I mean seriously.
"NEW YORK (AP) -- Bank of America plans to start charging customers a $5 monthly fee for using their debit card to make purchases. The fee will be rolled out starting early next year."
http://finance.yahoo.com/news/Bank-of-A … 25092.html
It seems like BOA has fees for everything. I never understood why so many people use them. Maybe I'm missing something though.
I don't know why either. I guess Bank of America customers just don't care about their money or just plain don't know any better.
Ugh! Are you serious? That is ridiculous! More money for the bank as if they do not have enough.
If you don't want to pay, find another bank - there are plenty of them.
If you are right in being outraged, BOA will find their debit card business diminishing considerably and rescind the fee; more likely the apathy of the American public will swallow it without a problem and soon all banks will follow suit.
The part of your post that I have bolded is very probably exactly what will happen.
I, myself, haven't paid any sort of monthly account or card fees in decades. I've even written a PSA hub about that and how easy it is to do. Like you said, I guess people just don't care.
You left a little out of your post - no bolding, no copy.
I haven't paid, either, and as long as there is a bank in my area that doesn't require it, I won't. I did once, for a couple of years, until a second bank came into the small town where I lived. The day the second bank opened was the day the first bank lost my accounts.
Really? Is your "You left a little out of your post - no bolding, no copy." not visible immediate above this sentence?
I'll also bump the original to see if still there. It will be interesting if we are seeing different things on our screens.
It is not. Your entire post is:
"Really? Is your "You left a little out of your post - no bolding, no copy." not visible immediate above this sentence?
I'll also bump the original to see if still there. It will be interesting if we are seeing different things on our screens."
bump? Is the bolded Wilderness quote there?
On the other hand I assume that "Is the bolded Wilderness quote there" the bolded paradigm quote is.
BOA isn't doing anything most of the other banks aren't also doing. I don't use a debit card; but my son just switched banks for that exact reason. It's bs. It costs them much more to handle and process checks.
Aha! I figured it out! Top-right of page. Click "Chronological" instead of "Threaded".
BofA has to recoup all of the money they lost by approving the millions of sub-prime loans that went belly-up along with the non-savvy money borrowers they duped into no-interest, low-interest, bend-over loans. Their current home inventory far out weighs the dollar value required to quench the big bank craving for revenue. It's just another way to high-jack the consumer for no good reason. Once again the public will willingly pay for the big banker mistakes (with a complacency that feeds the thieves day and night). Wake up people! These guys are laughing all the way to...well...BofA!
People, People!!! Bank of America is just that. A Boa. It surprised me royally with credit card calls. If you are a day late on your credit card, you will get a call from a call center suggesting you send in triple or quadraple the payment that you usually send if you are a day late. What is going on? Please, please, please! I think I know the answer: they are going to be in default if they don't pay their share of the funds to the FEDS. They are in trouble. Yes they are. I have had to deal with their callers(creditors). It makes me sad. I am taking a second job to be done with them. NO MORE Bank of Amerika!
I closed a Bank of America account this morning. I was tired of the fees from when I didn't do transactions with them.
Be careful. Small business accounts can get $9 fees for online banking and $16 service fees. I just did a fair amount of research on checking accounts and in the process of switching accounts.
Perhaps I am reading it wrong - but it seems the charge is associated with using an atm card at a sales terminal with the "debit" option.
Since, many banks i have worked with charged a "convenience fee" for using the debit function and then one must type a pin, Ive always used the credit option instead.
From what I read, using your BOA atm card as "credit" will remain free of any bank charges.
Why do people even use the "debit" option? I dont like the risk of exposing my pin publicly so frequently,(you might be amazed at how frequently cameras at atm's and POS are placed by thieves, including store employees) is it that hard to just be aware of your balance when making purchases?
Thats the only benefit i know of .. one cant overdraft with "debit" .. is there others I am missing?
If you have a cell phone, you can check your balance with a simple text message and if you have a smart phone - there is a BOA app for all platforms.
I certainly would love to protest any bank fees, im not sure the bastards have ever done anything good for me other than earn interest on my balance and charge merchants for all my transactions but is this a real issue?
Do people really have "just" debit cards? You can walk into any gas station and buy a credit/check card now,
Sunforged, the article I read on the new fee proposal by BOA would charge a monthly fee for debit cards even when used with the "credit" option. CNN states a $5 fee will be charged no matter which option is selected by the user (debit/credit).
