Bank of America, coming unhinged

[Conservative]

It doesnt matter if they are protesters or not. If they want to close an account a bank shouldnt be able to stop them period.

what part of 'they were causing a disturbance, in the bank, while carrying protest signs' escapes your limited mental faculties.

I told you how they SHOULD have done it. Had they behaved rationally, their accounts would have been closed without issue. They chose to behave irrationally, and were treated as such.

 

[WatertheTree]

the reason they are charging these fees is the regulations limiting how much they can charge merchants...

What you really mean to say is that its for profit, didnt you??

Its inflation people, checking is going up along with everything else.

 

[iamwhatiseem]

Bank Of America Refuses To Allow Customers To Close Their Accounts At ‘Occupy Santa Cruz’ (VIDEO) | Addicting Info

I'd leave my account open and just move my direct deposit. So what if they have millions of empty accounts. Just more nails in the coffin of what they've done to the housing market.

I can't decide whether you are obtuse, or just another Truthmatters.

Bank of America's role in the mortgage crises is a direct and encouraged result of Washington policy.
The government built the housing bubble and not only looked the other way when banks exploited this policy - but 100% encouraged them to do so.

 

[BDBoop]

deciding not to pay 5 bucks a month to use a debit card ....is not bringing down a bank....its my decision as a consumer to go to a bank that does not charge these fees

i dont owe 60 bucks a year to boa

A US Senator on the floor of congress called for a run on the Bank of America. Now again, how many unemployed with this action cause? She wondered.

Short term loss, other banks would expand from the new work and rehigher people.

I'm going credit union. As far as I know, that's apples and oranges, and the banks can't just hoover them up (like they have all the other small banks.)

 

[strollingbones]

boa is guilty of a lot of shoddy practices when it comes to mortgages.....as a former mortgage holder with boa i would not trust them...

 

[WillowTree]

deciding not to pay 5 bucks a month to use a debit card ....is not bringing down a bank....its my decision as a consumer to go to a bank that does not charge these fees

i dont owe 60 bucks a year to boa

A US Senator on the floor of congress called for a run on the Bank of America. Now again, how many unemployed with this action cause? She wondered.

Short term loss, other banks would expand from the new work and rehigher people.

wrong,, no one is hiring right now,, because of the cost of regulations and because of the cost of providing the high priced obama care. course in your unicorn utopia for the unhinged.. you'll say this isn't possible.

 

[kwc57]

I'm a BoA customer. I'm satisfied with my accounts and the services they provide. What the rabble prostesting outside the bank who wants to carry their signs in to close there accounts don't understand is that they don't need to go in and close their account. Go to the new bank of your choice and write a check for your total balance at BoA as the initial deposit at your new bank. BoA no longer has your money and the new bank does. Your account automatically goes to a closed status when it hits $0. And before anyone argues with me, I've been doing bank data processing for checking acvcounts for 30+ years.

The branch responded properly to the protesters. They don't have to let anyone they perceive as a threat enter their building......even if they are a customer. If they laid down their sign, walked in to consuct business, all is fine. They were trying to cause a scene. The article author is biased and doesn't know jack shit about banking.

 

[kwc57]

deciding not to pay 5 bucks a month to use a debit card ....is not bringing down a bank....its my decision as a consumer to go to a bank that does not charge these fees

i dont owe 60 bucks a year to boa

Good luck with that. Write Dick Durbin's (D) office and thank him for the charges.

 

[kwc57]

boa is guilty of a lot of shoddy practices when it comes to mortgages.....as a former mortgage holder with boa i would not trust them...

And the section of the bank that handles mortgages is totally seperate from the section that provides consumer products like checking accounts, savings accounts, CD's and car loans. Two entirely different animals. The $5 card usage charge is because the fees used to be paid by retailers like Wal-mart to cover overhead of processing card transactions. Dick Durbin sought to protect the retailers and limit what the card processors could charge them. To make up the difference, the banks had no choice but to go to the only other person left in the whole process, the account holder. Bank's are businesses that provide a service. They don't provide those services for free.

 

[Avatar4321]

How dare they stop a run on the bank! They should just accept it this orchastrated attempt to destroy our economy and lose all their client's money so some revolutionaries can overthrow our government.

 

[Ame®icano]

If you're not happy, move your money elsewhere. That's how the market works.

I did the same with my Government Motors cars.

I had two of them, and about two years ago I replaced one with foreign build, and last week another one with Ford.

 

[Conservative]

I'm a BoA customer. I'm satisfied with my accounts and the services they provide. What the rabble prostesting outside the bank who wants to carry their signs in to close there accounts don't understand is that they don't need to go in and close their account. Go to the new bank of your choice and write a check for your total balance at BoA as the initial deposit at your new bank. BoA no longer has your money and the new bank does. Your account automatically goes to a closed status when it hits $0. And before anyone argues with me, I've been doing bank data processing for checking acvcounts for 30+ years.

