User Panel
User Panel
User Panel
|
Posted: 9/29/2011 12:02:46 PM EDT
[#1]
Quoted: Quoted: wtf? They're still advertising for people to sign up for their "keep the change" debit-savings program where THEY PAY YOU to use your debit card  They are not paying you. They just take the change to round up to the next whole dollar amount out of your checking account and put it in the savings account. They might match the amount for a couple months as a sign up incentive. They match 100% for the first three months and 5% after that. I never signed up for it since I don't use my debit card much. |
|
|
|
Posted: 9/29/2011 12:03:53 PM EDT
[#2]
Well, all they are going to do is drive people away from their cards.
I won't pay to use a damn debit card. I won't use a credit card. They must really want me to use cash. |
|
|
|
Posted: 9/29/2011 12:04:41 PM EDT
[#3]
Quoted: And I can just imagine the army of highly paid executives having endless meetings to come to the decision to charge this fee. BofA, like all these gigantic banks, are very top heavy management wise. It would likely be simple spreadsheet work of a lowly product manager who is accountable for the profitablity of his/her products. Of course, legal and management approval would have to sign off on something that would impact the brand so heavily. |
|
|
|
Posted: 9/29/2011 12:06:28 PM EDT
[#4]
Quoted: Like all other banks aren't going to do something similar. This. All banks will start doing it. It's a direct result of the new laws passed restricting Check Card fees etc.. they have to make up the money from somewhere. The bank, like others, has been testing ways to recover debit-card revenue that is going away because of new regulations. Banks previously had charged merchants 44 cents on average every time they accepted a debit card for a purchase. Under new regulations that take effect Saturday, banks with more than $10 billion in assets will be able to charge merchants only 21 cents to 24 cents per transaction. |
|
|
|
Posted: 9/29/2011 12:06:41 PM EDT
[#5]
Quoted:
Like all other banks aren't going to do something similar. Regions sent out a letter they are starting to charge the fee also ETA:Ok see I was beat on the Regions post |
|
|
|
Posted: 9/29/2011 12:13:27 PM EDT
[#6]
Quoted:
wtf? They're still advertising for people to sign up for their "keep the change" debit-savings program where THEY PAY YOU to use your debit card I have direct deposit, I don't know what will happen to my account. Everything is setup for automatic pay, so if I change banks I'm going to have reset everything. |
|
|
|
Posted: 9/29/2011 12:17:34 PM EDT
[#7]
why would anyone have a bank of america account?
|
|
|
|
Posted: 9/29/2011 12:22:14 PM EDT
[#8]
Anyone use Navy Federal? How are they?
|
|
|
|
Posted: 9/29/2011 12:31:54 PM EDT
[#9]
get used to it. its only the beginning. Someones got tot do it first. when the other banks see it might work, they will follow suit. Look at how much the airlines are making on luggage fee's now.
|
|
|
|
Posted: 9/29/2011 12:37:40 PM EDT
[#10]
Quoted: Quoted: Quoted: Like all other banks aren't going to do something similar. If some are smart and want more customers they won't. I look at it the way gas stations charge for gasoline. Who doesn't charge 9/10 of a penny on their signs? I think eventually, most or all will go this route. The more who do it, the more profit there is to make, and if EVERYONE does it, where will the consumer go to avoid it? back to cash and money orders at least until they ban cash. |
|
|
|
Posted: 9/29/2011 12:46:53 PM EDT
[#11]
How does manipulating the fees Banks charge to Businesses help the consumer? These were fees paid from the Business to the Bank, which was invisible to the customer.
|
|
|
|
Posted: 9/29/2011 12:49:18 PM EDT
[#12]
You mean people STILL do their banking with Bofa???
That is worth out of
|
|
|
|
Posted: 9/29/2011 12:50:45 PM EDT
[#13]
Quoted:
Quoted:
I really need to start a bank. Seems like I'd be flush with cash and could never go out of business. They only made profits of $3 billion last year. http://money.cnn.com/2010/07/16/news/companies/bank_of_america/index.htm Is it really worth the hassle?  They fucked more folks than I did last year. $3bil and limitless poon? Maybe yes. |
|
|
|
Posted: 9/29/2011 1:01:05 PM EDT
[#14]
I bet bank stocks will tank. Earnings are going to suck. |
|
|
|
Posted: 9/29/2011 1:11:10 PM EDT
[#15]
Quoted:
Well, all they are going to do is drive people away from their cards. I won't pay to use a damn debit card. I won't use a credit card. They must really want me to use cash. Just remember........... Wise guys don't carry wallets, they carry their money in a roll....beaner on the outs. 
