A big bank threatens to end free checking. Others may follow. Here’s why that sounds worse than it is
https://www.cnn.com/2024/07/12/economy/banks-free-checking/index.html
by JenMoneyMaven
A big bank threatens to end free checking. Others may follow. Here’s why that sounds worse than it is
https://www.cnn.com/2024/07/12/economy/banks-free-checking/index.html
by JenMoneyMaven
11 comments
Hope this doesn’t spill over to federal credit unions
Is it really “free” when fractional reserve banking exists and they can use our money to make money themselves?
It’s just one more step to force people into free digital checking…aka Central Bank Digital Currency..CBDC…no thanks
India has a free (to users) instant payment app [UPI](https://en.wikipedia.org/wiki/Unified_Payments_Interface) that can be used for nearly all transactions.
>The interface facilitates inter-bank peer-to-peer (P2P) and person-to-merchant (P2M) transactions. It is used on mobile devices to instantly transfer funds between two bank accounts. The mobile number of the device is required to be registered with the bank. The UPI ID of the recipient can be used to transfer money. It runs as an open source application programming interface (API) on top of the Immediate Payment Service (IMPS), and is regulated by the Reserve Bank of India (RBI).
The service is free to users, and is funded with revenue from advertising and small charges to businesses
There’s no reason we can’t have that here except for the profit sucking banks….
No need to suffer with big banks, switch to a credit union.
That’s a quick way to start a bank run
They’re like the airlines. One starts charging for bags that you were able to carry-on before. Then all of them start doing it shortly thereafter. Bad press for a while. But what r u going to do? I already got all my stuff at one bank. All set up. Why would I change banks because you know it’s a ripple effect.
I live in a country where checking is long gone. I have not written or received a check for decades.
The idea that people use them on a regular basis in the US is wild to me.
The free of consequences market predatory practices that far right extremists libertarians tech bros are inflicting on America economy…
Well I feel for anyone that is a millennial or younger big banks don’t hold as much power as they think.
0% interest. They’re making money on your money. It’s bs.