The branch responded properly to the protesters. They don't have to let anyone they perceive as a threat enter their building......even if they are a customer. If they laid down their sign, walked in to consuct business, all is fine. They were trying to cause a scene. The article author is biased and doesn't know jack shit about banking.

you can't use logic and common sense with blind partisan hacks. They are blind, and can't see it... remember?

I don't care if the pope comes into my business. If he causes a scene, he's gone until he can conduct himself properly.

 

[Ame®icano]

I'm a BoA customer. I'm satisfied with my accounts and the services they provide. What the rabble prostesting outside the bank who wants to carry their signs in to close there accounts don't understand is that they don't need to go in and close their account. Go to the new bank of your choice and write a check for your total balance at BoA as the initial deposit at your new bank. BoA no longer has your money and the new bank does. Your account automatically goes to a closed status when it hits $0. And before anyone argues with me, I've been doing bank data processing for checking acvcounts for 30+ years.

The branch responded properly to the protesters. They don't have to let anyone they perceive as a threat enter their building......even if they are a customer. If they laid down their sign, walked in to consuct business, all is fine. They were trying to cause a scene. The article author is biased and doesn't know jack shit about banking.

you can't use logic and common sense with blind partisan hacks. They are blind, and can't see it... remember?

I don't care if the pope comes into my business. If he causes a scene, he's gone until he can conduct himself properly.

They don't know they're blind.

 

[uscitizen]

I am very glad that i have no dealings at all with BOA.

 

[Teals_Of_Wonder]

Remember the good old days of the 80's/90's when we had so many banks to choose from? and then gradually Bank Of America began buying them out, one by one? Remember First Union? it was a merge of 4 (or 5 banks?) You could make a family tree out of every bank from 1980 and at the top of the triangle now you will have Bank Of America/Wells Fargo/(and who's the other one? Citi?) and look at where Bank Of America is now? They still are in a mess.

 

[bodecea]

And its Obama's policy is why the BofA is charging this fee. I dont agree with the fee but you democRats have to see its all turns back to Obamas is the reason why!

Oh, other banks affected are charging this fee also? Really?

 

[Dragon]

All the Ladies needed to do was leave their Signs Outside the Bank while closing their Accounts. Not unreasonable.

Actually, it is unreasonable. Also, the statement "you cannot be a protester and a customer at the same time" is absurd. The bank might have had a legitimate objection if a couple of thousand protesters showed up to close their accounts all at once, shouting slogans while waiting in line, but this was two or three people.

 

[Ame®icano]

And its Obama's policy is why the BofA is charging this fee. I dont agree with the fee but you democRats have to see its all turns back to Obamas is the reason why!

Oh, other banks affected are charging this fee also? Really?

They can. Legally.

You can chose to move your money elsewhere.

Or simply don't use debit card.

 

[MiddleClass]

BOFA's first mistake was purchasing MBNA Credit Cards - Charles Cawley is laughing all the way to the bank - pun intended;-) ha lol

 

[zzzz]

At least now you know what you are paying. Before there were those hidden fees and costs.

Bank of America’s decision to charge $5 monthly fees for debit card users has been met with consumer backlash, calls for boycotts, and the start of a migration away from the big bank to smaller banks and credit unions. The purported reason for the new fees traces back is the so-called ‘Durbin amendment’ – a provision in the recent financial reform bill that caps the interchange fees banks can charge at 24 cents instead of 44 cents, leading some banks to seek new forms of revenue.

Largely hidden from sight, many consumers never realized they were shouldering the cost of these fees in the first place. The move to monthly fees represents a step forward in financial transparency even if it justifiably angers many Bank of America customers.

The architect of this new shift in policy, Senator Dick Durbin, has come out against the new fees stating on the Senate floor that Bank of America customers should, “vote with your feet, get the heck out of that bank. Find yourself a bank or credit union that won’t gouge you for $5 a month and still will give you a debit card that you can use every single day. What Bank of America has done is an outrage.”

“It is hard to believe that a bank would impose such a fee on loyal customers who simply are trying to access their own money on deposit at Bank of America,” he continued. “Especially when Bank of America for years has been encouraging their customers to use debit cards as much as possible.”

But the migration to smaller institutions may be exactly the point. Many banks such as Bank of America have been classified as ‘too big to fail’ placing them within the protective cocoon of a future government bailout. Driving consumers into the arms of smaller banks and credit unions may be one way to shrink these massive financial institutions without having to resort to directly breaking them up. It may be good for consumers as well.

“It shouldn’t be a surprise if the bank’s announcement drives lots of its customers away, to credit unions and regional banks poised to welcome them with low-cost or no-cost debit card services,” writes Michael Hiltzik of the LA Times. “That’s the virtue of price transparency in our system of free enterprise.” Or, as Mike Konczal has written in the past, such regulations solve ”a market problem by creating a market.”

New Bank of America Fees Good for Consumers and Small Banks - Forbes