|
|
|
|
Posted: 9/29/2011 1:28:58 PM EDT
[#16]
Quoted:
Quoted:
Ah, Barney Frank works his legislative magic once again. Yup. This is the result of Dodd-Frank Glad to see some are paying attention. I just hope this inspires enough to wave bye to BAC and the zombie bank can finally die. |
|
|
|
Posted: 9/29/2011 1:31:24 PM EDT
[#17]
Quoted:
Like all other banks aren't going to do something similar. ...and there you have it... |
|
|
|
Posted: 9/29/2011 1:33:00 PM EDT
[#18]
Quoted:
Quoted:
Quoted:
Quoted:
Like all other banks aren't going to do something similar. If some are smart and want more customers they won't. I look at it the way gas stations charge for gasoline. Who doesn't charge 9/10 of a penny on their signs? I think eventually, most or all will go this route. The more who do it, the more profit there is to make, and if EVERYONE does it, where will the consumer go to avoid it? back to cash and money orders at least until they ban cash. Its coming dont worry |
|
|
|
Posted: 9/29/2011 1:39:54 PM EDT
[#19]
This is the Durbin Amendment to Dodd-Frank. My buddy who sells merchant accounts has been screaming this for months. Here's his FB reply to the link.
THIS IS WHAT I'VE BN TALKING ABT for months! You can thank Senator Dick Durbin and the Senators that passed the Durbin Amendment! You guys just wait till the rest of the Dodd–Frank Wall Street Reform and Consumer Protection Act kick in. |
|
|
|
Posted: 9/29/2011 1:40:40 PM EDT
[#20]
I forsee BoA customers leaving in droves.
|
|
|
|
Posted: 9/29/2011 1:40:41 PM EDT
[#21]
Quoted:
I've been too lazy to switch banks, but since we have about 6 debit cards from BOA in the family, it's time to get off my ass and move. And that right there is EXACTLY why Bank Of America will get away with this without losing too many customers. BOA's customers will bitch and moan about this, but when it comes to time to "put up or shut up", most of those customers will be too lazy to actually switch banks. And BOA knows it, too. Frankly, if anyone is stupid enough to let a bank charge them for having a checking account and/or using a debit card, that's on them...not the bank. |
|
|
|
Posted: 9/29/2011 1:42:29 PM EDT
[#22]
Quoted: I forsee BoA customers leaving in droves. All banks will be charging a fee soon, this article just happens to pick on BOA. |
|
|
|
Posted: 9/29/2011 1:47:53 PM EDT
[#23]
Yet another reason why I am glad to have left them.
|
|
|
|
Posted: 9/29/2011 1:48:35 PM EDT
[#24]
Join a Credit Union guys.........shitcan your banks. I have been very pleased dumping Wells Fargo for my local credit union. I have yet to feel I am losing any convenience.
|
|
|
|
Posted: 9/29/2011 1:49:39 PM EDT
[#25]
Quoted:
I forsee BoA customers leaving in droves. +1 I inherited BOA through buyouts of my former instate banks. Got fed up with their fees, and already switched all my banking to USAA. Should have done it years earlier actually, so my bad. When I closed my accounts at the local BOA branch, the CSR let slip that I was the fifth customer that day who came in to close their account. For any former/current military arfcommers, close out BOA and go with USAA. |
|
|
|
Posted: 9/29/2011 1:49:48 PM EDT
[#26]
Here's a question. Would the Durbin Amendment affect Credit Union fees too?
|
|
|
|
Posted: 9/29/2011 1:49:58 PM EDT
[#27]
I currently have 4 accounts with Reigons. I'm going to 5/3rd in the morning to check them out.
|
|
|
|
Posted: 9/29/2011 1:50:33 PM EDT
[#28]
Suntrust is doing the same, time to change banks.
