Citibank is gonna give you middle class folks a bunch of new fees

[Ichingcarpenter]

Letters are going out across the country alerting Citi customers of account changes, said the bank's retail banking chief, Stephen Troutner. In many cases, that means customers will have to maintain fatter balances to avoid fees, although Troutner said a basic account option makes dodging charges easier.





"We are doing our best to explain the impacts, the value and convenience the debit card offers and how to avoid the fee if necessary," spokeswoman Anne Pace said.


Cheryl Holt of Burbank said she received one of the Citibank letters this week saying her old account with the bank, a so-called Easy Checking Package that had always been free, was being replaced in December with a new account package with a $15 monthly fee or $6,000 deposit minimum.

That sent Holt, a self-employed writer with a son in college, out to move her accounts to the Burbank City Credit Union, which has free checking and free debit cards.


http://articles.latimes.com/2011/sep/30/business/la-fi-1001-citi-checking-fees-20111001

[fasttense]

1. I don't know why anyone does business with B of A or Citibank.

Two different local community banks have offered me $100 to open an account at their banks. Of course there all sorts of strings attached to that promotion, but the fact remains banks are hurting for customers. Give up on the too big to fail thieves and con artists who got the federal government to declare them a bank. Go with local community, credit unions or anything but the big guys.

[roguevalley]

20. GET THEE TO A CREDIT UNION! I've been with one for 35

years and no complaints.

[RebelOne]

21. The nearest credit union bank is too far for me to drive.

I have had Bank of America for over 15 years, and I am not about to change banks despite the $5 debit card charge. I have my checking and savings accounts with Bank of America and it will be too much of a hassle to switch banks. And Bank of America has always been fair with me, mainly because I keep large balances in both accounts.

[Sherman A1]

2. Still with a regional bank myself

that apparently hasn't been swallowed up by the big 4. I did get a letter about charges increasing if I did not maintain a specified balance this year. Thus far it is well below what I have always maintained and frankly the bank is is only a few minutes from the house. That said the Credit Union is only a few more minutes from the house although a bit less convenient, so it will be easy to take my money down the street should the time come for me personally.

[CTyankee]

12. Me too. I closed my CitibankMorgan Stanley account because they charged me

a $150 fee last year (and I had much more than $5,000 in the account)! Now I deal with a regional bank. It is convenient and no fee for my account. Plus, I like the people. They are knowledgeable and spend time with me and help me. they're right in my supermarket and that's just perfect.

[Auggie]

3. Alarming graphic

[tavalon]

8. Agreed

Prior to the second Guilded Age here in the US (the first being just before the stock market crashed in 1929), monopolies were considered a bad thing and were routinely broken up. Not so any more. An apt phrase comes to mind: The definition of insanity is doing the same thing over and over again and expecting different results.

There are 98% of us and only 2% of them. Why are they kicking our asses?

[Exilednight]

4. Looks like the bailouts did their job. They made the too big to fail even bigger. n/t

[lonestarnot]

5. Credit union stampede. Hope they hire more people and extend some hours.

[Nay]

6. The mgr of my regional bank told me she had 21 account signups YESTERDAY

from ppl ditching B of A. People are pissed!

[sarcasmo]

18. +1

[tavalon]

7. We've been putting off changing from Wells Fargo to a local Credit Union

This is the necessary push. My state is to be one of their test states for the new debit card monthly charges. Nope. Done.

[Auggie]

15. Haven't heard anything about California yet,

but I'm ready to do the same.

[Vinca]

9. People should move their money to local credit unions.

Moving money is the only language the big banks understand.

[nineteen50]

10. Now it's time

The public sector has taken on the debt created by the
financial sectors crashing the economy and now it is time for
the financial sector to repay its debt with a substantial
financial transactions tax. Looks like their not done taking.

[sandyj999]

11. A year ago we moved our money to a credit union.

B of A took over our bank and messed up our account right at the beginning.

[TBF]

13. Rec for visibility nt

[Starry Messenger]

14. k&r

[seabeyond]

16. been using local since the early 90's. no issues with them. nt

[Ichingcarpenter]

17. 18,000 Seattle households have switch to CU past 2 months

A day after the country's largest bank announced its debit fee cards, Washington's largest credit union said its branches were bustling. BECU spokesman Todd Pietzsch couldn't say for sure if the activity was due to Bank of America's news, but said the credit union was on track to break a record in new memberships Friday.

"Obviously, we're very busy today," Pietzsch said.

http://www.seattlepi.com/local/article/Debit-card-fees-irk-customers-prompt-flight-to-2196936.php

[sarcasmo]

19. People still have the power, this kind of action will make the bankers take notice.