Will You Cancel your Bank of America Account?

[Foxfyre]

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.

Well we'll see. We have been very loyal to BOA, but if they choose not to be loyal to their customers, then we will go where people want our business. If enough do that, the debit card charge will be eliminated quickly enough.

The idiiots in Washington never seem to learn that economic policy doesn't ever affect just the one issue they are addressing but also affects people's behavior and choices which will have a ripple affect in many unintended directions. If they don't want to keep bailing out the financial institutions, they should be looking for ways for them to be more solvent instead of adding more and more regulation that makes solvency more difficult to obtain.

 

[PLYMCO_PILGRIM]

I was a baybank customer

Talk about loyal...i was with baybank and they got bought by fleet, then with fleet and they got bought by bank of america.

I've had the same bank account since 1993 basically if you consider my bank getting bought not switching banks.

 

[KissMy]

Bank of America to make 13% more from debit fees than before the regulations reduced their profits.

BofA make 13% more from debit fees

I have had my 3 Bank of America accounts for about 30 years. If I get charged a fee I will pull all of my money & close those accounts. This will be a major hassle & it really pisses me off. All my payroll, bills, trading accounts, credit cards, eBay, Pay-Pal, etc are linked to these accounts.

 

[bigrebnc1775]

Bank of America to make 13% more from debit fees than before the regulations reduced their profits.

BofA make 13% more from debit fees

I have had my 3 Bank of America accounts for about 30 years. If I get charged a fee I will pull all of my money & close those accounts. This will be a major hassle & it really pisses me off. All my payroll, bills, trading accounts, credit cards, eBay, Pay-Pal, etc are linked to these accounts.

Didn't we tell the idiots that this would happen?

 

[hortysir]

As soon as my direct deposit stops I'm withdrawing from SunTrust and joining my company's credit union

 

[ABikerSailor]

As soon as my direct deposit stops I'm withdrawing from SunTrust and joining my company's credit union

Good idea Shipmate. I've been with a Navy FCU since 1993.

Never had a problem, and they were always happy to help fix problems.

 

[JakeStarkey]

Bank of America to make 13% more from debit fees than before the regulations reduced their profits.

BofA make 13% more from debit fees

I have had my 3 Bank of America accounts for about 30 years. If I get charged a fee I will pull all of my money & close those accounts. This will be a major hassle & it really pisses me off. All my payroll, bills, trading accounts, credit cards, eBay, Pay-Pal, etc are linked to these accounts.

Didn't we tell the idiots that this would happen?

Show us where you said that. Do not be surprised that banks will force the sheeple to pay up.

 

[PLYMCO_PILGRIM]

Bank of America to make 13% more from debit fees than before the regulations reduced their profits.

BofA make 13% more from debit fees

I have had my 3 Bank of America accounts for about 30 years. If I get charged a fee I will pull all of my money & close those accounts. This will be a major hassle & it really pisses me off. All my payroll, bills, trading accounts, credit cards, eBay, Pay-Pal, etc are linked to these accounts.

Didn't we tell the idiots that this would happen?

Show us where you said that. Do not be surprised that banks will force the sheeple to pay up.

I know I had said, many times, that if the govt increases the operating expense of a business they pass that cost onto the consumers.

By getting rid of swipe fees that merchants used to pay the govt has motivated the banks to look elsewhere for that profit margin.....in the end its the consumers who get the cost past on to them and screwed (as always happens when govt or reality makes it more expensive to operate a business, along with layoffs)

People open and run businesses to MAKE MONEY and thats about it.

 

[likeabird03]

Probably not. Their online banking is very nice to use and their keep the change program is something I like. When they implement the fee I'll probably talk to my local branch about seeing if there's any way I can get a waiver, if not I'll weigh my options at that point.

 

[likeabird03]

Bank of America to make 13% more from debit fees than before the regulations reduced their profits.



I have had my 3 Bank of America accounts for about 30 years. If I get charged a fee I will pull all of my money & close those accounts. This will be a major hassle & it really pisses me off. All my payroll, bills, trading accounts, credit cards, eBay, Pay-Pal, etc are linked to these accounts.

What people are failing to mention is that there's other costs associated with debit cards that were recouped through the debit card interchange fees. If someone steels your debit card and racks up hundreds, or even thousands of dollars in charges - the bank is on the hook for that, and they reimburse you. A lot of that money that was collected through those fees are set aside to cover those provisions. The alternative (considered and still being considered by the likes of JPMorgan Chase) was to set daily spending limits of something ridiculously low like $50 to minimize the amount of losses associated with this fraud.

 

[ShaklesOfBigGov]

Move all accounts to a credit union, and use their credit cards too. Remember, Bankers are not your friend, banks and insurance companies are predators whose only goal is to profit from the fruits of your labor. The larger the bank, the greater the threat to your financial security.

