Episode 3 Aftercast: Bank fees, and how to avoid and fight them!

Okay, here it is, the information you've waited years for: - How bank fees got so prevalent, what they are - How to avoid them - How to complain about them, escalating to top management (contact info) - How to report banks to regulators over fees - How to file lawsuits against them. Show Audio Here. Here are all the links / sources used in the podcast by timestamp when they are heard in the show and some useful information in between: We start our aftercast with some outraged people who tell of their experiences with Bank of America, Wells Fargo (chanting from the protest on Wall Street - Wells Fargo this sucks! Where's our $25 million bucks!), Citibank, and Chase bank.  Can you relate to these people?  Are you mad as heck and don't want to take it anymore?  Protesters walk Broadway in Manhattan, NY, they walked in Chicago, and other cities!  Are you mad enough to want to join them if and when there is another protest? Scott's pet peeve is FEES and specifically, in this aftercast, he takes on bank fees (credit card fees will be featured in another podcast).  In this discussion, free checking (is there such a thing?), small print on bank notices, and other bank fees.  Scott will take us through the fees and how to report these outrageous fees to many different agencies. 7:45: Depository Institutions Deregulation and Monetary Control Act of 1980: http://en.wikipedia.org/wiki/Depository_Institutions_Deregulation_and_Monetary_Control_Act 8:45: First National Bank of Chicago Teller Fee in 1995 http://redtape.msnbc.com/2008/04/paying-cash-at.html  In 1995, First National Bank of Chicago started charging a $3 teller fee which forced people to use the ATM and profits doubled for 28%.  Banking customers have become nickeled and dimed ever since. 10:15: Financial Times August 2009 on Bank Fees: http://www.ft.com/cms/s/0/43d18c68-851d-11de-9a64-00144feabdc0.html Banks make $38 billion from fees yearly.  Fees have nearly doubled since 2000 - Financial Times, August 2009. Banks made 75% of their money from fees, not interest. 13:20: PocketMoney checking account register software for Iphone: http://www.catamount.com/iPhoneApps/PocketMoney.html 17:37: Coverage on the courtesy overdraft scam where fees and interest are charged to move funds to cover itemshttp://www.billshrink.com/blog/7898/bank-of-america-overdraft/ 19:15: Usury references in the Bible:http://www.tentmaker.org/lists/UsuryScriptureList.html 20:00: Usury defined:http://en.wikipedia.org/wiki/Usury 20:15: Fed Moves to Limit Overdraft Fees:http://www.dailyfinance.com/story/federal-reserve-issues-new-rules-restricting-overdraft-fees-on-d/19235338/ 22:00: Banks move to limit Overdraft Fees:http://newsroom.bankofamerica.com/index.php?s=43&item=8538http://www.bloggingstocks.com/2009/09/24/wells-fargo-to-eliminate-overdraft-charges/ 24:15: Red Tape Chronicles MSNBC Reporter Bob Sullivan Reveals BOA's ATM Denial Fee:http://redtape.msnbc.com/2005/10/now_even_atm_de.html Thank you to Bob Sullivan, Red Tape Cronicles, for revealing an ATM denial fee of $1.50 from Bank of America when he was over his DAILY withdrawl limit. 24:50: One Consumer (of millions) gets stung with the daily spending limit when shopping:http://consumerist.com/2008/02/bank-of-america-wont-let-you-access-your-money.htmlEven worse: Stranded when they cut you off when you are abroad:http://consumerist.com/2008/06/bank-of-america-tries-to-ruin-your-vacation-for-your-own-protection.html 25:30: History of ATM's - They started out Free (Thanks to K.D. Weinert) http://www.stopatmfees.com/newpage3.htm   29:45: The Wells Fargo Rewards Debit Card program Elaine describes:https://www.wellsfargo.com/checkcard/rewards The Wells Fargo Rewards Program is free if you ONLY register your credit card, but of course, when you try to register your Debit/Visa Logo card to that, there is a yearly fee of $12.  This information comes directly from a customer service