I'm with you Jane from Jax. Time to opt-out of this financial system that tramples on our very humanity! Withdraw your money! Cut your credit cards! To HELL with it all!

I was one of the millions who got those 3.99 or 4.99 percent fixed for the life of the balance offers from Chase. We paid the balance back diligently for about five years; always paying much more than the minimum amount due. When we were very close to paying off this 'loan' we got a form letter from them. It said that we were guilty of taking too long to pay it off. Our rate was gonna be raised and they were gonna add a $10.00 per month service charge. I knew we had been paying two or three times the minimum for the last two or three years. Since I knew this, I knew their letter about us taking too long to pay the money back wasn't true. I also knew they had sent that letter out without even checking on payment history and amounts. It was sloppy work and I knew they just wanted to make more money. They had also made that promise about fixed rate for the life of the loan.

Later on, I learned that Attorney General Cuomo in New York State had sued them for making a promise they hadn't kept. What did a contract mean if they said it was fixed for life and then they turned around and reneged on it? Well, the case was settled and the $10 per month fee was eliminated. Chase also returned some extra interest charges to us. But, it was only because they were forced to. That's what bothers me. What has become of corporate ethics and dealing fairly and ethically with customers? I'm very mad at them and other large banks too. I don't want to do business with folks who play loose with their written promises and change their promises at every opportunity. The changes are always to our detriment as consumers too.

We can legislate mountains of laws and rules, but that won't solve a problem involving broken trust if a business or corporation is dishonest and predatory at its core. Trust cannot be restored if that is the case.
I hope they start to treat us as valued customers in a mutually beneficial relationship I'm not very optimistic about this, but companies and people can change and become more ethical and fair corporate citizens and individual citizens. I am very concerned about our financial companies because the bond of trust that used to exist between banks and citizens may be permanently broken.

Folks, research what REALLY happens when a bank makes a "loan". They are not loaning you their money, or the money of their other depositors, as they are prohibited by law from doing both. When you sign your promissory note, the bank deposits the note in a deposit account, and creates the money they allegedly loan you out of thin air. It's YOUR money. The bank didn't loan you a thing. When you pay the alleged loan back, you are depositing the money you created with your signature back in to the account the bank opened for you. When you don't go back to withdraw your money after a certain period of time, the bank keeps it. It's all in the Federal Reserve Publications. Take the time to research it. If you think you're mad NOW, just wait....

Question: How often do you actually go to the bank? I rarely - maybe once a year - go to my bank so location is no longer a consideration. Everything is electronic these days so the little country bank I use meets all of my needs.

In light of the APR jumps from just about every CC company, I have closed every single credit account with exception of one. The one I kept had absolutely everything to do with APR. Results? My FICO went UP! If you think you can't live without a fist full of credit cards - think again. You can. You will. But it is all about you...

Fees: If you run a red light - you pay if you get caught. If you don't pay the electric bill on time - they turn it off. If you spend more than you make - you pay overdraft fees. It's a simple formula.

Bottom line is responsibility and management. Either you do it - or someone will do it for you - for a fee.

Big bonuses paid out to big shots? MOVE your business elsewhere. Stop bitchin about it and just do it. MATCH your needs with the services offered. STOP being so damned lazy and designer label addicted. Money gets prestige. Prestige doesn't get money.

After all - it is YOUR money!

I kicked Bank of America to the curve last year . I now use ING direct, USAA Federal Saving Bank, One United and Hanscom Federal Credit Union. I have not regreted that decision.

We need to nationalize the banks, not bail them out.

Oh, BS about bad loans being the problem. The whole "economy" game is rigged by giant corporations, and it is rigged against the working class. I'm with Jane in FLA, screw playing the game. Jump through hoops to get a good credit score (and who are these consumer reporting agencies, anyway? Why do THEY have so much say-so over our lives?) just to qualify for a loan?

