Now, embattled banks are taking it in the service fees

Full story: Chicago Tribune

First, banks had to worry about bad loans taking a bite out of their interest income.
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1 - 20 of 113 Comments Last updated Jan 29, 2009
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Roadgeek

Austin, TX

#1 Jan 27, 2009
My heart goes out to the poor banks taking it on the chin through reduced use of ATM's.
Reality

Gardenville, PA

#2 Jan 27, 2009
I am sick to death of being 'charged fees' for everything that I do at a bank, so that they can HOLD my money. The Govt cracks down on loan sharks, yet Banks get away with charging fee on top of fee for using a cash station? Thats like a 20% juice loan for Godsakes! I guess today's bandits are disguised as ATM's...
Overreacting

Ewa Beach, HI

#3 Jan 27, 2009
Isn't all this GOOD news? Finally, people are behaving responsibly and not wasting hard-earned money on fees. If people are no longer requiring overdrafts for writing bad checks, I say Hurrah! Maybe we wouldn't have the financial mess we're in if people hadn't acted like morons in the first place. Let's keep it up, folks.
Cheap-shot

Gary, IN

#4 Jan 27, 2009
I call those "stupid fee's" because you have to be an idiot to
pay bank fee's.
The Piper

AOL

#5 Jan 27, 2009
Don't spend what you don't have and don't give a sucker an even break.
All's fair in love, war and finance.
Head for the exit doors when the fools rush in.
sowhat

Northbrook, IL

#6 Jan 27, 2009
Reality wrote:
I am sick to death of being 'charged fees' for everything that I do at a bank, so that they can HOLD my money. The Govt cracks down on loan sharks, yet Banks get away with charging fee on top of fee for using a cash station? Thats like a 20% juice loan for Godsakes! I guess today's bandits are disguised as ATM's...
Face reality, and use your bank's ATM. With all the banks consolidating, it shouldn't be hard to find one. Or move your checking account to a bank with a nationwide network. Or to a credit union that reimburses its customers.

As overreacting pointed out, you can use some sense and avoid the fees.
independent voter Joliet

Joliet, IL

#7 Jan 27, 2009
TCF's ATM revenue for 2008 was $32.6 million, down 8 percent from 2007
**********
Banks make money hand over fist and the elites don't care.. there is NO reason to have people paying to get their own money out of ANY BANK..when you deposit money you are giving the bank a short loan.they in turn are suppose to make loans with it and the interest from the loan is the banks profit..the longer you leave your money in the bank the more interest they would make..if you take your money out then their profits would stop on that amount so basically they are penalizing you for their loss of interest with ATM and other charges. Like holding money from a check for 2 days when they actually have moved money electronically within hours. paying a larger check so more smaller ones will be NFS and they can charge you more in fees.. And our dumb politicians bailed these greedy banks out with again our money
Redeemer

Plymouth, MN

#8 Jan 27, 2009
Now my credit union is starting to push the insurance market in there fold of consumer banking.

Since: Mar 08

Joliet, IL

#9 Jan 27, 2009
We should give them some more TARP funds!!!
Dr Zachary Smith

Plainfield, IL

#10 Jan 27, 2009
TFB! Now I know why my grandparents hated banks from their experiences in the 30s!
ra44mr2

Springfield, IL

#11 Jan 27, 2009
Good. They dont deserve any more money from us. They got a bunch of money off of us taxpayers and yet have to look up our bums to determine if we can get a loan or not. IN addition to charging fees for holding our money for us. To heck with them. If it wasnt for direct deposit and debit cards i wouldnt even have a bank account.
a better bank

Chicago, IL

#12 Jan 27, 2009
My bank not only lets me use other ATMs for free, but it also will REFUND me the cost that the other banks will charge me for using their ATM.

I get about a $20/mo allowance (or, enough to withdraw cash about twice a week), not that I ever use that much.
John

United States

#13 Jan 27, 2009
It's nice to know that the banks are so concerned with the well-being of their customers...not. This is yet another indication of how short-sighted the banking industry is. When customers are more savvy about how they use their bank accounts (and, however unlikely, their spending habits) there are more funds that the banks can use to lend to other customers at whatever heinous rate they choose. This almost seems predatory in that banks are profiting from peoples' poor decisions, and they apparently count on it for the profitability of their operations.
HuH

Wheaton, IL

#14 Jan 27, 2009
a better bank wrote:
My bank not only lets me use other ATMs for free, but it also will REFUND me the cost that the other banks will charge me for using their ATM.
I get about a $20/mo allowance (or, enough to withdraw cash about twice a week), not that I ever use that much.
Thanks for sharing.
Interest Free

Chesterfield, MO

#15 Jan 27, 2009
I sure tired of paying the bank any fee at all when they have thousands of my dollars in a money market account which pays .02 percent interest (you read that right, not 2 percent, but .02 percent). Basically, even with low inflation, you lose money by saving it. And what's the alternative -- stocks?
Skipper

Tinley Park, IL

#16 Jan 27, 2009
Anyone remember when a check bouncing customer was seen as a liability instead of an asset?
Thomas

Oklahoma City, OK

#17 Jan 27, 2009
Banks have replaced the loan shark. For your modern day juice loan just visit any one of the neighborhood banks.

If you have a one dollar over draft and the bank charges you $35 dollars as a short term loan. What is the interest rate on that loan? A couple hundred percent.

How comes banks manage to process debits instantaneously but some how still need to hold deposits for a day or two?

My savings bank is the worst, they hold deposits for 3 days even when they are electronic.

I normally don't make ATM withdrawls from savings about a couple months back I needed over $1,000 for car repairs so I needed the money now and couldn't wait for them to dick around with a transfer for a couple of days.

$6 dollars in ATM fees! so interest for the month $1.05, fees to the bank $6 dollars. Pretty sweet deal for the bank. They are so kind to hold on to my money for the month and end up taking a $5 dollar profit when I make the withdrawl.

How many more hundreds of billions of our tax dollars should they get? I hear they need a new corporate jet at Bank of America, they don't want to be inferior to Citi.
Jim

Saint Charles, IL

#18 Jan 27, 2009
What halfway intelligent person pays ATM fees anyway? It's so incredibly easy to get cash without paying fees, you should think of the fee as a "laziness" tax. If your own bank's ATM isn't nearby, go to Walgreens (there's one about every three blocks, it seems), buy a tube of toothpaste (or something else you would need anyway), and ask for cash back from your debit card transaction.
Thomas

Oklahoma City, OK

#19 Jan 27, 2009
Interest Free wrote:
I sure tired of paying the bank any fee at all when they have thousands of my dollars in a money market account which pays .02 percent interest (you read that right, not 2 percent, but .02 percent). Basically, even with low inflation, you lose money by saving it. And what's the alternative -- stocks?
You should try Chase, they pay .04 percent.
Aisle Sitter

United States

#20 Jan 27, 2009
hadn't the banks been denying that fees are a money maker? well, a hand-over-fist money maker.... i thought that i'd heard over the years that it was all about recovering costs rather than income and profit.

silly me... watching my account balances, limiting use of ATMs to "home bank" ATMs, and paying my credit card balances on time. had i known that it would lead to financial ruin and industry collapse, i may have been, as my father puts it, more "patriotic" and screwed and ruined myself long ago!

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