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Monday, October 03, 2011
Occupy Burque Day 3: Meeting at 6 PM, University and Central
According to status updateson the Occupy Burque Facebook page:
Meeting today [Monday 10/3] at 6pm. University and Central. Rain may be on the way, as well as colder weather. Please bring any rain gear you can spare, tarps, ponchos, plastic bags and tubs. Community support has been great, let's keep it going! We made the front page of the Lobo today. Check YouTube and twitter for more media!
General Assembly strategy meeting 6pm at University and Central. Come be heard, contribute, camp. JOIN US. Contact me for needs of "occupiers". PASS IT ON! **You** are the 99%. Stand up! If not now, WHEN?
The people need to be watching this one.
Bank of America will charge customers $5 per month to use their debit card starting in early 2012, according to Dow Jones Newswires.
Citigroup announced earlier this month that it would charge customers a $10 monthly fee if their account had a balance below $1,500
After years of raking in excess profits off an unfair and anti-competitive interchange system, Bank of America is trying to find new ways to pad their profits by sticking it to its customers. It’s overt, unfair and I hope their customers have the final say.”
“Earlier this year the Federal Reserve determined that the interchange fees Visa and MasterCard fix for big banks grossly exceed the cost of processing a debit card transaction by some 400%. These hidden fees were designed to boost big-bank profits by charging small businesses and merchants every time a debit card was swiped. And profit they did. Bank of America hauls in billions in debit interchange each year.”
“Thankfully, on October 1st that flawed system will be replaced by a more transparent and competitive market. Swipe fee regulation will still allow banks to cover the actual costs of debit transactions but will rein in the banks’ excessive profit-taking. Small business and merchants will benefit from fee relief and consumers will benefit from lower prices. And banks that try to make up their excess profits off the backs of their customers will finally learn how a competitive market works.”
The Freedom and Mobility in Consumer Banking Act makes the following changes and clarifications to existing law:
Increases competition among banks by guaranteeing consumers the right to close a personal checking or savings account:
• Provides consumers the right to close an account at no charge
• Provides consumer the right to close an account at any time, regardless of whether the balance is positive, zero, or negative
• Provides consumer the right to close an account in person, by phone, or by other remote means as may be prescribed by regulation
Prohibits abusive fees and charges:
• Prohibits fees or charges from being assessed to an account after receiving a request to close an account
Requires banks to take reasonable steps to facilitate account closures:
• Requires institutions to notify consumers of preauthorized and recurring debits that hit their account for 30 days after a qualified account is closed
• Requires institutions to remit the balance in a closed account to the customer’s new account electronically if the consumer chooses
Prohibits banks from blacklisting consumers for failing to satisfy bank-generated fees assessed to an account at time of closure:
• Provides that consumers shall be given at least 30 days to remit payment for an account that is closed with a negative balance before the institution can initiate any collection activity, or reporting to a third party
• Provides that where an account is closed with a negative balance that is exclusively the result of overdraft or other fees assessed to the account by the depository institution, the institution may not report the account as delinquent to ChexSystems or any similar specialty consumer reporting service.
Posted by: qofdisks | Oct 3, 2011 4:26:52 PM
We are hard-boiled frogs.
Posted by: qofdisks | Oct 3, 2011 4:28:27 PM
Bank of America refuses to let customers close accounts.
Posted by: qofdisks | Oct 5, 2011 10:51:28 PM