Will You Cancel your Bank of America Account?

[High_Gravity]

I cancelled mine years ago, BOA is a joke.

 

[WillowTree]

This is a result of asinine regulation. Congress passed a law on the fees the banks can charge stores for use of the cards.

One would think this falls under the rubric of unintended consequences, but given the rhetoric out of the Democrat party, I think this whole plan is deliberate

The regulations are the result of confiscatory and deceptive practices by banks.

You shouldn't blame the abused for abusive behavior to which they're subjected.

I'd suggestthat if you look at bank profits, theynate doing quite well.

Rich men wanna be king, yes?

I find it ironic as hell to hear a lawyer talk about exorbitant "banking" fees..

 

[Sallow]

I keep my renter's deposit in the account.

No reason to cancel.

 

[Foxfyre]

I cancelled mine years ago, BOA is a joke.

We had a bad experience with them one time when we were considering letting them handle a refinance on the house. (They wound up not getting the business.) But just for general banking, they have been the best for accuracy and have provided the best service of any bank we have every used. So I am hoping we can work something out with them so we can continue to use their debit card. I know the money we have on deposit with them earns them a lot more than the five bucks they would get from us for using our debit card. So, we are in a wait and see mode before making any changes.

 

[PLYMCO_PILGRIM]

This poll is representing exactly how market system should work.

If BoA is charging their customers too much, let the people decide of staying with them or moving their money elsewhere. It's not a political issue nor is presidents job to call for a legislation of banking fees and turning people against them. Let the market work, moron.

Exactly. In a free market system utilized by free people with unalienable right secured, except where usary or intentionally unethical practices are involved, the people themselves are the best regulator of the market. When the small local banks that aren't gouging the public start reaping the benefits and the big banks start losing deposits like crazy, we will see an abrupt about face in an unpopular policy or practice.

The more the government gets involved in how anybody does business, the less freedom and opportunity there is for the free market to work and generally the people will be screwed far more than will be the case if the government just lets the customers handle it.

well said!

 

[Katzndogz]

These fees are a direct result of political manipulation. What's laughable is the fees the government ordered to be reduced were merchant fees. Those fees the nasty bad merchants had to pay to accept credit cards. The parasitic class demanded those fees be reduced and the bank shifted the costs to the consumers.

Well, truthfully, the consumers always paid the fees because the merchants just passed the cost on to customers but it was less noticeable.

If indeed the parasitic class wants business to PAY then why did they demand the merchant fees be reduced.

 

[PLYMCO_PILGRIM]

These fees are a direct result of political manipulation. What's laughable is the fees the government ordered to be reduced were merchant fees. Those fees the nasty bad merchants had to pay to accept credit cards. The parasitic class demanded those fees be reduced and the bank shifted the costs to the consumers.

Well, truthfully, the consumers always paid the fees because the merchants just passed the cost on to customers but it was less noticeable.

If indeed the parasitic class wants business to PAY then why did they demand the merchant fees be reduced.

I'm glad you brought that up because it ran through my mind a few days ago.

Here was my thought:

"The obama administration helped out merchants by removing the fee they had to pay and hurt consumers as the banks now are going to make their profit from consumers instead of merchants."

Unintended consequence or intended consequence? Either way it reminds me that "the nine scaries words in the english language are I'm from the Govt and I'm here to help"

 

[Katzndogz]

Here's what I see and I speak as a business owner that accepted credit cards.

obama raised taxes on credit card transactions and required incredible record keeping. It was right in the health care bill. I would be required to keep track of credit card charges that were ONE cent, or three cents. The banks would likewise be required to report the same charges and the government would compare the charges to make sure I wasn't fudging.

BECAUSE of that massive record keeping, I elected to stop accepting credit cards at all and go to all cash. The bank made less money, the government had less money to tax. Millions of small businesses stopped accepting credit cards to avoid the record keeping. The reduction in bank profits and the tax on those profits had come to a screeching halt.

The government then decided to look as if it was looking out for the little guy and attacking bank corporate profits when what it was really doing was finding a way to further fleece the public. They capped the fees banks could charge merchants allowing the banks to raise fees charged for the use of debit cards. The fees the bank could charge merchants was already being avoided by merchants due to market forces fighting the record keeping requirements.

Not only that, but what I did, and I was forced to, because all the other little businesses were doing the same thing, reduce my charges for my customers to reflect the credit card fees I was no longer paying. Without government interference, everyone would have been better off. The government was so unhappy that it wasn't getting the taxes from penny transactions, that it forced the banks to tack on a brand new charge, collected, taxed and paid to the government maw.

Didn't that work out just peachy?

 

[JakeStarkey]

These fees are a direct result of political manipulation. What's laughable is the fees the government ordered to be reduced were merchant fees. Those fees the nasty bad merchants had to pay to accept credit cards. The parasitic class demanded those fees be reduced and the bank shifted the costs to the consumers.

Well, truthfully, the consumers always paid the fees because the merchants just passed the cost on to customers but it was less noticeable.

If indeed the parasitic class wants business to PAY then why did they demand the merchant fees be reduced.

I'm glad you brought that up because it ran through my mind a few days ago.

Here was my thought:

"The obama administration helped out merchants by removing the fee they had to pay and hurt consumers as the banks now are going to make their profit from consumers instead of merchants."

Unintended consequence or intended consequence? Either way it reminds me that "the nine scaries words in the english language are I'm from the Govt and I'm here to help"

"I am a corporation and I am your friend."

