Only applies if people bank with the big banks.

If people were smart, they would join their local Credit Union.

I did.

Smart people bank at big banks too. Credit unions have restricted access, and some don't even offer business accounts. Their atm network is not as convenient either. Product and services are limited too. Large loans can be a lot more expensive to repay.

So, if u need the more inclusive services and products that the big banks offer, good customers are going to foot the bill to offset bad customers now thanks to congressional reform.

Penalize the ones that play by the rules to cover the ones that don't. That is so wrong and is the perfect example of what is wrong in the United States these days.

Smart people bank at big banks too. Credit unions have restricted access, and some don't even offer business accounts. Their atm network is not as convenient either. Product and services are limited too. Large loans can be a lot more expensive to repay.

So, if u need the more inclusive services and products that the big banks offer, good customers are going to foot the bill to offset bad customers now thanks to congressional reform.

Penalize the ones that play by the rules to cover the ones that don't. That is so wrong and is the perfect example of what is wrong in the United States these days.

Credit Unions don't restrict access anymore....that is a myth. anyone can become a member of the Credit Union I belong to.

Their ATM network is huge....most Credit Unions, like mine, partner with a Co-Op network, like Allpoint. There are over 57,000 nationwide that are surcharge FREE ATM's. I was even up in Canada quite a bit this summer and accessed ATM's with NO PROBLEM.

Loans are cheaper with a Credit Union. Mine is way cheaper on auto loans and mortgages than any of the big banks.

Not sure what you are talking about "Products and Services are limited"?? They offer savings, checking, money market, IRA's, CD's, credit cards.....ALL FREE of Service charges. I even have a $24,000 Platinum Card with a 7% interest rate.

Please tell me how products and services are limited again?

No BIG BANK can compete with my local Credit Union. Believe me, I checked.

If your last comment was correct there wouldn't be a BIG BANK near you. I expect there are far more big banks closer to where you live than credit unions so they must be competing. Some credit unions don't even offer merchant accounts.

Once again, the credit card reforms passed by Congress put more expense on good customers to offset bad customers as predicted. And that is what in many ways is wrong with this country. Like the public option in healthcare, it will never be paid for and those with insurance will pay more eventually to cover those who shouldn't have it (illegals) or just don't want to pay for it (typically, 25 to 35 that will be forced to get it)Too bad that the whole debate was over the public option and not how to reform health care.

I believe that most people just simply don't know about the benefits of Credit Unions and how much better they are than the big banks. Maybe they believe the "myth" that you stated previously, that they are restrictive as to who can belong. ??

If the big banks keep screwing people over, maybe people will start shopping around and find better alternatives. Even switching to what are being referred to as "Community Banks" is starting to catch on.

I don't know why anyone would continue to support BIG BANKS after the shenanigans they pulled and continue to pull.

Bank Local.

BofA to charge annual fees on some credit cards

By CANDICE CHOI, AP Personal Finance Writer Candice Choi, Ap Personal Finance Writer – 2 hrs 9 mins ago

NEW YORK – Bank of America Corp. said Tuesday it will charge a limited number of its credit card customers annual fees ranging from $29 to $99 starting next year.

"We're testing this to see what the feedback is. In terms of any plans going forward, we haven't made any decisions," said Betty Riess, a spokeswoman for Bank of America. She said the fee is being "tested" on 1 percent of its credit card accounts globally, but declined to give specific numbers.

Bank of America, based in Charlotte, N.C., had 80.2 million credit cards in circulation last year, making it the third-largest issuer of cards, according to CreditCards.com. Chase was first with 119.4 million cards, while Citi had 92 million.

The Bank of America accounts that will be charged fees were selected based on "risk and profitability," Riess said. That means customers in good standing who never carried a balance — and never incurred interest charges or late fees — could be among those getting notices.

The notices of the new fee comes after Bank of America last week vowed not to hike interest rates on credit cards ahead of the sweeping new credit-card reforms that go into effect in February. That pledge came as Congress considered moving up the effective date of the law to Dec. 1. Customers across the country have seen interest rates hiked and credit limits lowered since the law was signed in May.

Among other consumer protections, the law limits how and when banks can hike interest rates and fees on credit cards.

Analysts have predicted banks would make up lost revenue by charging annual fees more frequently on credit cards and checking accounts, even for customers in good standing.

"We are making this change in response to market conditions, new federal laws and regulations, and the increasing costs of providing unsecured credit," states a letter sent to a Bank of America credit-card customer and obtained by The Associated Press.

Customers are told that they can reject the fee, but will subsequently have their account closed. The deadline to reject the change of terms is Dec. 16.

Closing a credit card account can come with repercussions to a person's credit score, since it would lower the amount of available credit a person has access to.

Some Bank of America cards, such as airline rewards cards, already come with fees.

Chase also charges annual fees on select rewards cards, but a spokeswoman said the company has no plans to test annual fees on a broader basis. Wells Fargo said it does not "speculate on future business policies and practices."

A Citi representative could not be immediately reached for comment.

http://news.yahoo.com/s/ap/20091013/ap_on_bi_ge/us_bank_of_america_annual_fees

Penalize the ones that play by the rules to cover the ones that don't. That is so wrong and is the perfect example of what is wrong in the United States these days.

It's not the arguement that if it's good to have Credit Unions or not owning credit cards and so on how many are already have credit cards and loans from big banks. Those people are getting punished. I personally don't have any credit cards, but My mom went berserk after hearing about it, she got "big bank" cards and a fairly good credit, now she is thinking about rejecting these fees and shut down her account.

And I KNOW for sure many will. the "Big banks" just signed their death will, which is one point of view is good, another point of view, not so good.

Smart people bank at big banks too. Credit unions have restricted access, and some don't even offer business accounts. Their atm network is not as convenient either. Product and services are limited too. Large loans can be a lot more expensive to repay.

So, if u need the more inclusive services and products that the big banks offer, good customers are going to foot the bill to offset bad customers now thanks to congressional reform.

Penalize the ones that play by the rules to cover the ones that don't. That is so wrong and is the perfect example of what is wrong in the United States these days.

Which will encourage them to be more customer friendly after they lose too many so it will turn out the best in the end.

I don't have a credit card either.