I say boycott the credit and banking industry entirely and force a downsize. Main Street is bleeding, yet Wall St didn't even miss a beat, making their screw up a crisis no one could ignore...and then being bailed out by the taxpayer who they now thank by ruthlessly, cynically applying punitive fees for the cost of doing business with them? Screw them.

Now that Wall St is solvent again and right back to raking in millions in unearned bonuses, the taxpayer should threaten mass bankruptcies if they don't turn around and bail US out, or at least be FAIR instead of so thoroughly and unflinchingly corrupt and immoral. Crooks in suits, is all they are. Bleh.

I actually noticed this back in March of 2007. Banks were beginning to up rates and fees even then. That's why we sold all our stocks and moved into cash right before the bust that summer. I had a feeling that the banks were trying to bolster their balance sheets even then. They knew things were falling apart and tried to hide it.

To JP: I know exactly what you mean BofA did the same to my business. You're right on track. One problem is we've let banks get too big. If the big banks go down the FDIC doesn't have the money to cover their deposits. We shouldn't let our banks get so big that we can't let them fail. We also lose the ability to deal directly with loan officers who know us and our business. Maybe it's time to break up the biggest banks and better regulate bank mergers?

"diversify their revenue streams" is THAT what the kids are calling it these days?

Seriously, until we pressure our legislators to bring back the consumer interest deduction that was taken away during the Republican reign in the 80s (you know, when the average person was trampled over in that stampede toward Milton Friedman economics), we will never see a return to middle class financial health. The corporations and banks can deduct THEIR interest, why not the average joe? Want to stimulate the economy? That would be a great step.

And really.. really.. the bailouts did NOT start in Obama's presidency. Do your homework.

Oh, and I wish the commenters would do some very basic research. It was your man, Bush, that initiated these bailouts. They started in 2008. He inherited the bailouts, folks.

Yeah, tell me about it. Key bank just got $700.00 out of me this month, all of which started with their allowing an $8.00 atm purchase to go through before a deposit was posted. Banks have stopped declining these transactions, and it sets of a domino effect in your account. Literally, the $8.00 set off a chain of events that cost me hundreds of dollars. And because the bank mails these notices from another State, it's at least a week before you realize what's happened. Once I get things straightened out, I will move all my money and business to a credit union. Oh, and I had to laugh at the comment in the article that banks need to do this because people seeking loans are "scarce" in this economy. They have it all wrong. They tightened up their lending to put their money in stockpiling oil, and building commercial developments. The loans dried up because THEY stopped lending. Not the other way around.

I can tell you first hand, it's not the regular bank workers that are getting compensated better. We don't get raises, just like everyone else. All that money must be stopping much higher up on the food chain. I can tell you it doesn't trickle down to me!!!

I'd like to know what kind of CUs some of you are going to because my CU..Navy Federal is AS BAD if not WORSE than the banks. We're getting charged $30 overdraft fees, $39 late fees, they just sent me a notice the other day that they're raising the interest on my FIXED 7.9% Visa to a variable 17% as of next month. Prime plus a 20% spread. Nice huh ?
Guess who's CLOSING their account(s) and pulling all of their money out.

SCREW them, SCREW Capital One, HBSC, SCREW the credit agencies, FICO and the whole damned system. I REFUSE to be a slave to this system. I'm filing bankruptcy ASAP or.. let them take me to court. I have no property, no secured loans except my car which they can HAVE, I'm self-employed so they can't attach my pay.. I simply won't work or will work under the table. They can all KISS MY A$$ the damned THIEVES.

I agree the only way to stop this is EVERYBODY right now after your done reading this switch to a credit union & pay cash as often as possible. Did you hear about these bonuses these jerks got last week?

I agree with the earlier comment, go to a credit union. They treat you like a human being.
State Street has been sued by California pensions for charging unconscionable rates in violation of their contract.
There are three entities that you can count on to ignore you when you really need help; the government at all levels, insurance companies and banks.
Rely upon yourself and your neighbors.

