Will You Cancel your Bank of America Account?

[PLYMCO_PILGRIM]

Congrats to you guys who backed BoA down.

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

No thanks I like working within the capitalist system....I don't want to get rid of it in favor of the govt distributing wealth

 

[PLYMCO_PILGRIM]

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.)

I'll have my eyes peeled for any "special notices about changes to the terms and conditions" in the mail

 

[JakeStarkey]

Congrats to you guys who backed BoA down.

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

No thanks I like working within the capitalist system....I don't want to get rid of it in favor of the govt distributing wealth

OWS is capitalist, not corporatist. You know the difference.

 

[KissMy]

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.

The banks take the fraud money back from the retailer that sold the merchandise to the fraudster. The bank is not on the hook for that fraud. Any transaction cost or fraud loss is covered by Visa or Master Card network who charge the retailer 3% on the transaction or swipe fees. There is absolutely reason for the bank to charge their account holders. The bank benefits from using the account holders money to make themselves more money, reducing manual check use & number of teller staff.

 

[PLYMCO_PILGRIM]

Congrats to you guys who backed BoA down.

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

No thanks I like working within the capitalist system....I don't want to get rid of it in favor of the govt distributing wealth

OWS is capitalist, not corporatist. You know the difference.

is that sarcasm? OWS is so anti-capitalist i wouldn't know where to start..............ok well maybe I would...are you really serious?

 

[Care4all]

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.

The banks take the fraud money back from the retailer that sold the merchandise to the fraudster. The bank is not on the hook for that fraud. Any transaction cost or fraud loss is covered by Visa or Master Card network who charge the retailer 3% on the transaction or swipe fees. There is absolutely reason for the bank to charge their account holders. The bank benefits from using the account holders money to make themselves more money, reducing manual check use & number of teller staff.

from my own experience with credit card theft/fraud....the bank or the credit card companies cover you for theft....they both get their money back from the retailer that sold the stuff....the retailer IS THE ONE left with the theft....at least that is what happened with me, about 9 years ago.

 

[Foxfyre]

Also there is a $50/limit of what the consumer can be charged for fraudulent use of a credit card that is reported within a reasonable time. I believe the limit is $500 for most debit cards if you report an unauthorized deduction from your checking account. However, because, by a particular stroke of good fortune, my uncle caught and reported the fraudulent use of his debit card almost immediately, the bank was able to intercept the transaction and my uncle didn't lose any money for two transactions totalling almost $3,000.

Moral of story: never use your debit card without a pin.

BofA has also rarely failed to question us if we use our credit card out of state or for any unusual purchase and they caught and stopped two fraudulent uses of our card over the last several years. We appreciate that they do verify before authorizing any unusual charges. Just one more reason I am very pleased that they chose not to force us to change banks.

 

[Care4all]

don't know if anyone posted this yet, but BOA pulled back on charging the fee.

BOA Drops $5 Monthly Debit Fee Plan : Convenience Store Decisions

 

[OohPooPahDoo]

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 won't.

Because I've used a credit union ever since I turned 18.

My current credit union, which I've been at for 4 years, cost $5 for a LIFETIME membership - and if I ever close all my accounts, I get the $5 back. I have to maintain no minimum balances. If I overdraft in checking and a withdrawal has to automatically be made from savings to cover it - the fee is $3. They have only a handful of ATMs themself, but have contracted with Capital One so everywhere there's a capitalone ATM I can get fee free withdrawals.

The only downside is they perhaps aren't as smart as the big banks in terms of customer service. Their online access is a little rinky dinky. But all in all I think its a much better deal than a bank.

 

[Foxfyre]

don't know if anyone posted this yet, but BOA pulled back on charging the fee.

BOA Drops $5 Monthly Debit Fee Plan : Convenience Store Decisions

Yes, we've been discussing that for a few pages now. But it would be easy to miss with all the other stuff being thrown in there.

 

[ABikerSailor]

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 won't.

Because I've used a credit union ever since I turned 18.

My current credit union, which I've been at for 4 years, cost $5 for a LIFETIME membership - and if I ever close all my accounts, I get the $5 back. I have to maintain no minimum balances. If I overdraft in checking and a withdrawal has to automatically be made from savings to cover it - the fee is $3. They have only a handful of ATMs themself, but have contracted with Capital One so everywhere there's a capitalone ATM I can get fee free withdrawals.

The only downside is they perhaps aren't as smart as the big banks in terms of customer service. Their online access is a little rinky dinky. But all in all I think its a much better deal than a bank.

Which is why I've been a Navy Credit Union member since 1993.

 

[Mr. Peepers]

Just waiting for my direct deposit to show in my new credit union account and then, efffff youuuu BOA. You do NOT deserve to make a profit on top of lending out my money and making 7&8% while giving me peanuts in return and not increasing services and products. THEN you lay off 30K people all while paying your CEO 10 million. Disgusting. I should have moved my shit sooner. What was it you made in revenue last quarter... 6 billion was it? Guess what, you're fired!

