Guess what? Bitcoin fixes this.
Marianne Lake, head of Chase Bank, a division of JPMorgan Chase, was quoted by The Wall Street Journal as saying the bank is preparing to charge customers for now-free services, including checking accounts and wealth-management tools, if new rules pushed by politicians in Washington are enacted. These rules include capping overdrafts and late fees.
"The changes will be broad, sweeping, and significant," Lake said, adding, "The people who will be most impacted are the ones who can least afford to be, and access to credit will be harder to get."
This is such gross fear mongering. No doubt banks will profit less from checking accounts under those rules, but I can't see any reason for credit to be harder to get or for this to impact "the ones who can least afford" it anymore than overdraft fees.
It's her quote... she jumbled two thoughts together. The credit reason is separate from the checking piece. From later in the article:
So the potential tightening of credit is due to them not being allowed to have higher credit card late fees. Just means they won't be as predatory when they're giving some dude with a 550 credit score a card.
They can get away with it because of the leverage they have over politicians.
The article ends by saying that competition between banks will mean checking account fees will remain zero
That wasn't on my bingo card.
shocker, there were not free to begin with....Who is using checks anyway :-) ?
No free accounts in Europe for the last 10 years or so.
Reminds me of when newspapers all started raising their prices. The local paper went from quarter to $0.50 to $1.00. Then a year or two later it shut down.
This should be a great news for Fiat lovers!
What if a bank charges for anything, it's their right and we are slaves!
wow.
Its time to go to the bank that doesnt charge these stupid fees.
Eventually, if there are so many fees, it will just be worth it to get out of fiat and go directly to btc.
Credit union
In other news, banks go out of business. Credit Unions up.
Rent seekers will be rent seekers. this will help others to see the appeal for the masses on full bitcoin only.
Checking isnt free. Most banks fee you to death.