 

[PLYMCO_PILGRIM]

These fees are a direct result of political manipulation. What's laughable is the fees the government ordered to be reduced were merchant fees. Those fees the nasty bad merchants had to pay to accept credit cards. The parasitic class demanded those fees be reduced and the bank shifted the costs to the consumers.

Well, truthfully, the consumers always paid the fees because the merchants just passed the cost on to customers but it was less noticeable.

If indeed the parasitic class wants business to PAY then why did they demand the merchant fees be reduced.

I'm glad you brought that up because it ran through my mind a few days ago.

Here was my thought:

"The obama administration helped out merchants by removing the fee they had to pay and hurt consumers as the banks now are going to make their profit from consumers instead of merchants."

Unintended consequence or intended consequence? Either way it reminds me that "the nine scaries words in the english language are I'm from the Govt and I'm here to help"

"I am a corporation and I am your friend."

Same idea, different focus

 

[Katzndogz]

You could always ask that homeless drug addict for a job, but that wouldn't work out very well.

It is however a stellar response now that you know how your government has screwed you over one more time. It's okay though, because it's part of a redistribution of wealth plan that you approve of.

 

[PLYMCO_PILGRIM]

You could always ask that homeless drug addict for a job, but that wouldn't work out very well.

It is however a stellar response now that you know how your government has screwed you over one more time. It's okay though, because it's part of a redistribution of wealth plan that you approve of.

who are you talking to?

 

[Mr Natural]

If you don't like the fee, don't use a debit card. Problem solved.

 

[PLYMCO_PILGRIM]

If you don't like the fee, don't use a debit card. Problem solved.

already have a citizen's bank account now

They promise to keep my checking and unlimited debit card use free as long as I keep an active checking and savings account with them.

I'm thinking of going to a smaller local bank down the street from me though, just trying to work out a way to pay no fees for them holding onto my money

 

[ABikerSailor]

This is one of the reasons that I'm glad I'm a member of a credit union.

 

[PLYMCO_PILGRIM]

This is one of the reasons that I'm glad I'm a member of a credit union.

I will look into some credit unions too.

 

[Foxfyre]

If you don't like the fee, don't use a debit card. Problem solved.

Or find a way to use the debit card without paying the fee which is my preference. I like the convenience of a debit card and I like the idea of paying as I go instead of having a big credit card bill at the end of the month, but I don't want to pay $60/year for the convenience of a debit card. The financial institution that provides me with the service most to my liking and offers me the best deal to get it will likely get my business. It is as simple as that.

 

[ABikerSailor]

If you don't like the fee, don't use a debit card. Problem solved.

Or find a way to use the debit card without paying the fee which is my preference. I like the convenience of a debit card and I like the idea of paying as I go instead of having a big credit card bill at the end of the month, but I don't want to pay $60/year for the convenience of a debit card. The financial institution that provides me with the service most to my liking and offers me the best deal to get it will likely get my business. It is as simple as that.

Only way you can do that is to use your debit card to withdraw cash from their ATM.

First swipe anywhere else? You get hit with the fee.

 

[Foxfyre]

If you don't like the fee, don't use a debit card. Problem solved.

Or find a way to use the debit card without paying the fee which is my preference. I like the convenience of a debit card and I like the idea of paying as I go instead of having a big credit card bill at the end of the month, but I don't want to pay $60/year for the convenience of a debit card. The financial institution that provides me with the service most to my liking and offers me the best deal to get it will likely get my business. It is as simple as that.

Only way you can do that is to use your debit card to withdraw cash from their ATM.

First swipe anywhere else? You get hit with the fee.

But again I think the market will work if the government will just stay out of it. We have the large lion's share of our cash assets with BOA. While we are by no means rich, there is enough cash on deposit to be more valuable to BOA as deposits than they would get from charging us $5/mo or $60/year. I'm hoping a proposal to move those deposits to a more friendly financial institution might persuade them to rethink charging the fee to us.

The idea of carrying large quantities of cash just to go grocery shopping etc. is not appealing to me. We can always write a check but I prefer the debit card so we always have our real time bank balance available to us without a lot of slower transactions out there still to come in. Besides, a checkbook won't fit in a man's pocket or in the Buxton organizer I carry when I go shopping.

 

[PLYMCO_PILGRIM]

Or find a way to use the debit card without paying the fee which is my preference. I like the convenience of a debit card and I like the idea of paying as I go instead of having a big credit card bill at the end of the month, but I don't want to pay $60/year for the convenience of a debit card. The financial institution that provides me with the service most to my liking and offers me the best deal to get it will likely get my business. It is as simple as that.

Only way you can do that is to use your debit card to withdraw cash from their ATM.

First swipe anywhere else? You get hit with the fee.

But again I think the market will work if the government will just stay out of it. We have the large lion's share of our cash assets with BOA. While we are by no means rich, there is enough cash on deposit to be more valuable to BOA as deposits than they would get from charging us $5/mo or $60/year. I'm hoping a proposal to move those deposits to a more friendly financial institution might persuade them to rethink charging the fee to us.

The idea of carrying large quantities of cash just to go grocery shopping etc. is not appealing to me. We can always write a check but I prefer the debit card so we always have our real time bank balance available to us without a lot of slower transactions out there still to come in. Besides, a checkbook won't fit in a man's pocket or in the Buxton organizer I carry when I go shopping.

Thats EXACTLY what I tried. They said no.