This Administration bailed out its friends on Wall Street, and the banks took the money and ran. What did this do to jump start the economy? Not much. Small business, the cornerstone of the American economy, can still not borrow money on lines of credit to facilitate growth, hiring, and cash flow. So, we endure 15%+ unemployment, and a stagnant economy.

Now everyone.....Please BEND OVER and let the banks continue to THANK US for bailing their as**s out of this epic disaster.

Cutting credit lines....30% interest....fees for breathing in the bank branch...NOT working with people on refinancing their homes, destroying business by cutting their lines of credit or denying loans. Wow...even I could run a bank by those standards!

You think that with the events of the last year the banks would have some form of CONTRITION, and at least treat their customers/benefactors well. Yeah, right.

Thank you Mr. Paulson for allowing the banking system to feed at the trough of the public good while sh**ing in it as well.

Good Job, free marketers....you proved once again, you're a bunch of goons with little interest in the common good. Keep drinking that unregulated kool-aid. Maybe you'll get a nice tainted batch from China!

One person wrote: "We haven't stopped lending, but to make up for lost revenue caused by bad loans, we'd either have to raise fees or lend a lot more, and in doing so, expose ourselves to that many more bad loans."

How about just making less profit? As a parent, I have always made sure there are consequences to bad actions. Where are the consequences here? They made the bad loans. I just received a notice from US Bank regarding my credit card interest rate that was jumping up. It plainly stated it had nothing to do with me or my credit report. Interest rates charged to the banks are at historic lows, and the rates they charge appear to be at historic highs. So, they want me to help pay for their bad loan portfolio. In this case, I have a $0 balance, and will keep it so. These thieves pay themselves huge salaries and huge bonuses no matter what their performance is. They get in trouble, we bail them out. Consequences? None that I can see. They should be running with no profit at all until they clean up their own mess. I shouldn’t have to pay for it. It would probably cause the owners of the company to lose money in loss of stock value, but they are the ones that invested in poorly run companies. A few of these big companies getting their stock delisted should help the rest to manage what they don’t own a bit better.

It's time for a good, old-fashioned bank run on the larger and mid sized institutions.

BofA just screwed my business by across the board lowering my credit lines on all my CC accts (Of the three, one was with MBNA and one was with Fleet....they merged them....I didnt want BofA to have this much of my credit business, but the Bush Admin had no interest in anti-trust activity for anything....so here we are).
Here's the rub...I've .never been late, pay way over my minimums and I'm a viable business with cash flow! I called them, and a snot-nosed 20 something dismisses me with a 'sorry we cannot re-establish your lines at this time....we feel you have too much debt." Huh!!?? I pay my debts every month, on time and with no problems.....I am furious! Thank god I have plenty of lines with other institutions, but this is out of control.

And they got $45 bil of OUR TAXPAYER MONEY.....obstensibly to keep lending and cash flowing. Right....up to their executives pockets, no doubt.

I am pulling ALL of my deposits out of BofA, and as soon as they are paid off, I am cancelling them. Since I work with businesses who need loans, I am telling them from this point forward to NEVER do business with BofA. And when the economy returns, I and my colleagues are making note of who screwed us and who helped us through this period. We need an immediate return to local banking. I have already established myself with a local bank, and if I never have to deal wtih BofA ever again for business, I will be thrilled.

They, Wells, Chase and the rest need to be broken up.

And for all the apologists on this board who are DEFENDING these corrosive corporate banking parasites because either you work for them, or are sympatico with this demented 'free market' BS that the epically-failed conservatives have screwed us all with for thirty years, I do hope you either get a big fat dose of your own 'screwing' by one of these fabulous institutions. Oh, and Mr. Obama inherited this ginormous f**ck-up of an economy. Conservatives and Republicans screw up every time we give them power.....and this time they almost destroyed this country. May you idiots NEVER again hold the keys to power...you're too intellectually challenged to understand much of anything beyond a light switch.

For those that think some of the banks have paid back what they owe and should pay what every they want to, you know this. The money they paid back is ONLY what the got from the TARP and that is no where near all they got.

