Will You Cancel your Bank of America Account?

[Wry Catcher]

The Dodd Fwank Consumer "Pwotection" Act fucked the consumers again. Even moreso with the Durbin Amendment.

Good job liberals. Fuck the little guys again.

Not even a good spin, BF; choose who you select your talking points from more carefully.

There is no spin involved. It's 100% truth. It's not just Bank of America. Almost all the major banks are adding a debt card fee to make up for the lost profits they can now no longer get from the merchants due solely to the Durbin Amendment. People warned that this is what would happen if it passed and became law.

Like always, you put party before country.

No, I put people before party.

 

[Wry Catcher]

Just remember folks that credit unions are not insured by F.D.I.C. Be sure you are comfortable with the insurance provisioms that are there before putting all your eggs in that basket.

The insurance fund for credit unions is the National Credit Union Share Insurance Fund, or NCUSIF. Like FDIC-insured deposits, NCUSIF-insured deposits are backed by the full faith and credit of the United States government.

 

[Dont Taz Me Bro]

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?

Bank of America has been losing billions every year for three years now.

BAC Income Statement | Bank of America Corporation Com Stock - Yahoo! Finance

You seriously believe they can afford to not charge the Durbin Fee after the feds took away one of their sources of revenue?

 

[Foxfyre]

Just remember folks that credit unions are not insured by F.D.I.C. Be sure you are comfortable with the insurance provisioms that are there before putting all your eggs in that basket.

The insurance fund for credit unions is the National Credit Union Share Insurance Fund, or NCUSIF. Like FDIC-insured deposits, NCUSIF-insured deposits are backed by the full faith and credit of the United States government.

The NCISIF covers federally insured credit unions only. I don't believe all credit unions are not federally insured.

 

[Dont Taz Me Bro]

Not even a good spin, BF; choose who you select your talking points from more carefully.

There is no spin involved. It's 100% truth. It's not just Bank of America. Almost all the major banks are adding a debt card fee to make up for the lost profits they can now no longer get from the merchants due solely to the Durbin Amendment. People warned that this is what would happen if it passed and became law.

Like always, you put party before country.

No, I put people before party.

If that were true then you'd cut the bullshit lying and own up to the truth.

Get ready to pay the Durbin Fee

What happens when government picks who will profit

Sen. Dick Durbin must be forgetting that once you've dug yourself into a deep hole, you'd best stop shoveling.

How else to explain the Illinois Democrat's blustery reaction to the $5 a month that Bank of America Corp. plans to charge some of its customers who use debit cards? The charge, which other banks are likely to adopt, is a direct result of his lawmaking. Call it the Durbin Fee.

Last year, Durbin pushed an amendment to the Dodd-Frank financial regulation package that imposes a sharp cut in interchange fees, which banks charge retailers every time a customer swipes a bank debit card to buy something. That rule goes into effect Saturday. In essence, this strips money from banks and hands it to retailers, who will pay sharply lower fees. There's no guarantee that retailers will pass the savings on to customers.

Bankers told Durbin and his fellow lawmakers last year that the interchange fees subsidize free checking accounts and other services, including the convenient practice of making purchases with debit cards at no charge to the buyer. Slash fees to retailers, the banks said, and they would likely recoup the lost revenue by charging their customers for use of the cards. That's exactly what's happening now.

http://www.chicagotribune.com/news/opinion/editorials/ct-edit-durbin-20111001,0,6136347.story

 

[Wry Catcher]

"If that were true then you'd cut the bullshit lying and own up to the truth."

I'm not lying DTMB and you're a coward to challenge me for lying while hiding behind a keyboard. You're also stupid if you believe banks and bankers are your friend.

 

[PoliticalChic]

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 Dodd Fwank Consumer "Pwotection" Act fucked the consumers again. Even moreso with the Durbin Amendment.

Good job liberals. Fuck the little guys again.

My theory here picks up from the point where you say " think this whole plan is deliberate..."

1. Politicians work very hard to make folks think they are out to help....thus get votes.

2. But they must have a sub-text, so as not to actually hurt big moneyed contributors.

3. Case in point...restict the cost bank can charge per transaction, say about a quarter.

4. But...leave a loophole so banks can charge a monthly $5....about the equivalent of 20 transactions....but all at once so the bank gets the better end of the deal.

5. Consumer thinks he won, banks actually win....pols get the good PR.



Same thing that caused the mortgage meltdown.

 

[Wry Catcher]

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 Dodd Fwank Consumer "Pwotection" Act fucked the consumers again. Even moreso with the Durbin Amendment.

Good job liberals. Fuck the little guys again.

My theory here picks up from the point where you say " think this whole plan is deliberate..."

1. Politicians work very hard to make folks think they are out to help....thus get votes.

2. But they must have a sub-text, so as not to actually hurt big moneyed contributors.

3. Case in point...restict the cost bank can charge per transaction, say about a quarter.

4. But...leave a loophole so banks can charge a monthly $5....about the equivalent of 20 transactions....but all at once so the bank gets the better end of the deal.

5. Consumer thinks he won, banks actually win....pols get the good PR.



Same thing that caused the mortgage meltdown.

I think you get it................oops, I fell off my chair after writing this.

