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Days of free checking are numbered?

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  • Description

    Banks cite government regulation for new fees

  • Duration 2:55
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The days of free checking accounts and America may be numbered Wells Fargo expanding its seven dollar monthly checking account -- to six more states and the banks citing government regulation is one reason for the -- Gary -- saying.

For a ban hot -- Exactly -- it's another case a government coming in -- mucking things up in the banks are responding look.

As a customer I -- it but you know what free checking is not a -- That we have and what is -- the effect here is the banks got try to make more money look.

If I was a Wells Fargo costs and I would just try to look for another bank -- it may -- that matter and maybe I just put my money under a mattress but this is capitalism.

Out work good for -- may be -- for the customers but maybe it creates more competition.

Bob do you blame the banks for the -- No not at all because look at that Gary has sold a 100% right the banks gave free checking because they -- -- to make a lot of money at other places where they can't now they're not lot of use anything it proprietary trading the government took that away from government took away securitization of loans.

They can't charge high fees if someone overdrafts a -- check and they can't charge much interest rate for a credit -- and -- what's left -- they don't make a lot of money and -- -- other -- -- charge for -- so this is the result of the regulation and look at when banks were making money these big banks they gave checking the white and it makes everyone -- checking the -- now the new reality is this is just like airlines you're gonna pay for every little service you get from the bank you can blame that on regulation Mike do you mind that these.

He's a disgusting that we bill all these banks out now -- hit us up with these they should all be out of business they should have been closed down that's ridiculous the fees to discuss thing.

And I do not like them I do not like OK you've made that clear -- -- to bring it makes sense to you yes because for when you can't blame the airline fee on the government that's ridiculous with the -- second ball is under prop trading hedge fund to be his because.

Did you said about -- they cannot charge you a lot of money when you overdraft that without being able to do that.

A -- dollar account.

Does not make money from bank -- have to charge you seven dollars a month or they lose when they count because they cannot charge you high HM -- overdraft fees.

Who lost in this whole deal they got the -- how to do an overdraft who want the guy who overdraft he was paying 39 dollar -- did some crazy formula that would speed snowball.

That guy won now you're going pains haven't dolphins okay Toby what's -- Your take care his -- handle that well well well obviously though.

Free checking.

It was a code word for freedom of -- regulation and because that has come because Dodd-Frank is coming -- -- -- all the things these guys have said.

You better get used to it now there may be some competition over the Internet.

Where maybe -- a more physical player and that would be good old capitalism coming in but we have a bit basically six banks that have 80% of all the deposits the United States so.

-- -- -- Yeah -- right good point there thanks guys.

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