FED funding of banks = 8.2 TRILLION
Treasury Dept = 6.8 TRILLION
FDIC = 2.3 TRILLION
Joint = 1.3 TRILLION
Other = 650 BILLION
Total = 23.7 TRILLION

Do you feel the knife in your back now?????

Two words: Credit Unions! Banks are 100% for profit! Period! Switch NOW! I can never understand why people still bank with banks!!! Go find a local CU and see the difference! WAKE UP!

Since the company's FED leadership is always spouting, "Free Market Economy"...take your money elsewhere. Don't bank at banks! Get out! Find a credit union; read the fine print, make it a goal to not lose one dollar in fees EVER AGAIN! You can do it! I have and it feels GREAT! I have a loooong memory and these big banks will never get my business ever again... Vote with your FEET and your WALLET!

Bank Of America recently began charging me an "annual fee" on a credit card when there wasn't one before. It amounts to a ridiculous interest rate on the low balances I carry. I am being PUNISHED for paying down my debt. These big banks should be broken up and not allowed to be so large that they are, "too big to fail." We no longer need to tinker around the edges with this - we need radical change.

It is just as much the people's fault as it is the banks faults. If they banks realized that the people who couldn't afford the loans and mortgages that they were giving out and stopped lending to them they wouldn't be in this mess. Also if the people sat back and realized that they couldn't afford all those loans and mortgages they were taking out the same would be true that they wouldn't be in this mess. Yes bank's charge all kinds of fee's, but the People have the authority to put there money where they want, if you dont want to be charged fee's then do not put your money into these money hungry banks.

It is the stimulus plan from the government which boosts the banks to swindle more money from customers by raising the interst rates and having the profits on behalf of the strugling customers hard earned money, its better govt does something useful rather than watch them grow. I think the stimulus pack should be given to the people, so they can start buying more and boosting the downtrodden economy.

Way back when one could trust the local bank. But since they have gone national, every bank customer is a number. There is nothing personal about he banks activity any more. Profit always was a factor in the banks activity, but when they were small the president of the bank made sure you, the customer, didn't get mad and go to a competing bank. That day is long gone. So, the answer is to use the bank for your own profit - no credit cards - be very careful when you get a loan and read the fine print - put your savings in a safe deposit box since the interest paid these days is a joke - and last, deal only with a credit union when it comes to the checking account. Use the banks where it is to your advantage, not theirs.

If you do not like the fees then go to a bank that does not charge them or do not do the things that cause them. This is how free markets operate. Government intervention just creates more messes. just look at all the changes that have come about over the last 6 months in the credit card industry in response to the credit card holder bill of rights legislation that passed. What a joke.

I just opened a passbook savings account: 0.19% interest. I'll make $.19 on the $100 minimum balance I'm required to keep. (I wonder if that will put me in a higher tax bracket?) And they will have the nerve to charge me $5.00 if the balance falls below $100! I only did this to separate some money I have coming in on a monthly basis from my checking account money, but was astounded when I read the disclosure statement. Another great Synovous Bank!

Banks, banks, banks! It's all we every hear about. How about so stories on Credit Unions? Many, like me, deal almost exclusively with credit unions and stories like this leave us totally in the dark. My credit union has gone fee-happy over the past few years to the point where I'm getting ready to take my business elsewhere. I've already begun closing accounts. How about some analysis of FCUs???

I'm 62 and declared bankruptcy a few months ago, the best way to get these parasites off my back. I got rid of over $20,000 in credit card debt I had accumulated over the last 10 or so years after payment increases, interest rate increases, outrageous fees, etc., made it impossible to keep up. I feel so liberated. As for my credit rating, who cares? Credit is for the young.

want to know about banks and how they get and keep getting us look up "MONEY AS DEBT" on Google and watch the 45 minute video...it will make you go what?...they are robbing us all blind, right in front of us...and as for getting rid of corrupt politicians show me one that isnt.

