Transaction Fee

[Edsel]

I was told by a friend that part of the new Financial Reform bill that was passed earlier this week contains a new transaction fee.

Anytime you withdraw from an ATM machine, an additional $1.00 to be assessed against your account and sent to the gubbermint. Don't know whether this is true or not, but if so, most of the people in my town will stop using ATMs. Then I suppose the next step is a fee on any cash withdrawals of any kind.

The sky is the limit. What about the purchase of a $10 bag of dog food? Add another dollar to that? What about credit card purchases?

Of course I'm posting because I'm not sure if any of this is true. It sounds preposterous, but it is no more so than some of the stuff in the healthcare bill.

[ChEAr$]

These days I don't think anything is preposterous. Can't confirm or deny that $1 transaction fee, but did read the other day where Bank of America (the one who will allow illegal aliens to have credit cards) will begin to charge $8.95 per month when a customer uses a real live teller in one of it's branches. Need to take some cash to the bank for a deposit?
$ 8.95. But any subsequent visits to a teller that month are already covered. First of next month starts a new cycle.

[JohnH]

Yet ANOTHER reason to not do business with BOA.
They just keep piling up.

I'm already looking at refinancing at 1/4 % higher just so I don't have to deal with them them anyhow. I did a refi last year, and sure enough within a month the loan had been sold to BOA. I had been hoping that wouldn't happen, but nothing one can do about it.

[Gretel]

How about we adding a fee to our bill for our clients having the pleasure of seeing us personally?

Maybe $50 per visit, if we can see him in nighties, $75 if casual clothing and $100 if biz attire. Oh, and $200 if we have to come out of our swimming pool first (well that probably won't happen at tax time but could now).

It's outrages how every "hinz and kunz" can just add some fees. I wished any government, bank and other entity normally in power would be required to run like a biz. Times are long over that government is there for the people. They all are doing us a favor because we wouldn't know how to pee if it wasn't for them watching over us. Welcome to free America.

[S T]

Bank of America

Actually in reference to Harlan's post, there was an article in the N & O a couple of times, It is a new type of account with no minimum balances and is free, called eBanking. B of A claims it is listening to what customers are saying they want.
The new e-Banking account will not require minimum balance, free for customers who agree to receive their monthly statements online, and agree to use ATM instead of tellers for withdrawals and deposits. Anyone can sign up for this account, however there will be an $ 8.95 monthly fee if the conditions are not met.
Other accounts being phased out are the free checking for College Students. and other accounts will continue to carry monthly fees, if certain balance or other requirements are not met.
All of the above was paraphrased rather than quoted to condense.

http://www.newsobserver.com/2010/07/15/583000/fyi-bank-of-america-online-only.html#storylink=misearch

Sandy

[OtisMozzetti]

speaking of bank fees

Speaking of bank fees, guess what happens if the IRS decides to examine certain tax returns and requires production of checks that were paid? B of A recently charged one of my clients $3 per check for 2008 checks.

[ChEAr$]

Several years ago before traveling to Canada, I exchanged some dollars for Canadian currency. When returning to the USofA, that same bank, BOA, wouldn't take my unsused
Canadian dollars off my hands, since I was not a customer.

[ChEAr$]

Speaking of bank fees, guess what happens if the IRS decides to examine certain tax returns and requires production of checks that were paid? B of A recently charged one of my clients $3 per check for 2008 checks.

One of my client's return for 2007 was audited (correspondence) and they wanted substantiation of contributions. Client had to get copies of about 65 checks from local bank.
I didn't ask the charge, but she said they did have to pay a fee.

And speaking of other fees, as my darling Gretel was, IRS will have an annual (or maybe tri annual; not yet decided) fee for renewal of our PTIN's.

[S T]

What I have seen

If IRS is requesting the documents such as micro copies of the checks, statements, etc, then if the client produces the IRS request the Bank will furnish that information for either no fee or nominal fee - since all is progressing to online or electronic. After all the Banks initiated eliminating the canceled checks in our bank statements.

For those of us or our clients that are "anal" about record keeping, this was a huge negative.

I have been retrieving year old copies of missing bank statements on one of by business clients, and as long as either the client or I will accept online PDF - there has been no charge.

Well the PTIN fee that is going to be imposed on us is another issue

Sandy

[Jiggers]

Similar thing with American Express Travelers Checks

Several years ago before traveling to Canada, I exchanged some dollars for Canadian currency. When returning to the USofA, that same bank, BOA, wouldn't take my unsused
Canadian dollars off my hands, since I was not a customer.

Bought some from my local bank before taking an extended trip up north. I needed some cash and went into a bank that was selling American Express Travelers Checks to cash a few.

They refused. I wasn't a customer.

Never again. If plastic isn't taken, I don't need it.

[Gretel]

I have been retrieving year old copies of missing bank statements on one of by business clients, and as long as either the client or I will accept online PDF - there has been no charge.
Sandy

That is a great idea, Sandy, and good to know. However, I am wondering if it was done securely, either going directly through the bank's web site or as a password protected document.

[S T]

Yes

From Banks Website

Sandy

[Burke]

After all the Banks initiated eliminating the canceled checks in our bank statements. Sandy

Yes, and it has resulted in a lot more work for me with estates when they don't get copies of those checks. I tell clients up front (if I have the chance) to get them sent even if the estate has to pay a monthly fee. You can usually shop around for a bank who will send them with no fees if you meet certain conditions on a personal account.. Better to have them upfront than try 2 or 3 yrs later to retrieve.

[Burke]

How about we adding a fee to our bill for our clients having the pleasure
It's outrages how every "hinz and kunz" can just add some fees. I wished any government, bank and other entity normally in power would be required to run like a biz. Times are long over that government is there for the people. They all are doing us a favor because we wouldn't know how to pee if it wasn't for them watching over us. Welcome to free America.

Yeah, I just found out one reason why the airlines charge all those "fees" instead of just incorporating them into the ticket price. Not just to beat the competition -- it seems that they avoid the taxes they have to pay the "gummit" on the air fares. Not charged on "fees."

[Gretel]

Yeah, I just found out one reason why the airlines charge all those "fees" instead of just incorporating them into the ticket price. Not just to beat the competition -- it seems that they avoid the taxes they have to pay the "gummit" on the air fares. Not charged on "fees."

That is interesting. We sure are a county of very creative people.