Tag: banking

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I had another point I wanted to make in my blog about Free Checking and I realized that I forgot to say it.

Marianne Lake, the evil genius who runs Chase Bank, explained that the elimination of free checking was due to the government cracking down on banks for their late and overdraft fees. She also warned that the end of free checking was going to have the biggest impact on the people who can least afford it.

This is the standard business reaction to anything government does to help regular people. It is actually bad for regular people because business will just find some way around it. You see, Business is trying to do the right thing but Government is forcing their hand. Government is making us hurt regular people because they want to regulate the way business treats regular people. In other words, since Government is preventing banks from screwing regular people one way, banks will just find another way to screw them and it’s all Government’s fault. Lake’s concern for regular people is underwhelming.

Furthermore, who exactly does she think is paying the exorbitant late and overdraft fees now? Billionaires? Vulnerable people are already being taken advantage by her bank just in a different way. Doing away with Free Checking is just another new way to take advantage of them.

So fuck you Marianne Lake and your phony concern for vulnerable customers.

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Marianne Lake, who runs Chase Bank, announced that Free Checking is going to end for that bank and she anticipates the other big banks will follow.

I only stay with the big banks for 2 reasons — Free Checking and Free ATM’s. If this ends I see no reason to stay with the big banks. They are completely useless to me as a normal business customer because every time I use my ATM, I am taking money out of my checking account. I am guessing that means if I use an ATM, I will be charged for writing a check. This ends Free Checking and Free ATM in one fell swoop.

The big banks are useless especially to those of us on the more modest side of the pay scale. I tried getting a saving’s accounts at a big bank. It cost more money to have the account than I received in interest. CD’s are better in the sense that I don’t lose any money but when I close out my last CD with a big bank I was getting in the neighborhood of .50 cents. You heard me right — .50 cents.

The sad part of this whole thing is my leaving will not be a problem for my big bank. In fact, a clerk accidentally spilled the beans with me one day when I was trying to find the best place for my $5,000. The answer was loud and clear. I just didn’t have enough money for the bank to bother with my accounts.