My credit union does not charge all those fees and seems to be doing just fine retaining employees. HMMMMMM.... wonder why???? Maybe because there is no CEO to pay millions too???? Thats the one and only person who benefits from the fees.

I agree with almost all of the comments above. But what's the point? The banks just keep sticking it to us the taxpayers who bailed them out and NOTHING IS BEING DONE to prevent the taxpayers from being screwed even more. The regulators do nothing and our elected officials do nothing about it on our behalf.

Ok let them pay the bones, but it comes in a form of
stocks.They do not get paid anything until they leave
for good and then get there money say a year after
they leave. This way if they made stupid mistakes and
it effets the bottom line well then thats to bad. Also there salery should be tied to the lowest paid
employee and only get a percentage above what they make. So lets say the lowest makes 25,000 a year times
that by 500% it comes out to 125,000. I think doing both of those would help.

Centuries ago scholars said the world is flat later said the world is round. Neither is correct the world is crooked.

For a brief period I worked at one of the big banks and it was absolutely ridiculous. We had "packages" and we were essentialy required to put everyone in at least a checking account & savings accout and then give them a host of other things they may or may not need. The higher the fees for the account, the more "Profit" we got which made us look better (the fees could be waived if min. balance was met but many people would eventually go below that min. balance and get the fees). Bankers would close and open accounts all the time to get more "solutions" to keep management off their back. We even had a banker trying to give a homeless guy a savings account. she really needed a solution that day.

Obama has shown more willingness to propose things that banks don't like than any other candidate in recent memory, but it's still not enough. The regulatory agency to combat abuses on an ongoing basis would be a real step forward. It's also important to look at antitrust concerns, as some bailed-out banks like Chase have used the crisis to get even bigger. You can bet they'll gouge people on fees if there isn't enough competition.

The Republicans have no solution here. They were the ones who voted almost unanimously as a matter of ideology for the disastrous deregulation. Some Democrats like Dodd voted wrong case-by-case, but nearly all of the GOP did, and out of ideology.

(As for the Libertarian view, do you really think the FDIC could have paid depositors without a massive cash infusion if banks had been allowed to fail? Many businesses would have had to eat sudden losses, and you'd have Great Depression II, rather than the Great Recession.)

As for what individuals can do, voting with your feet and going to credit unions is indeed the best idea for now. You'll be amazed at how many fees the bank was charging that the CU doesn't even have. CUs that are in the Allpoint ATM network also have surcharge-free access to some 30,000 or so ATMs, more than the largest bank.

People complaining about Obama fail to realize that it was the friends of Bush-Cheney-Rumsfeld (Boob-Chummy-Rumsnuts) that GOT us into the financial mess in the first place.

They forget that before it got caught and fell apart, the managers of Enron secretly met with Cheney to "design" the Boob-Cheney-Rumsfeld energy policy.

And the "bank bailout" STARTED when Boob was still President.

Then why does Bank of America pay less than 2% on a $10,000 CD?

These corporations that run the government won't stop until they own everything. Could this long arm please take it's hands out of my pockets? I'm not asking again.

There are other ways to force them to comply. Take your money out of the regular banks and put it in credit unions. Change all your tax filings to like 20 so your employer holds out less then pay the money at the end of the year. If the government does not have the money to bail out these companies for thier stupidity they can't. The government needs to stop all bonuses period. The banks need to clean up thier balance sheets. It only takes a few peoples greedy and stupid mistakes for everyone to suffer. The housing market is a joke and developers and banks greed has carried on for too long. They need to start paying for thier mistakes.

If every person 50 and over were given $1,000,000 with the stipulation they had to buy a house, pay off existing one whichever the case might be, buy a car, pay off credit card debt,and retire......it would open up all the chain avenues we are under today....and news may even become a format of joy rather than distrust and gloom.
Yea I Know, Nobody`s Listening......

