Problem is the government forced banks to make loans to people who had no business getting the loan in the first place. This was the community reinvestment act. Loans for businesses and homes were made to people who would not qualify without this act and low and behold we had the mortgage crisis. Banks were to blame as well for making loans that were even more shaky than required under the Reinvestment Act.People were to blame for being greedy and buying more house than they could afford.Plenty of blame to share and now the banks are being even greedier. I will be constructing an interior safe room that is fire proof and keeping my cash on hand.
If it wasn't so inconvenient, all should start to write a check instead- let them clear a trainload of $2.50 checks a day. Inexpensive or free checking is the way to get deposits, so it can be loaned out (there is the profit center- not service charges).
The article says that banks will lose $6.6 BILLION this year. That means that they will still be making an obscene amount anyway. Plus,that amount will still exist. It will be part of increased profit for businesses. I know that Der Weierschnitzel was charging an additional $.39/transaction to use a debit card vs. cash. Don't know if they lowered it to $.21 or not. Maybe we should all go back to the inconvience of carrying a bunch of cash for all transactions. Banks will figure out a way to charge us for getting that,too. I keep waiting for there to be a turnstile at the door of the bank and I'll have to insert a quarter(to start) to visit my money!! Bankers are the cigarette manufacturers of the 21st century.Patrick Barnes.