|
|
|
|
Posted: 9/29/2011 1:56:33 PM EDT
[#29]
I give my business to Navy fed and a local credit union, they are both a pleasure to deal with. Why the hell would anyone deal with the B of A bullshit if given a choice? |
|
|
|
Posted: 9/29/2011 1:57:36 PM EDT
[#30]
Quoted:
Obama, please come help us... The big bad corporations want money for their services! Actually, when you deposit $1 at a bank, the bank turns around and invests about .85 cents of your dollar. That's how they make money. You are effectively lending them money, and in turn they provide banking services in exchange for you lending them money. Or rather, that's how it used to work for hundreds of years. The entire concept of a checking account holder actually paying a bank for the "privilege" of lending money to that bank, is a farily new and ridiculous banking concept that's only been around for maybe 10-15 years. And in fact, there are still many banks who do it the old way...they don't charge you any additional fees if you're willing to deposit money in their bank, so that they can re-invest it and make more money themselves. You make it sound as if banks aren't already making money simply by virtue of you depositing that money with them. Of course, that just ain't so. Granted, I'm not saying I want this practice regulated or legislated away. It's a free market, and banks can charge whatever they want. As I said before, if someone is stupid enough to LET the bank charge them $5/month just for using a debit card, well...that would just be Financial Darwinism at work. |
|
|
|
Posted: 9/29/2011 2:03:42 PM EDT
[#31]
Quoted:
Quoted:
Ah, Barney Frank works his legislative magic once again. Yup. This is the result of Dodd-Frank Sure is. Hooray for regulation and unintended consequences. !!! 
|
|
|
|
Posted: 9/29/2011 2:05:18 PM EDT
[#32]
Exposure to Greek debt????
|
|
|
|
Posted: 9/29/2011 2:11:04 PM EDT
[#33]
Quoted:
Quoted:
Good luck finding a bank that won't do this.
Looks like it is time I get serious about closing down my BofA account. http://latimesblogs.latimes.com/money_co/2011/09/bank-of-america-plans-5-monthly-fee-for-debit-card-purchases.html "Most Bank of America customers will soon see a new charge on their statements –– $5 for any month in which they use a BofA debit card to make a purchase. Consumers should prepare for more such charges, analysts say, as big banks strive to recover revenue they have lost to financial reforms adopted in the aftermatch of the economic meltdown.
The new Bank of America fee will be phased in early next year, said Anne Pace, a spokeswoman for BofA, the nation's largest retail bank."
Actually, it's quite easy to find banks that don't abuse their customers. The Internet has seen to that. Websites like Bankrate.com list scores of banks that offer 100% free checking (including no ATM fees and/or ATM fee reimbursement.). I have no idea why anyone with an IQ greater than 24 would actually pay a bank for a checking account. |
|
|
|
Posted: 9/29/2011 2:12:30 PM EDT
[#34]
Quoted:
Like all other banks aren't going to do something similar. Mine probably won't. They make plenty of money and are happy. And it was started buy some rich guys sick of shit like this from banks like boa. |
|
|
|
Posted: 9/29/2011 2:14:05 PM EDT
[#35]
Quoted:
Find a good, local credit union. This is the right answer. 
|
|
|
|
Posted: 9/29/2011 2:17:49 PM EDT
[#36]
Quoted:
USAA FTMFW My wife and I are considering starting a savings account there. We're already spread to 2 banks, but one is weak. |
|
|
|
Posted: 9/29/2011 2:24:07 PM EDT
[#37]
Quoted:
Find a good, local credit union. This. Makes me even happier that I dumped BoA a couple years back for my local credit union. Quoted:
Newflash - BofA sucks! If someone ever frauds your checking account, BofA treats you like you did it and it takes months to get the money back. BoA does suck but it only took me 4 days to get my money back when someone did that to my BoA checking account. |
|
|
|
Posted: 9/29/2011 2:37:21 PM EDT
[#38]
Wow, what a fucking joke.