Bob, I read all this yada yada yada news tripe daily...who did what, when, and forget bothering with the why....we all know it was Greed,Greed,Greed.
Still its a done deal!
Housing price drops is a major factor in getting folks to at least considering buying....but the strange thing is: The guide of yesteryears is NEVER mentioned in Print!
That being: A prospective buyer cannot obtain a house loan with monthly payment being over a weeks wages.... aaaaah, yes, but then why go back to an era of proven stability....and business accountability.

Yeah I am finding out the hard way about Bank fees. Getting ready to keep it under my bed again. Granted I have made some mistakes but Wells fargo fully takes advantage of it. If someone decided to do a Civil lawsuit against WF I would jump in instantly.

Of course the banks are making $$$$. With the help of the huge bail-outs (funded by us), they are now stealing (from us) with excessive interest rates and fee's. When will (WE-The Taxpayers/Bailout lenders) be paid back from the theives that we bailed out? Why is it legal for them to get 20 to 30% in interest plus charge handling fee's and overdraft excessive fee's while they are allowed to borrow the money at below prime? Ohhhhh I forgot...thats ok because Government said it is ok to steal from the taxpayers since they have gotten it down to a science themselves. This country is going to hell in a handbasket. I hope everyone gets out and VOTES in 2010 and 2012. Otherwise...just bend over and continue to get what the Obama Administration started over this past year and will continue as long as we have the Government that is in office continue to steal from the taxpaying citizens of the USA.

EVERYONE take your money out of ALL of these criminal capitalist entities. I did.

End this oligarchy and plutocracy

like i've been saying. the banks got bailed out with taxpayer dollars and as a reward the raise all the fees we are forced to pay and create new ones. well do greedy bankers. oh yeah repo about a million more homes so you can get higher bonuses next year.

Here we go again. The banks are up to no good and driving our economy down! Let's see, unemployed workers being charged higher fees to keep their money at a money grubbing bank. The bank is going to milk it for all it's worth and then finally turn around and start lending when their coffers dry up. People, take all of YOUR money out of the bank by June 30! Show the banks who is BOSS!

Isn't if ironic - the government is out to get us, the banks are out to get us, the terrorists are out to get us. I notice a common theme here. Don't you?

Stealing from the poor to give to the rich - great - not!

So any of these banks that had a negative interest income and a higher compensation % than their non-interest income just used bailout money to pad their pockets? Even raise their pay? Right?

At this point in the recession, fees are being used to cancel out bad loans, as least as some FIs. A 6 or 10% drop in interest income could correlate to that many loans getting written off.

Sure, some larger banks may be handing out bonuses with that extra fee income, but for the rest of us, it's about covering the rising tide of repossessed cars/houses, bankruptcies, etc. The money has to come from somewhere, and fees are the easiest target.

We haven't stopped lending, but to make up for lost revenue caused by bad loans, we'd either have to raise fees or lend a lot more, and in doing so, expose ourselves to that many more bad loans. With no multibillion dollar bailout looming for the little guys, caution is the more likely course of action.

And they say payday lenders screw you. At least they don't charge you $35+ per check.

The people being slamed with these fees have been trying to tell you this for months but oh thats right if you dont go with the flow your against the president. I had to go back to work because we went to having nothing left over in a paycheck to even buy food credit card bills went from $45 to $100 and up.
I to the point of wondering why I bother they allready ruined my credit. By uping my interest lowering the amount of cards and canceling cash with drawls. enough I say there forcing bankrupcy and defaults.

How is The Obama regien's going to explain this. That stilimuis package for the bank's wasn't need as they claim.Obama is right time for change time to get rid of him and coppurt politcian. And get a real three partly in office that's have common sense.

Have no problem with banks charging exhorborant fees. If customres don't know how to live within their means..they should pay as a from of "STUPID"penalty tax. But what bugs me is "WE", the taxpayers, just bailed these banks out for their own dumb mistakes/poor job performance. So, instead of a gracious thank you, we get gouged as their way of showing appreciation. It is time for a tx revolt!