Will You Cancel your Bank of America Account?

[PLYMCO_PILGRIM]

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?

 

[Baruch Menachem]

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

 

[Mad Scientist]

I already opened an account in a local Bank a year ago, this just motivates me to change my SurePay from BofA to them.

 

[Big Fitz]

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.

 

[Wry Catcher]

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.

 

[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.

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

 

[Dont Taz Me Bro]

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.

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.

 

[skipper]

It's OK with Warren 'I want to pay more tax' Buffett. He says "They can certainly go to another bank or financial institution to get a debit card."

 

[Big Fitz]

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.

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

I've heard two other major banks are readying to start charging 3 bucks a month for the "Priviledge" of having a credit card.

When are you commies gonna get the point you can't make business pay taxes and not cover their expenses or protect their profits? They just transfer it onto the little guy or close shop and that's the way it goes. It's called Market Economics and you can't legislate that away.

 

[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

Yep, the result of unintended consequences strikes yet again when the government pokes its ever obtrusive nose into the private business sector.
Some fools want the government intruding even more.

 

[ABikerSailor]

Skank of America's commercials make me laugh out loud when I hear them say they are increasing their rewards program to give you back money, yet they charge you for it.

Where's the rewards system in that?

 

[Baruch Menachem]

It was noted that these fees were coming when the bill passed. It seems the banks are eating more of the cost than was predicted, but the fees will rise as we get used to them.

A service must be paid for by somebody if it is to exist. Consumers have been paying these fees in the cost of their purchases forever. All that really changes is that they are now visible.

 

[jillian]

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?

 

[syrenn]

Be VERY careful about your rewards points....check BEFORE you pull your account. You will lose any points once you close your account. So if you are counting on the frequent flyer miles.... or getting some nice gift....do it BEFORE you close your accounts.

 

[Foxfyre]

If you are otherwise happy with BOA, changing banks could be an exercise in futility as others will no doubt follow suit. We have been with BOA for thirty years receiving excellent service the entire time, not so much as a penny error on any bank statement, and we have enjoyed interest bearing checking and money market--okay, it is almost negligible at the current low rates but it is there--and we really hate to change banks.

So.....we are heding our bets until we know whether we will be affected by the new fees. We carry large enough balances in both checking and savings that I am hoping we will be exempt. We are not willing to accept a $60.00 expense to spend our own money that they are using to their advantage already though, so I'm in a wait and see mode.

 

[Warrior102]

Navy Federal Credit Union here....

Nice folks.

 

[bigrebnc1775]

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?

What most don't realize that when one bank tacks on fee's all banks sooner or later will do the same thing. I don't have a checking account and don't want one don't need one. cash or barter is the answer to these asshats.

 

[expat_panama]

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.

You're deciding what happens to other's money and saying businesses are bad. I'm guessing you're a liberal Democrat. My plan is keep managing my own money so I'll continue getting richer and next year I'll vote in a new president and senate. I go for policy, not party.

 

[Zoom-boing]

Our bank, which was local, was bought out by a bigger bank I'd never heard of (First Niagara). They sent us a letter about a month ago tagging 'conditions' onto certain accounts (checking and savings) that if not met would get you a $7.50/month fee. Srsly, $72/year to use my own money? Bullshit.

We had recently ordered a box of checks and it takes us quite awhile to get through them but I'm using them up and when they're close to being gone we're switching to a local credit union. The bank charges $35 overdraft fee; the credit union charges $8. No fees for debit card use either. If we switch and it turns out that this credit union starts charging for debit card use I'll just stop using the damn card. Nothing but a convenience and I'd have no problem going back to cash or checks.

 

[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.