Banks preparing to charge for debit card usage

[saden1]

Originally Posted by firstdown

I often wonder how my bank even makes any money off my accounts. With one bank I have 5 checking accounts with free checks both personal and business and they don't charge me any service charges. I have only purchased business checks once last year and this time the bank paid.

You're a business man and you don't know what your money sitting on your account does for them?

Well, they could use it to make loans to people who can't afford it, they could issue credit cards to broke college students, or they could lend it to other businesses on the verge of going out of business. With the measly cost of checking and checkbook they could make prime rate return on your money or lose it all like most banks did the last few years.

[firstdown]

Originally Posted by saden1

You're a business man and you don't know what your money sitting on your account does for them?

Well, they could use it to make loans to people who can't afford it, they could issue credit cards to broke college students, or they could lend it to other businesses on the verge of going out of business. With the measly cost of checking and checkbook they could make prime rate return on your money or lose it all like most banks did the last few years.

That was poorly worded. I should have said "I'm surprised my banks don't charge me for any services. Three of those checking accounts I carry little to no money. Its more of a legal thing with some policies I write we cannot commingled the monies with other customers premiums.