Schumer: Banks should warn customers when they end free checking accounts

[cal04]

http://www.nydailynews.com/news/politics/2010/06/27/2010-06-27_schumer_banks_should_warn_customers_when_they_end_free_checking_accounts_.html

Several banks are putting an end to free checking accounts for millions of customers. The least they can do is give fair warning, Sen. Chuck Schumer said Sunday.

Schumer is calling on Fed Chairman Ben Bernanke to police large and mid-sized banks that are slapping fees on free checking accounts. Culprits include Wells Fargo and Bank of America. The banks are looking to recoup revenues they'll lose from changes in rules about overdraft charges.

"The new fees will be a punch in the gut of customers who rely on free checking accounts," Schumer (D-N.Y.) told reporters.

Sufficient advance notice about checking fees would give customers time to increase balances in their accounts to avoid the fees -- or switch to banks that don't charge fees, Schumer said.

[DJ13]

1. I love polticians who say a corp "should" do something

Especially so soon after voting on a bill that could have included what concerns them now.

[AndyA]

3. Thank you! Always the star, never the solution.

I've never seen a politician yet who just did their job, did it well, and wasn't a ham for the cameras.

[katandmoon]

2. ROFL. Thanks a bunch, you Wall Street kiss-ass.

[Fumesucker]

4. Politicians should pass a law making it so...

Oh... Wait..

[gratuitous]

5. Who's gonna make 'em, Chuck?

You? The big money boys personal pocket protector? Yeah, banks oughta do a lot of things that don't screw their account holders, but for some reason, they don't anymore.

[Sherman A1]

6. +1, Agreed & Well Said!

The minute that my bank ends free checking (an account they inherited in about 5 buyouts... Home Federal, to Roosevelt, to Mercantile, to First Star, to...... ) is the exact minute I go to a Credit Union even if fees are involved.

I bank in the same building that I have for 15 years which is about 3 minutes from the house within walking distance, the Credit Union would be a bit farther down the street, but I will move the account.

[rhett o rick]

7. Move your money. nm