Fake “news”. If you hold $1000 in your checking account, you can find many many banks that will offer basic services without charge (think about that - what other business offers its services for free?)
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How is it fake news if Wells Fargo is doing it?
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Not very hard to avoid the fee. Also, there is no obligation by any business to provide a service for free.pic.twitter.com/sQijk521Lq
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Not for you, perhaps
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10 debit/payments or a direct deposit? Shouldnt be too difficult for anyone with a job and life
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I honestly don’t understand why more people don’t use credit unions
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I mean I don’t use a credit union but I also don’t remember the last time I was charged a fee for *anything*, including wire transfers or printing checks at a branch. And it’s not like my personal balance is enormous
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I don't think criminal is the word for it. There are good reasons for giving bigger accounts free service. It's in un-creative and leaving an opening for Christansen style disruption from the bottom
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Consistent income and balances allow the bank to make bigger loans. They can lend out 10:1 or more on your balance, so even with a regular paycheck on a $50k, there's enough interest to cover your overhead. But if U R floating $100 most of the time, U R basically a liability.
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And it sounds gross, but banks are weird institutions. They are both "money transfer" businesses and "money lending" businesses mashed into one. Plus they get access to "Magic Reserve Money" and they are heavily regulated. This is all a side effect of their design.
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YES! Obscene.
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