It may make some of you feel better to know that there are worse than Bank of America!
In the first quarter of 2010, my UK bank charged my sole trader business account almost £700. That is over $1,000 (US) and all were service charges. Not one solitary charge was a default charge. (I best not name the bank but a clue is that they are the UK's largest bank - and they are Scottish, not English!) Most of the charges related to me having cheque (check) payments made to me in US Dollars converted to Pounds Sterling. I have no excuses for not addressing it sooner other than that there were things going on in my life which made bank charges the least of my worries.
It came to a head for two reasons. I noticed on my statements each month a charge of £35 ($50) for service fees and £38 ($55) for management fees. Conveniently, my business manager at my branch had retired and not been replaced, so I asked a young girl in the branch one day precisely what was the difference between the two. I kid you not, she looked at me as though I were stupid and said, "Well, obviously, this is your account management charge and this is your account service charge!" I don't know how I kept calm...
I happened to change accountants at the time and my new CA looked at my bank statements and flipped. He put me on to Barclays and my monthly fees are now circa £15 ($22). Granted, I have less dollar cheques these days to convert but even the ones I do have, they charge but a fraction in commission compared to my old bank. If you are in the UK and looking for a quality business account, I can't speak highly enough of them.
Quite a difference from less than two years ago...
NRF Responds to Bank of America Debit Card Announcement
"Every time Congress takes a step to protect consumers, the banks use it as an excuse to raise fees. We've seen it when Congress limited late fees and overdraft fees and now we're seeing it with swipe fees. Just as merchants and consumers are about to get some relief, they're doing it again."
Whole article at:
http://www.marketwatch.com/story/nrf-re … 2011-09-29
Something is fishy in here..This morons from BOA have a monopoly with our unemployment debitcards... and do your search..they opened bank accounts for illegal immigrants..and possible as of today...god strakie me down, they are doing the dirty money laudering"legally"..even from the MEXICAN CARTELS... do the math
I wonder how many big shots(BOA) got huge raises..and kept the money that Obama GAVE for the housing bail out mess! huh?
Banks are just perpetuating the idea that people have money. Nothing more, nothing less.
It's funny how people buy into things they haven't a clue about. It's just like "credit"- it shouldn't even exist.
Those who have credit have bought into the idea that a debt system is workable. Ask the government how it's working out so far? Broke to the tune of $100 Trillion.
The green pieces of paper you have in your pocket are valued at $.05, if that, regardless of denomination of bill. Not to mention, each bill is nothing more than a promise to pay and/or an IOU granted to the public by the Federal Reserve Bank. Business accept them, because the government is supposedly backing the usage with physical assets.
Banks are nothing but a fraud on the public. The U.S. Constitution states that no debt is allowed to be paid for in anything other than gold and/or silver. Yet, millions of people continue to use so-called paper money. Something that was completely outlawed before America even became a country. It was outlawed because it could destroy the global marketplace if used and abused.
Wake up people!
I have been thinking about not using a bank at all... I think that sounds like a good plain....Whos with me????
Believe it or not, if every citizen took their money out of the banks, then the entire Economy would crumble. And, all pricing structures would be reset, reassessed for their true value, because Wall Street would also crash and would be exposed for the fraud which has been fueled by too much speculation on behalf of investors.
Most of what's on Wall Street is nothing more than paper. It's not actually tied to real money. It's all leveraged against over priced assets, which were inflated on nothing of genuine value.
So, go ahead. Pull your money out of a bank.
I actually worked at a call center that was contracted to answer BOA calls. I could tell you stories that would curl your hair. I walked out one evening after effectively having my hands tied on a situation that left this poor guy stranded three states away from his house with his kid and no way home and no money.
They cut his credit limit with no notice.
I may have broken a rule or two that night... can't remember though, it's kinda fuzzy to me.
Well, well... Our media is definitely not entirely useless. They are still piling on all over Bank of America re: their $5 fee. So much so that they are setting up shop in front of Bank of America branches and telling the customers about it and interviewing them. Who knows? If the media really does come through here, they just might put a stop to it. I know, I know, I'm dreaming.
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What's up guys? All of my hubs have Bank of America ads on them!
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