 

[JakeStarkey]

No thanks I like working within the capitalist system....I don't want to get rid of it in favor of the govt distributing wealth

OWS is capitalist, not corporatist. You know the difference.

is that sarcasm? OWS is so anti-capitalist i wouldn't know where to start..............ok well maybe I would...are you really serious?

That's right. You are clueless on this one, plymco. Look up the definitions and understand the differences, show us you know the differences, then we can talk.

 

[PLYMCO_PILGRIM]

OWS is capitalist, not corporatist. You know the difference.

is that sarcasm? OWS is so anti-capitalist i wouldn't know where to start..............ok well maybe I would...are you really serious?

That's right. You are clueless on this one, plymco. Look up the definitions and understand the differences, show us you know the differences, then we can talk.

Let me get this straight, you are telling me that in YOUR opinion OWS is a pro-capitalist movement?

I understand the differnece between captialist and corporatist just fine BTW.

when OWS calls for the govt to come into wallstreet and into the wealth to force a redistribution of wealth they are not promoting capitalist ideals just like the bailouts and stimulus were not capitalist ideals either.

 

[hortysir]

Just waiting for my direct deposit to show in my new credit union account and then, efffff youuuu BOA. You do NOT deserve to make a profit on top of lending out my money and making 7&8% while giving me peanuts in return and not increasing services and products. THEN you lay off 30K people all while paying your CEO 10 million. Disgusting. I should have moved my shit sooner. What was it you made in revenue last quarter... 6 billion was it? Guess what, you're fired!

I'm waiting for my last rent check to clear with SunTrust (they tried the same BS) before I close out my account.
My direct deposit with them already stopped and has started with our local Community Bank. Already have my new checks and new debit cards.

I don't care if SunTrust has stopped the $5 fee. They'll come up with something else soon enough

 

[Skull Pilot]

I've always done my personal and business banking with small local banks. The minute any of them sold out to a large bank I closed my accounts.

 

[Mr. Peepers]

I'm waiting for my last rent check to clear with SunTrust (they tried the same BS) before I close out my account.
My direct deposit with them already stopped and has started with our local Community Bank. Already have my new checks and new debit cards.

I don't care if SunTrust has stopped the $5 fee. They'll come up with something else soon enough

Exactly my thoughts. Doesn't hurt that I'll now be making 1.44% interest on savings and 1.098% on my CHECKING account! Woo hoo! BOA pays absolutely nothing to lend out your money for a big profit on their end, and I don't fancy paying Mr. "B of A has the right to earn a profit" Moynihan's salary and bonuses anymore - especially as they're laying tens of thousands of people off. Good riddance to a bad corporation. Now if we could only take on the airlines...

 

[JakeStarkey]

is that sarcasm? OWS is so anti-capitalist i wouldn't know where to start..............ok well maybe I would...are you really serious?

That's right. You are clueless on this one, plymco. Look up the definitions and understand the differences, show us you know the differences, then we can talk.

Let me get this straight, you are telling me that in YOUR opinion OWS is a pro-capitalist movement?

I understand the differnece between captialist and corporatist just fine BTW.

when OWS calls for the govt to come into wallstreet and into the wealth to force a redistribution of wealth they are not promoting capitalist ideals just like the bailouts and stimulus were not capitalist ideals either.

OWS is calling for the 1% to not persecute the 99% in purusit of the $. Unregulated capitalism is as evil as communism, Plymco. Unregulated capitalism defeats competition, which is the heart of good business products and prices, and work place safety, and consumer safety.

Do you truly think that regulated capitalism in social democracy is somehow uncapitalistic. It's not. What you want is corporatism, the suppression of the common individual to the desires of government and business: that is fascism.

 

[PLYMCO_PILGRIM]

That's right. You are clueless on this one, plymco. Look up the definitions and understand the differences, show us you know the differences, then we can talk.

Let me get this straight, you are telling me that in YOUR opinion OWS is a pro-capitalist movement?

I understand the differnece between captialist and corporatist just fine BTW.

when OWS calls for the govt to come into wallstreet and into the wealth to force a redistribution of wealth they are not promoting capitalist ideals just like the bailouts and stimulus were not capitalist ideals either.

OWS is calling for the 1% to not persecute the 99% in purusit of the $. Unregulated capitalism is as evil as communism, Plymco. Unregulated capitalism defeats competition, which is the heart of good business products and prices, and work place safety, and consumer safety.

Do you truly think that regulated capitalism in social democracy is somehow uncapitalistic. It's not. What you want is corporatism, the suppression of the common individual to the desires of government and business: that is fascism.

We don't have unregulated capitalism in the united states...going there is akin to using a red herring.

I want as free of possible as a market with the minimal involvement by the govt. that we need. We already have laws on the books to protect people in the workplace and consumers. We also have anti-trust laws so that there is competition.

Currently the govt has gotten too involved hence the bailouts/crony capitialism you see today.

Also we are not a social democracy we are a constitutional republic.

 

[Dragon]

I think calling Occupy "pro-capitalist" is overstating the case; however, it is not ANTI-capitalist and that's what's significant here.