Major banks and many regional banks are involved in a campaign to find revenue to replace what they thought would be a bonanza revenue generation source. This source was the monthly fee for debit card use. Banks underestimated the willingness of consumers to keep “taking it on the chin”. Consumers revolted and said “no” to the banks. A survey by Javelin Strategy and Research found that in the 4th quarter of 2011 more than 5.6 million consumers switched banks to smaller community banks or credit unions to avoid paying the debit card use fee.

Not to be daunted banks have now identified and are commencing to impose a series of new “fees”. According to some consumer groups banks have identified about 50 new fees that they can impose on customers. Some of these new fees include charges for paper statements, Internet account access, wire transfers, bill payment, iPhone deposits and account closing fees, to name a few. In addition to new fees banks are raising the dollar amount that they have been charging for traditional services such as account service charges, over-draft protection and fees, credit card use, etc. The new fees and additional dollar amount charges for traditional services which will soon be showing up as a debit item from a customer’s account will generate billions of dollars in new revenue for banks.

Banks individually and through their trade associations argue in Congress and elsewhere that they need these new fees and additional charges in order to survive. They point to new federal legislation imposing additional restrictions on banks as the reason they need new revenue.

They cite the regulations imposed by Dodd-Frank requiring additional disclosure mandates and other changes which they say increases their operating costs. They point directly to the Durbin Amendment imposed by Congress in 2011. This amendment reduced the debit card transaction fee on each individual debit card transaction that the banks charged retailers. This fee is called the “swipe fee”. Congress cut the amount of the fee in half. Rather than charge 42 cents for each transaction, banks can now only charge 21 cents. While banks opined that 42 cents per transaction was justified Congress determined that the 42 cent per transaction was far beyond the cost incurred by the banks.

Some in Congress argued that by charging 42 cents per transaction banks were once again “gouging” the consumer.

They point to the fact that eventually the costs is passed on to the consumer.

The debit card use fee debacle for the banks is evidence that the consumer can fight back against the abuses by banks. The consumer can fight back against the bank imposing new fees and charges. Consumers do this by moving their business from profit making banks to nonprofit credit unions.

For more information contact Associated Attorneys, LLC (866) 411-4693 or www.associatedAttorneys.com

About the Author:
Melvin R. Singleterry, a former Judge and former elected District Attorney is a licensed practicing attorney specializing in consumer debt law and consumer debt settlement

Associated Attorneys, LLC., offers you debt settlement services that no debt settlement company and very few, if any, attorney based debt settlement providers can or will offer.

Debt settlement attorneys in the Associated Attorneys network provide much more than just negotiating and settling your credit card and other unsecured debts. They will provide you with complete legal services. You will receive, at no additional costs to you, legal advice concerning all aspects of your debt settlement process. You will also receive, at no additional costs to you, complete legal representation in the event that you are sued by your creditors. This legal representation not only covers all aspects of a debt collection lawsuit, it also covers complete representation regarding the post judgment collection process. We know of no other debt settlement provider, attorney based, or otherwise that provides this total legal service.

When you hire an attorney which is part of the Associated Attorneys network you will receive services by an experienced consumer debt attorney licensed and practicing law in your state.

The states wherein Associated Attorneys will provide you with experienced, professional legal help are as follows:

We have also learned how to negotiate with each credit card company. We know which ones will accept a monthly payout arrangement and which will not. Which will agree to waiving interest and fees and which will not.

Which will agree to a reduction in interest rates and which will not. As a result of our experience we even know, in many instances, which debt collection representative or debt collection attorney is most likely to agree to a good settlement. We have a very good working relationship with these individuals.

Some of the credit card companies, third party bill collectors and collection attorneys with whom we deal are as follows:

Among other relevant debt collection laws, your state follows the Fair Debt Collection Practices Act (FDCPA). This law puts restrictions on what a debt collector can do when trying to collect an account. If you feel that a debt collector is illegally harassing you, trying to intimidate you by improper means, or doing any other thing that might be a violation of the Fair Debt Collection Practices Act (FDCPA) you should contact the your states consumer protection agency.

Choose your state from the list below to get specific information on your states laws regarding Debt Settlement and Debt Relief Laws.

