That was how it USED to work here...
Then some MBA decided they can slice and dice a few extra fees here and there... As one guy I used to work with said 'they pay those guys a lot of money to part you from yours'.
What you hear now is 'use credit unions'. Why is that? Because most of them are still using the very system you described.
The *big* banks were hemorrhaging money. They were looking for any way to keep their stock price up. To sustain growth they had to start charging for things that were once free. This was because the easy money (loaning money out and getting a percentage) basically stalled out for 2 years. The rates are near 0 due to the Fed keeping the 30 year rates very low. Making loaning money not very profitable (hence the stringent requirements to get one these days)
It is like the cable company. The only way once they saturate the market to sustain growth is to raise rates. Which they do like clockwork every year.
Also I am not surprised those systems cost a lot to run. I know a few people who work with these systems. They talk about 20-40k in SERVERS (not including desktops) for just the locations they work in. These banks went on an acquisition binge so now they have 10 banks worth of servers, computers, and support people to try to consolidate and try to turn into one system. They have a serious mess on their hands.
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Re: Then you're missing the bigger picture if you blame the banks.
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