MicrostockGroup

I hate hearing the banks whine about how much money they are going to "lose". F*ck them. We bailed those corrupt Em Effers out and they have come back stronger than ever. The least they can do is absorb the reduction of those * fees.

I this where I tell you that my bank has no fees? My VISA card and mastercards are free, no withdrawal fees, no fees when I pay bills, no transfer fees. The only thing I pay them is interest on my mortgage (less than 4 %).

So do I, but when you think about it, how is it possible to get a plastic card produced, printed, put a magnet strip on it, personalized, account created, databases created, storage space provided for the data, online banking provided etc. FOR FREE?

People who are in debt are paying for those free "perks". That's how banks make money.

In many countries you can't have a bank account for free or credit cards for free. Some banks there realize that such amenities do costs money that is easier recovered by charging upfront fees instead of letting the one who are in debt pay for others' perks.

That's a huge topic and I don't want to get into it too deep but there is not really a such a thing called "free" as there are always costs involved...

Most card companies charge the merchant around 3% or so simply for transferring the funds. So, even if you pay off your bill each month, the card company has already made 3% off you.

I don't hear iS going after the card companies. Apparently, it was all spelled out in the agreement that iS agreed to when they started banking with that card company. Otherwise, we'd be hearing of lawsuits. Also, the contributor agreement does not forbid take backs. So, we can complain all day, but it's business. As contributors, we need to complain to get iS to change their policy to absorb such costs or buy the necessary insurance to prevent future events.

Actually they make money both ways: the money people save with them gets invested or lent on too, and the interest they pay out is only a fraction of the actual profit they make off your savings.