Unfortunately, how many college students have fallen into the trap of signing up for various credit cards? We can teach sex education to elementary school children, but graduates can walk out of high school with very little financial education to go on as they move out into the real world? Imagine how many bad mortgage loans may have been averted with a little fiscal knowledge under their belt? Glad to see the union's public school system has their priorities in check, as usual.

 

[ShaklesOfBigGov]

They have immense profits, which they are not going to allow to be cut.

Why? Because the asshole institutions helped drive the oil and mortgage meltdowns through unwise lending and investment.

They want us to carry the weight of their poor decisions, that weight being carried with our money and their fees for our use of it.

Think this through, folks.

It was Government legislation that drove banks into making such bad mortgage loans:

The Government Did It
Yaron Brook

The Community Reinvestment Act (CRA) forces banks to make loans in poor communities, loans that banks may otherwise reject as financially unsound. Under the CRA, banks must convince a set of bureaucracies that they are not engaging in discrimination, a charge that the act encourages any CRA-recognized community group to bring forward. Otherwise, any merger or expansion the banks attempt will likely be denied. But what counts as discrimination?

According to one enforcement agency, "discrimination exists when a lender's underwriting policies contain arbitrary or outdated criteria that effectively disqualify many urban or lower-income minority applicants." Note that these "arbitrary or outdated criteria" include most of the essentials of responsible lending: income level, income verification, credit history and savings history--the very factors lenders are now being criticized for ignoring.

The government has promoted bad loans not just through the stick of the CRA but through the carrot of Fannie Mae and Freddie Mac, which purchase, securitize and guarantee loans made by lenders and whose debt is itself implicitly guaranteed by the federal government.

The Government Did It - Forbes.com

The Trillion-Dollar Bank Shakedown That Bodes Ill for Cities
Howard Husock

"Our job," says Marks, "is to push the envelope." Accordingly, he gladly lends to people with less than $3,000 in savings, or with checkered credit histories or significant debt. Many of his borrowers are single-parent heads of household. Such borrowers are, Marks believes, fundamentally oppressed and at permanent disadvantage, and therefore society must adjust its rules for them. Hence, NACA's most crucial policy decision: it requires no down payments whatsoever from its borrowers. A down-payment requirement, based on concern as to whether a borrower can make payments, is—when applied to low-income minority buyers—"patronizing and almost racist," Marks says.

. . . A no-down-payment policy reflects a belief that poor families should qualify for home ownership because they are poor, in contrast to the reality that some poor families are prepared to make the sacrifices necessary to own property, and some are not. Keeping their distance from those unable to save money is a crucial means by which upwardly mobile, self-sacrificing people establish and maintain the value of the homes they buy. If we empower those with bad habits, or those who have made bad decisions, to follow those with good habits to better neighborhoods—thanks to CRA's new emphasis on lending to low-income borrowers no matter where they buy their homes—those neighborhoods will not remain better for long.

The Trillion-Dollar Bank Shakedown That Bodes Ill for Cities by Howard Husock, City Journal Winter 2000

 

[JakeStarkey]

The banks did not have to do it, and they jumped in both feet and big ass.

 

[PoliticalChic]

Move all accounts to a credit union, and use their credit cards too. Remember, Bankers are not your friend, banks and insurance companies are predators whose only goal is to profit from the fruits of your labor. The larger the bank, the greater the threat to your financial security.

It's a darn good thing that there folks on the Left who are lookin' out for the folks....

...guys like Russell Simmons, with extra special debit card, to protect folks from '
banks and insurance companies are predators whose only goal is to profit from the fruits of your labor.'


"Now another celebrity's fee-laden prepaid card is making headlines: Russell Simmons' RushCard, a prepaid Visa debit card, which he launched in 2003. (To be fair, Simmons is not just slapping his name on the card like the Kardashians; he's an investor who says he pioneered the prepaid card space.)

The RushCard monthly plan costs $9.95 per month, has a one-time activation fee of $3.95 to $14.95 (depending on which type of card you choose), and a $2.50 ATM withdrawal fee (after using up your two free withdrawals per month). It's pretty much in line with the norm for these types of cards; a recent Consumers Union survey found that one-time activation fees ran about $10 for prepaid cards, and monthly fees also cost about $10.

The RushCard's not new, but the media mogul and entrepreneur -- whom I actually admire -- just appeared in a Forbes.com video defending the card against critics, saying it creates financial freedom for the underbanked. Simmons also pointed out that he wants to broaden the card's reach to go beyond the underbanked and target the "middle class" consumer that, he says,..."

russell-simmons-rushcard-not-best-deal: Personal Finance News from Yahoo! Finance



B of A's lookin' better and better.....