A statute of limitations is a law that sets forth the maximum period of time, when there has been no confirmation of the debt by the debtor and no attempt by the creditor to collect, that legal proceedings can be instituted. For debt, the statutes limitation apply to the maximum period of time that the consumer has not made a payment. Each state has a different time for delinquency before the statute of limitations applies. During a time of non-payment there are certain events that can “toll” the statute of limitations. Your debt relief attorney can give you advice regarding what can “toll” the statute.

Choose your state from the list below to get specific information on your states laws regarding the Statute of Limitations.

Moreover, the United States Federal Bankruptcy Code provides exemptions as to what can be taken from the debtor. The idea for these exemptions is the same as that regarding the exemption of certain items from execution under a court judgment.
Choose your state from the list below to get specific information on your states laws regarding Judgment Bankruptcy and Execution.

You can obtain risk free professional debt reduction and debt settlement of your credit card and other unsecured debts by an experienced Alabama Settlement Attorney. Your attorney will make every effort to settle your outstanding obligations for considerably less than your outstanding balance.

Your monthly payments will be much less than the amount you are presently paying on your accounts. You can be debt free in less time and at less costs than you might think possible.

Your attorney will negotiate with your creditors to settle your accounts for the least amounts possible. Settlements ranging from 55% down to 18% of the original balances have been obtained. Moreover, installment repayment plans extending over many months have been negotiated. In some instances credit card companies have agreed to forgive all interest and fees.

Why choose a debt settlement attorney in Alabama?

Unlike some debt settlement companies, who in an effort to gain “legitimacy”, have advertised that their debt settlement process is “Attorney Based” or “Attorney Assisted” you can be assured that your accounts will be handled and negotiated by a licensed attorney and no one else. Your attorney will give legal advice, keep you informed, answer your questions, and address any comments you may have.

You will pay only the attorney fee amount you and your attorney agree you pay and nothing more. There will be no retainer fee, no up-front fee, no maintenance fee, nor other hidden or undisclosed fees.

Typically, your attorney fee can be paid by monthly payments extending over a period of 24 to 36 months.

Payment terms along with the amount of the attorney fee will to be negotiated with your Alabama debt relief attorney.

Get the most comprehensive, safest and effective debt relief available.

By engaging the services of an Alabama debt settlement attorney you will get more than just credit card debt negotiation, credit card debt settlement, or credit card debt relief. You will get complete and comprehensive legal services regarding all of your debt settlement process.

Get more information about debt relief and debt help in your state by choosing it below.

Banks are saying that they must raise fees due to the recent Federal Reserve decision to limit the amount banks can charge retailers to 12 cents rather than the 44 cents previously charged.

Some banks will now only give free checking if at least a $500 direct deposit is made monthly. It has been reported that Chase bank has already raised its monthly basic checking account fee from $10 to $12 per month. In order to avoid the fee a customer must maintain a minimum daily balance of $1,500. To get funds from a non-affiliated bank overseas the Chase customer will now have to pay a transaction ATM fee of $5 rather than the $3 previously charged.

Further reports indicate that Chase will charge more for outgoing domestic wire transfers to $30 from the previous $25. Online wire transfers for most customers will rise to $25. from $20. Moreover, for stop-payment request the fee will rise to $34 from $32 and online or telephone request will increase from $25 to $27. Instead of paying a fee of $10 when a customer deposits a check that is not paid due to insufficient funds the customer will not pay a fee of $12.

Bank of America will raise the monthly fee on its basic checking account from $8.95 to $12. They will be charging customers a $35 fee if they overdraw their account by less than $10.

It is going to be interesting to see how long the American consumer will stand still for banks continuing to “bleed” the each of us. Most Americans blame the large banks for the financial
meltdown experienced a couple of years ago. They resent very much banks receiving large bailouts after they made risky investments, committed fraudulent activity in the mortgage
markets, and are still at this time receiving Federal funds at little or no, rather than making loans available to consumers investing the loaned funs in U.S. Government securities.

This resentment by the American consumer is beginning to come to the surface. Take for instance the angry protestors that appeared to make their feeling felt at the recent
shareholders meetings at Chase and Well Fargo banks. Is it any wonder that consumer after consumer is now seeking debt negotiation and debt settlement on their bank issued credit
cards?

