is my freedom and unfortunately they are after that as well.
As per usual Red Lemur, I like the way you think.
Ah ho.
Lee M on March 16, 2011 at 1:28 am
It won’t be difficult for me to try RL’s plan. I’ve already had to sell my house to pay enormous medical expenses, savings is all gone, no more 401k, paid off and cancelled all credit cards over two years ago, and all I let go into the bank account is just enough in direct deposit to take care of current monthly expenses. I have a moderate stash of precious metals that I’ve been accumulating for the past fifteen years, but in today’s economic disaster I’ve been unable to add to it lately. The overlords have already stripped us peasants of just about any avenue of escape from their plans for us, but we’re still trying.
Stockpiling food is essential, but you must keep a close track of what the shelf life is at all times. When buying weekly rations and using out of your supply, you must use the FIFO accounting method (first in first out) so that your supply is kept current. See what we are reduced to? In order to survive we have to run around our cages like hamsters with never a peaceful moment.
You have a very sound idea RL, but if the bank keeps adding new fees to make up for old fees cut by Dodd’s brilliant bill, what I have for my monthly necessities will no longer cover them and I’ll have to scratch a little deeper.
‘Banks’ were sold to the average human being as reliable institutions where one would keep one’s money to protect it, have immediate access to it, and make a modest return on it. Do you feel that the above statement is true, or is getting your money out of your bank like pulling teeth on a wet cat?
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I know it seems CRAZY but hey YOU CAN DO IT!No credit cards,no bank account,no ira,cash only,it’s a start! fuck the SYSTEM, how long before we figure out the system is theirs for them and not to our advantage! choke them,dont give them your money to work with ,hey when was the last time they gave US a loan hmm
Too late, they already took my IRA and most of my bank account, shortly after Obama’s Communist economy took my job. Amazing isn’t it 29,000 people who were tops in the engineering field cut loose and I would be willing to bet the majority of us didn’t vote for Obonzo.
The only thing I have left to lose is my freedom and unfortunately they are after that as well.
As per usual Red Lemur, I like the way you think.
Ah ho.
It won’t be difficult for me to try RL’s plan. I’ve already had to sell my house to pay enormous medical expenses, savings is all gone, no more 401k, paid off and cancelled all credit cards over two years ago, and all I let go into the bank account is just enough in direct deposit to take care of current monthly expenses. I have a moderate stash of precious metals that I’ve been accumulating for the past fifteen years, but in today’s economic disaster I’ve been unable to add to it lately. The overlords have already stripped us peasants of just about any avenue of escape from their plans for us, but we’re still trying.
Stockpiling food is essential, but you must keep a close track of what the shelf life is at all times. When buying weekly rations and using out of your supply, you must use the FIFO accounting method (first in first out) so that your supply is kept current. See what we are reduced to? In order to survive we have to run around our cages like hamsters with never a peaceful moment.
You have a very sound idea RL, but if the bank keeps adding new fees to make up for old fees cut by Dodd’s brilliant bill, what I have for my monthly necessities will no longer cover them and I’ll have to scratch a little deeper.