 

[alan1]

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 Dodd Fwank Consumer "Pwotection" Act fucked the consumers again. Even moreso with the Durbin Amendment.

Good job liberals. Fuck the little guys again.

My theory here picks up from the point where you say " think this whole plan is deliberate..."

1. Politicians work very hard to make folks think they are out to help....thus get votes.

2. But they must have a sub-text, so as not to actually hurt big moneyed contributors.

3. Case in point...restict the cost bank can charge per transaction, say about a quarter.

4. But...leave a loophole so banks can charge a monthly $5....about the equivalent of 20 transactions....but all at once so the bank gets the better end of the deal.

5. Consumer thinks he won, banks actually win....pols get the good PR.



Same thing that caused the mortgage meltdown.

Politicians didn't "leave a loop hole", they are idiots. They poke their nose into one thing without thinking about the unintended consequences that will result.
In this case, the press will ignore that politicians set this up to begin with and they will simply demonize the banks. Morons will believe them.
pols still get the good PR because the press is a bunch of fools also.

 

[pgm]

I may actually sign up for a Bank of America account because they don't require any balance and I need to set up direct deposit. I just won't use a debit card in stores.

 

[yidnar]

Bank of America debit fee is only the latest | Consumer News | Seattle News, Weather, Sports, Breaking News | KOMO News

NEW YORK (AP) - Angela Malerba, who works in public relations in Boston, carries a debit card because she likes to know when she buys something that she has enough in her account to pay for it. But paying $5 a month to use her own money? That's too much.

So when Bank of America starts charging the fee next year, Malerba figures she'll rely more heavily on her credit card. Or, in a strategy that seems almost quaint in these swipe-and-go times, she may just carry more cash.

I for one, on Monday, am going to my local bank of america branch to ask to be exempted from these fees. If they refuse i will cancel my acccounts with them.

What are you going to do if you are a customer?

I have my billions in offshore accounts !!

 

[Douger]

I already did........in 2005.
[ame=http://www.youtube.com/watch?v=8Ue-zWIlPEQ]Molotov Cocktail (How to) - YouTube[/ame]

 

[Care4all]

the banks chose to do this, regardless of new legislation...

those of you mouthing off about politicians are being played as fools by the banks....WAKE UP, you are being FOOLED.

banks planned on this long before legislation...ther banks with huge credit card businesses have been suffering in profits from their charge card area because many customers chose to use their debit cards to pay for things, which had no interest charge.... the banks were losing money on this, so these fees that they are adding is their move, to try to get their customers to move, back in to using their charge cards again.

YOU SHOULD close any accounts you have with them and go to a local bank or credit union that will not charge you these fees and say FU, to the likes of BOA in my opinion.

you should not have to pay interest or a fee for using your own cash, even electronically....period!

 

[editec]

Banks, no longer making huge sums selling crappy mortgages to people they know cannot support them, are looking for new revenue streams.

Fees for services that used to be free, and imposing heavy fees for bouncing checks is the way they're doing that.

 

[Quantum Windbag]

Bank of America debit fee is only the latest | Consumer News | Seattle News, Weather, Sports, Breaking News | KOMO News

NEW YORK (AP) - Angela Malerba, who works in public relations in Boston, carries a debit card because she likes to know when she buys something that she has enough in her account to pay for it. But paying $5 a month to use her own money? That's too much.

So when Bank of America starts charging the fee next year, Malerba figures she'll rely more heavily on her credit card. Or, in a strategy that seems almost quaint in these swipe-and-go times, she may just carry more cash.

I for one, on Monday, am going to my local bank of america branch to ask to be exempted from these fees. If they refuse i will cancel my acccounts with them.

What are you going to do if you are a customer?

All the idiots that love Elizabeth Warren have no one but themselves to blame for this.

 

[Quantum Windbag]

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

'
For it to be unintended it would have to be completely unforeseen. Every expert out there predicted that this would happen if the regulations were enacted, so it was definitely foreseen.

 

[Quantum Windbag]

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?

What was confiscatory and deceptive about charging merchants less than 50 cents per transaction?

 

[JakeStarkey]

We were BoA customers for a number of years. The institution had very poor customer service at that time, and we left. Sounds as if it has not improved.

 

[bigrebnc1775]

the banks chose to do this, regardless of new legislation...

those of you mouthing off about politicians are being played as fools by the banks....WAKE UP, you are being FOOLED.

banks planned on this long before legislation...ther banks with huge credit card businesses have been suffering in profits from their charge card area because many customers chose to use their debit cards to pay for things, which had no interest charge.... the banks were losing money on this, so these fees that they are adding is their move, to try to get their customers to move, back in to using their charge cards again.

YOU SHOULD close any accounts you have with them and go to a local bank or credit union that will not charge you these fees and say FU, to the likes of BOA in my opinion.

you should not have to pay interest or a fee for using your own cash, even electronically....period!

the bank did it because of the legislation. If it wasn't due to what the government did why didn't they do it earlier? Regardless of how you feel about this you were warned this would happen.

 

[JakeStarkey]

What? That the banks would continue to try to oppress its customers with unjust charges and fees? If they weren't regulated to some extent, they would hammer us. You can say, well, they would be making good money, so . . .. Don't you understand, they want every last dime they can soak out of us.