For more information call Associated Attorneys at (866) 411-4693 or contact Associatedattorneys.com.

At first the idea of charging customers “fees” for services was slow to catch on. Banks, especially local banks, were apprehensive to charge a customer a fee for something that traditionally had been part of the service that the bank provided. All that changed!

This new business model was developed due to the fact that banks realized they had a potential revenue source that not only would the bank customers would not protest too loudly; the banks would reap a bonanza in theretofore unrealized profits.

As the number of local banks declined in favor of a greater number of large national banks, customer’s choices declined. There were simply less local banks from which to choose. National Banks started to dominate the market. These national Banks became less personal, less a part of the communities and more willing to charge fees for their services. It got to the point where even local banks started charging these fees. Their justification for this change in their business model was. “All of the other banks are doing it.”

Banks now generate billions and billions of dollars profit from fees imposed on their customers. As they generate these billions in this fashion they are less inclined to make loans. It is not a secret that securing a bank loan even by one even with pristine credit is very difficult. They are not making these loans even though they have and are still getting billions and billions of dollars from the Federal government at little or no interest.

Some of the fees banks now charge for such services and products as follows:

1. monthly bank account fee
2. overdraft fees
3. stop payment fees
4. national wire transfers
5. international wire transfers
6. purchase of cashier’s check
7. on line use fees
8. debt card purchase fees
9. fees for a late loan payment
10. various and sundry fees related to obtaining a loan
11. Some banks even charge for the “privilege” of talking to a cashier at the bank window.

About the best we as consumers can hope for is that at some point in the future Congress and the Federal Reserve will see fit to impose stricter regulations on the activities of banks. Because of the fast sums that the financial industry provides elected officials and the efforts by lobbyist on their behalf, perhaps the best that we as consumers is can hope for is that “it doesn’t get any worse”.

For more information call Associated Attorneys at (866) 411-4693 or contact associatedattorneys.com.

About the Author: Melvin R. Singleterry, licensed practicing attorney, former Judge and former elected District Attorney, specializing in consumer debt settlement and consumer debt relief.

Because of their risky business practices, driven by their greed, many large financial institutions had to come to the American tax payer to ask for a bailout. The taxpayers obliged and banks received billions in bail out money. This money was given at little or no interest. They are still receiving substantial funds with little or no interest. With this money the banks are still making very risky transactions and still making substantial profits. Most likely at some point, in the not so distant future, the banks will be back to the U.S. taxpayer with their hands out.

Banks are able to borrow from the federal government for almost no interest. They then invest in risky financial instruments and, in some instances, loan it back to the American consumer in the form of credit card loans. Of course these loans are at substantial interest, fees, and charges.

In negotiating and attempting to settle credit card debt for our clients, it has been interesting to note the arrogance and since of self entitlement exhibited by credit card issuing banks.

Usually the representative for the credit card company will ask something like, “Why did your client get behind on their credit card payments? I tell them the answer is simple. (It is also true) “My client was able to make the minimum payment each month and in so doing depleted their savings etc., but due to the fact the credit card companies kept raising the rates of interest and tacking on late and over limit fees, the client could no longer service the debt”. They all respond as if they are reading from a script by saying , “All of that was set out in the agreement they signed; if they didn’t want to abide by the agreement and make payments as they agreed they should not have signed it”. I usually respond by telling the representative something to the effect that, “unlike the credit card bank which you represent my client did not have the U.S. taxpayers to bail them out. The credit card bank has some fault in what has happened to my client”. Typically, the attitude of the representation softens as they know that what I am saying is true. They know that the credit card issuing banks (their client) has been able to get help from the taxpayers, yet they are not willing to help the consumer. They see the hypocrisy.

For me negotiating and settling credit card debt for clients, who in many instances have been victimized by the abusive practices of the credit card issuing banks, is extremely gratifying. United States financial institutions have the ability through lobbying efforts to get legislation passed that advances and protects their interest. The same is not true for the consumer. In most instances we as debt settlement attorneys are the only source of help for our clients in standing up to the financial institutions.

For more information call Associated Attorneys at (866) 411-4693 or contact associatedattorneys.com.

About the Author: Melvin R. Singleterry, licensed practicing attorney, former Judge and former

elected District Attorney, specializing in consumer debt settlement and consumer debt relief.