Durbin and Federal Reserve Plot to Fix Prices and Harm Consumers

[twyacht]

Credit Unions will be exempt. As they are tax-exempt. aka,...(non-profit),... Also a bank is only as good as it's depositors. Don't like the "fees" your bank charges?

"Bye-Bye".....

Chase is starting this, other "big" banks will follow suit, but the smaller banks, the ol' Building & Loan, still has FDIC insurance, and three things will happen:

1) This is a plot to Nationalize Banks by our Illustrious Socialist Regime.

2) Others will withdraw and close existing accounts for exempt credit unions.

3) Grampa was right in keeping cash in coffee cans.

Online banking is also a consideration. Hmmmmm,....  Writing checks (old school)?

Is this like Obamacare, forcing you to pay for something that is otherwise a consumer choice? Seems some Constitutional considerations come into play, with the Regulatory Commission, and Commerce Clause issues,.. and have we audited the FED yet?

[TAB]

I think we need to go back to the old system... banks could not cross state lines and you could either be a holdings bank or a investment bank, not both.

[JC5123]

OH, don't worry, they will issue credit cards all right, You will just pay a "reasonable" extra few percent in interest as a "high risk" customer and  maintain a set monthly balance (so they can soak you for that interest ).
Car dealers require a credit check and so forth, but there's no shortage of "Buy Here, Pay Here" outfits all making money selling cars at inflated prices and interest rates.
Credit cards will be the same way. Hell, many banks will cancel your account if you pay the balance every month since they can't charge you interest.
I'm old fashioned, I use cash.

Fought with Discover for years over this. I would use it and pay it off every month. Then about every six months I would use it and it would be declined. I really scratched my head the first time it happened. How does a card with no balance and a $5000.00 limit get declined for purchase of $300.00? Found out later that they had canceled the account and just failed to let us know about it.

Of course the bad thing is that it ends up looking bad on your credit report when crap like that happens. 

[kmitch200]

Also consider that the feds flag you for withdrawing large amounts of cash. (My credit union says that the tipping point is $1000) I'm not sure if that is the feds number or the FCU's  

Might be the FCU's policy. The 'notify the feds' limit used to be $10,000.

On edit: I can't believe you guys don't carry a nice hunk of cash with you. I try to have at least a couple hundred in my wallet. Never know when coming out of a gun store you could run into somebody wanting to sell one - or garage sales! 

[tombogan03884]

I haven't used anything but cash or Postal Money orders for 10 years.

[Sponsor]

[Big Frank]

I won't buy money orders because checks are only 9 cents from the credit union. I use less than one a month so a box of 150 lasts a long time. I rarely use cash unless it's something fairly cheap, like food. I use a credit card for more expensive things, like a tank of gas.

[tombogan03884]

When given a choice I will not accept checks. Money orders are paid in advance, they can not bounce if you throw them on the floor.
If I have to accept a check I cash it on the bank its drawn on, They have to honor it.

[TAB]

When given a choice I will not accept checks. Money orders are paid in advance, they can not bounce if you throw them on the floor.
If I have to accept a check I cash it on the bank its drawn on, They have to honor it.

If they are postal money orders if they turn out to be bad, the post office will go after them tooth and nail.  I'd mess with the ATF before I messed with teh USPS.

[tt11758]

If they are postal money orders if they turn out to be bad, the post office will go after them tooth and nail.  I'd mess with the ATF before I messed with teh USPS.

How can a postal money order be "bad"?  They aren't issued until you give the USPS the money to cover them.

[tt11758]

When given a choice I will not accept checks. Money orders are paid in advance, they can not bounce if you throw them on the floor.
If I have to accept a check I cash it on the bank its drawn on, They have to honor it.

No, they don't.  Been there, done that.  Took a check for services and presented it at the bank upon which it was drawn.  NSF, no money for me.  Too bad, so sad.