We've known that big banks are thinking up new fees to stick us with to try to make up for some of the usury they can no longer practice. Well, yesterday Bank of America tried to stick me with a pretty lame one. I noticed that $20 had been deducted from my checking account for some bogus "monthly maintenance fee." I won't even bore you with their explanation for this, but I got the $20 credited back to me.
Point is: Be on the lookout. The banks are losing an estimated $50 billion as the new credit card rules go into effect. Who knows how much more they're going to lose from:
a) Other proposed regulations (reinstate Glass-Steagall, anyone?),
b) Other reforms (like breaking up "too big to fail" banks),
c) Consumer action (like people breaking up with their banks),
d) Obama's bank tax.
They're not going to take this sitting down. For now, they're able to make less money off your credit card, so they're going to try to make it up in your checking or savings accounts. They'll always have some excuse for a random fee that appears out of nowhere. So you might want to keep a closer eye on things. It saved me $20.
(BTW, I'm still moving out of Bank of America and into a credit union, which I still recommend. But BofA is able to hit me on the way out.)
2. BTM Programming Note
I'm going to be out of town for almost two weeks, so my blogging will be sporadic at best for a little while. I'm looking forward to returning in full force around the end of next week. It sure seems like a number of major issues are at critical points right now--backlash to the SCOTUS decision, health care reform, financial regulation, the administration's populist shift, Democrats' 2010 worries. (Man, my news addiction is gonna be hurting these next couple of weeks.) Anyway, keep the home fires burning. And keep up the good fight.