Citi hikes fees on checking accounts

[sinkingfeeling]

http://money.cnn.com/2011/10/04/pf/citi_fee/index.htm?hpt=hp_t2

NEW YORK (CNNMoney) -- The fees keep coming. Citi is the latest big bank to slap customers with a round of fee hikes. This time, on its checking accounts.

With the new regulation that caps how much revenue banks can get from the swipe fees they collect from merchants, banks must look for other ways to cover that lost income, explained Nessa Feddis, vice president and senior counsel of the American Bankers Association.

"We don't expect to pay nothing to ride the train, it's the same thing with a checking account," she said.

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Moderator requested edit. This article, as it appears at link, is 14 paragraphs. I copied 5.

[xchrom]

1. recommend

[L0oniX]

2. ...but they won't cut back on CEO or management pay.

[dkf]

3. Well the merchants used to pay debit card fees but congress decided it was too high so now banks

Charge People directly and I doubt the merchants are lowering their prices.

The law of unintended consequences strikes again.

[jtrockville]

4. Totally foreseeable. Did congress think banks would just relinquish

their gigantic profits?

[dkf]

9. They are not the sharpest tools in the shed so I won't accuse them of doing this deliberately.

But anyone with half a brain should have known.

[Bonhomme Richard]

5. I wouldn't expect to pay to ride the train if it had been built.......

with my money.

[femrap]

6. Why would anyone bank

with this greedy scum? Go local, go Credit Union.

[formercia]

7. Time to vote with your feet

....but be sure you get an account somewhere else first. A local Credit Union would be my choice.

[Indydem]

8. What did you think was going to happen?

BoA is expected to lose 14 BILLION on the Durbin amendment. Their total net revenue for 2010 was only 2.2 Billion.

Did anyone think they were just going to lose 11 billion dollars?

Stupid stupid stupid.