Paying to use your own money. Priceless. Buh bye BofA checking acct. NEW YORK – Bank of America plans to start charging customers a $5 monthly debit card fee. The fee will be rolled out starting early next year. A Bank of America Corp. spokeswoman says customers will only be charged the fee if they use their debit cards for purchases in any given month. Customers won’t be charged if they only use their cards at an ATM. R Chase and Wells Fargo have been testing $3 monthly debit card fees in select markets. Neither bank has said when it will make a final decision on whether to make the fee permanent. Customers have been seeing higher banking fees and fewer rewards in the past year or so. The changes come as banks adjust to new regulations that will limit traditional revenue sources. http://abclocal.go.com/wabc/story?section=news/business&id=8372702
Just gonna start replying like this to the “quote an entire article with zero meaningful commentary” posts… http://media.photobucket.com/image/copypasta/or3qui3mo/copypasta.jpg?t=1310933533
Hey wait I did say something upfront even though it was just a couple of lines for a small article:).
marcus phoenix Wrote: ------------------------------------------------------- > Hey wait I did say something upfront even though > it was just a couple of lines for a small > article:). YOU ARE CAPABLE OF BETTER, MARCUS. Try just including a link with a few lines of your own commentary, amigo - no need for the buffet-style copypasta.
supersadface Wrote: ------------------------------------------------------- > marcus phoenix Wrote: > -------------------------------------------------- > ----- > > Hey wait I did say something upfront even > though > > it was just a couple of lines for a small > > article:). > > > YOU ARE CAPABLE OF BETTER, MARCUS. Try just > including a link with a few lines of your own > commentary, amigo - no need for the buffet-style > copypasta. Actually linking just the article is prohibited as per the rules of this site AFAIK. Or is it? Maybe I am confusing this board with another one…in that case will stop doing so.
Marshal supsersadface
I just called BofA to ask about this, being that this article is quite vague. They know nothing of it, and denied that they’d ever charge for debit transactions. It’s not even on their website. I wonder if this will be like all of the other times that they’ve changed the terms and conditions of the accounts, and the customer only finds out when there’s a new fee on their statement… Anyways I am switching over to the credit union. Yeah its inconvenient with the ATMs and all but why the f@ck should I fork 5 charity bucks a month to BofA for my interest free loan to them? Look at the uproar when Netflix raised their prices by 7 bucks a month for a genuine service. What kills me is that these banks were BAILED OUT. Yet, they’ve done nothing for their customers. NOTHING. Look at all those loans they foreclosed on. Did they help those consumers - not one bit. The Federal Gov should have mandated that they work in good faith - they ran these people around and stalled them until there was nothing left for the consumer to do but lose their house. Now, they are gouging all customers - just despicable.
Wait, why exactly are you on this forum?
^ Do you have to be a BofA/ WF employee/exec to be on here?
No, but clearly most of your posts are intended to incite hatred or negative responses. I’m not sure what motivates someone to do that. But in response to this particular topic, clearly BAC realizes that debit card fees would hurt their business. If they are taking such steps, it must be due to business necessity in the face of increasing regulation. Furthermore, all of us can agree that despite BAC being given TARP funding, it would be against everyone’s interests if the bank became insolvent. Thus, we should applaud, not condemn steps that will return BAC to profitability.
ohai Wrote: ------------------------------------------------------- > No, but clearly most of your posts are intended to > incite hatred or negative responses. I’m not sure > what motivates someone to do that. > > But in response to this particular topic, clearly > BAC realizes that debit card fees would hurt their > business. If they are taking such steps, it must > be due to business necessity in the face of > increasing regulation. Furthermore, all of us can > agree that despite BAC being given TARP funding, > it would be against everyone’s interests if the > bank became insolvent. Thus, we should applaud, > not condemn steps that will return BAC to > profitability. as a stockholder i applaud this…
So are they going to charge or not? I’m one of the few BofA account holders who has an ATM only card (you have to request it), but the Mrs. has a debit card the she frequently uses for purchases.
ohai Wrote: ------------------------------------------------------- > No, but clearly most of your posts are intended to > incite hatred or negative responses. I’m not sure > what motivates someone to do that. > > But in response to this particular topic, clearly > BAC realizes that debit card fees would hurt their > business. If they are taking such steps, it must > be due to business necessity in the face of > increasing regulation. Furthermore, all of us can > agree that despite BAC being given TARP funding, > it would be against everyone’s interests if the > bank became insolvent. Thus, we should applaud, > not condemn steps that will return BAC to > profitability. Its not inciting hatred, its sheer frustration that they are trying to increase profitability on the backs of loyal customers like me, who will now look at completely pulling the plug on all existing accounts, as I did with Netflix. While I do not want to see BofA become insolvent, there are other ways for them to improve their margins. Its not a question of $5/ month or we wouldn’t have seen the backlash against NFLX. Anyways good for other banks and credit unions I guess.
pimpineasy Wrote: ------------------------------------------------------- > ohai Wrote: > -------------------------------------------------- > ----- > > No, but clearly most of your posts are intended > to > > incite hatred or negative responses. I’m not > sure > > what motivates someone to do that. > > > > But in response to this particular topic, > clearly > > BAC realizes that debit card fees would hurt > their > > business. If they are taking such steps, it > must > > be due to business necessity in the face of > > increasing regulation. Furthermore, all of us > can > > agree that despite BAC being given TARP > funding, > > it would be against everyone’s interests if the > > bank became insolvent. Thus, we should applaud, > > not condemn steps that will return BAC to > > profitability. > > > as a stockholder i applaud this… I bet some NFLX stockholders applauded too…
If that is true I am switching banks.
How would BAC increase profitability without increasing customer fees? Maybe they could go into capital markets and make large speculative bets. The fact is, you are attacking a company for making difficult decisions during a difficult economic period. If you are disgruntled with their service, then it is your right to take your business elsewhere. It is not despicable for BAC to take steps to keep their business afloat, even if it means charging you $5.
johnnyBuz Wrote: ------------------------------------------------------- > If that is true I am switching banks. you dont have to worry unless u make purchase with debit card.
ohai Wrote: ------------------------------------------------------- > How would BAC increase profitability without > increasing customer fees? Maybe they could go into > capital markets and make large speculative bets. > The fact is, you are attacking a company for > making difficult decisions during a difficult > economic period. If you are disgruntled with their > service, then it is your right to take your > business elsewhere. It is not despicable for BAC > to take steps to keep their business afloat, even > if it means charging you $5. They should make better investment decision rather than harassing their source of income.
smuggycfa Wrote: ------------------------------------------------------- > johnnyBuz Wrote: > -------------------------------------------------- > ----- > > If that is true I am switching banks. > > > you dont have to worry unless u make purchase with > debit card. I *ONLY* purchase with my debit card. I never use cash for anything. Swiping with a debit is easy and if I am going to be penalized for supporting businesses then I’ll just take my business elsewhere.
BofA is taking a cue from RIMM and HP’s playbook and just throwing in the towel.