This whole B of A thing is simply revealing who the folks are who don't understand economics....you know, supporters of the Pee Party.
"Man the Barricades!!"

 

[PLYMCO_PILGRIM]

Move all accounts to a credit union, and use their credit cards too. Remember, Bankers are not your friend, banks and insurance companies are predators whose only goal is to profit from the fruits of your labor. The larger the bank, the greater the threat to your financial security.

It's a darn good thing that there folks on the Left who are lookin' out for the folks....

...guys like Russell Simmons, with extra special debit card, to protect folks from '
banks and insurance companies are predators whose only goal is to profit from the fruits of your labor.'


"Now another celebrity's fee-laden prepaid card is making headlines: Russell Simmons' RushCard, a prepaid Visa debit card, which he launched in 2003. (To be fair, Simmons is not just slapping his name on the card like the Kardashians; he's an investor who says he pioneered the prepaid card space.)

The RushCard monthly plan costs $9.95 per month, has a one-time activation fee of $3.95 to $14.95 (depending on which type of card you choose), and a $2.50 ATM withdrawal fee (after using up your two free withdrawals per month). It's pretty much in line with the norm for these types of cards; a recent Consumers Union survey found that one-time activation fees ran about $10 for prepaid cards, and monthly fees also cost about $10.

The RushCard's not new, but the media mogul and entrepreneur -- whom I actually admire -- just appeared in a Forbes.com video defending the card against critics, saying it creates financial freedom for the underbanked. Simmons also pointed out that he wants to broaden the card's reach to go beyond the underbanked and target the "middle class" consumer that, he says,..."

russell-simmons-rushcard-not-best-deal: Personal Finance News from Yahoo! Finance



B of A's lookin' better and better.....



This whole B of A thing is simply revealing who the folks are who don't understand economics....you know, supporters of the Pee Party.
"Man the Barricades!!"

Well I found an even better deal at a local bank. Keep $1000.00 in my checking account and my banking is 100% free

Screw BOA and their fees, I'll bank for free still if the bank wants to hold my money .

Who would sign up for one of those crazy RushCards, that is just a real bad consumer decision

 

[JakeStarkey]

Move all accounts to a credit union, and use their credit cards too. Remember, Bankers are not your friend, banks and insurance companies are predators whose only goal is to profit from the fruits of your labor. The larger the bank, the greater the threat to your financial security.

It's a darn good thing that there folks on the Left who are lookin' out for the folks....

...guys like Russell Simmons, with extra special debit card, to protect folks from '
banks and insurance companies are predators whose only goal is to profit from the fruits of your labor.'


"Now another celebrity's fee-laden prepaid card is making headlines: Russell Simmons' RushCard, a prepaid Visa debit card, which he launched in 2003. (To be fair, Simmons is not just slapping his name on the card like the Kardashians; he's an investor who says he pioneered the prepaid card space.)

The RushCard monthly plan costs $9.95 per month, has a one-time activation fee of $3.95 to $14.95 (depending on which type of card you choose), and a $2.50 ATM withdrawal fee (after using up your two free withdrawals per month). It's pretty much in line with the norm for these types of cards; a recent Consumers Union survey found that one-time activation fees ran about $10 for prepaid cards, and monthly fees also cost about $10.

The RushCard's not new, but the media mogul and entrepreneur -- whom I actually admire -- just appeared in a Forbes.com video defending the card against critics, saying it creates financial freedom for the underbanked. Simmons also pointed out that he wants to broaden the card's reach to go beyond the underbanked and target the "middle class" consumer that, he says,..."

russell-simmons-rushcard-not-best-deal: Personal Finance News from Yahoo! Finance



B of A's lookin' better and better.....



This whole B of A thing is simply revealing who the folks are who don't understand economics....you know, supporters of the Pee Party.
"Man the Barricades!!"

Sounds like the Lefties are catching up to the Righties.

 

[PLYMCO_PILGRIM]

See they like capitalism too

 

[PLYMCO_PILGRIM]

HAHAHAHAHAH Bank of America Caved.

CAPITALISM RULES!!!!!!!!!! Pressured BofA cancels debit card fee - UPI.com

 

[JakeStarkey]

Congrats to you guys who backed BoA down.

Good for you. Good training for your days on the OWS barricades to come.

 

[Foxfyre]

Yes, we usually get more consumer friendly commerce when the free market is allowed to work. We like many others advised BofA that we would move all our accounts to a more user friendly institution if they insisted on imposing the $5 debit card usage fee.

I am MOST glad that they chose to accommodate their customers as it would have been a HUGE pain to have to change major credit cards, reschedule automatic incoming deposits, and outgoing drafts to pay for this or that and then put up with having to straighten out the inevitable snafus that almost certainly would have occurred.

Thank you BofA. We appreciate you a lot. (And please don't try to sneak in that fee someplace else.)