I opened my first checking account back in '97 at the ripe old age of 17 with Great Western, it came with a free visa "check card". Zero fees. No direct deposit required. Then Washington Mutual took over, the move was transparent to me. No fees. WaMu goes tits up, I pull 99% of my $ out and go to BOA because they also have a fee free, requirement free checking. I kept the WaMu accounts open just because I was with them so long. Then Chase takes over my WaMu accounts. I get a letter that a $10 charge will start being assessed if I don't have direct deposit or keep a minimum $ amount. I cant meet the requirements due to being laid off so I give them the big "fuck you" and move everything to BOA. They could have given 3 shits that I banked with them for 13+ years. Then BOA restructures their "free checking" to not be free unless a direct deposit or minimum balance is maintained. So I switch from "free checking" to some kind of online only banking. Basically if I have a teller do any transaction for me I am charged $5 for that month. Seeing as I never need to set foot in the bank and do everything online or at an ATM I didn't think to much of it. Now this shit? They can go climb a wall of aids infested dicks and blow each one. Credit Union here I come. |
|
|
|
Posted: 9/29/2011 2:38:04 PM EDT
[#39]
Quoted:
Quoted:
Obama, please come help us... The big bad corporations want money for their services! Actually, when you deposit $1 at a bank, the bank turns around and invests about .85 cents of your dollar. That's how they make money. You are effectively lending them money, and in turn they provide banking services in exchange for you lending them money. Or rather, that's how it used to work for hundreds of years. The entire concept of a checking account holder actually paying a bank for the "privilege" of lending money to that bank, is a farily new and ridiculous banking concept that's only been around for maybe 10-15 years. And in fact, there are still many banks who do it the old way...they don't charge you any additional fees if you're willing to deposit money in their bank, so that they can re-invest it and make more money themselves. You make it sound as if banks aren't already making money simply by virtue of you depositing that money with them. Of course, that just ain't so. Granted, I'm not saying I want this practice regulated or legislated away. It's a free market, and banks can charge whatever they want. As I said before, if someone is stupid enough to LET the bank charge them $5/month just for using a debit card, well...that would just be Financial Darwinism at work. Now why would you go against the grain of ARFCOM sucking the bank and corporate cock? You really should think before posting facutal, logical information. You just may be shouted down as a liberal, socialist, communist. 
|
|
|
|
Posted: 9/29/2011 2:39:17 PM EDT
[#40]
Quoted:
Find a good, local credit union. THIS F BOAand Obamnana |
|
|
|
Posted: 9/29/2011 2:41:32 PM EDT
[#41]
Quoted:
why would anyone have a bank of america account? Thousands of locations, good customer service at local branches, haven't had a problem yet? Gee, I don't know. 
|
|
|
|
Posted: 9/29/2011 2:52:44 PM EDT
[#42]
Quoted:
Quoted:
Obama, please come help us... The big bad corporations want money for their services! Actually, when you deposit $1 at a bank, the bank turns around and invests about .85 cents of your dollar. That's how they make money. You are effectively lending them money, and in turn they provide banking services in exchange for you lending them money. Or rather, that's how it used to work for hundreds of years. The entire concept of a checking account holder actually paying a bank for the "privilege" of lending money to that bank, is a farily new and ridiculous banking concept that's only been around for maybe 10-15 years. And in fact, there are still many banks who do it the old way...they don't charge you any additional fees if you're willing to deposit money in their bank, so that they can re-invest it and make more money themselves. Correct. |
|
|
|
Posted: 9/29/2011 3:00:19 PM EDT
[#43]
Quoted:
Like all other banks aren't going to do something similar. Regions Bank is... 
eta: I see thats already been established in this thread
|
|
|
|
Posted: 9/29/2011 3:12:25 PM EDT
[#44]
Quoted:
Find a good, local credit union. Best advice ever given on Arfcom. Been a member 10 years, open til 7 at night, til 5 on Saturday. Can actually see a loan officer on Saturday mornings until noon. No fees, and most times their interest rates beat any bank around on loans or CD,s and Savings accounts. Banks lobbied for years against their public at large memberships. |
|
|
|
Posted: 9/29/2011 3:13:42 PM EDT
[#45]
Quoted: Find a good, local credit union. /thread |
|
|
|
Posted: 9/29/2011 3:15:51 PM EDT
[#46]
Quoted:
Like all other banks aren't going to do something similar. Once one gets away with it, the others will follow. I've started trying to get into the habit of only using my debit card to get cash out of an ATM. I still end up swiping it a couple times per month. |
|
|
|
Posted: 9/29/2011 3:21:02 PM EDT
[#47]
Quoted:
Chase already charges you a fee if you don't use your debit card X amount times per month. Wait, if you DON'T use a service, they penalize you?  That's twelve kinds of fucked up.
|
|
|
|
Posted: 9/29/2011 3:24:05 PM EDT
[#48]
This is great for me - I use my atm card WAY too much, but I'm entirely too cheap to pay $5 a month to do it.. budgeting a wad of cash, here I come. This will save me a ton of money.
|
|
|
|
Posted: 9/29/2011 3:31:00 PM EDT
[#49]
Well, lets see. I have checking and savings acct with BoA. Direct Deposit, no problem since I prefer it. Mortgage with them, got a lower APR since I had accounts with them already. Low as current rates? nope but low enough that going through all the BS of trying to refi isn't worth it. Branch banks all over where I live, work, travel. Yep very convenient for me. If they want to charge me 5$ for my debit card, no problem. I'll swing by one of their ATMs and use strictly cash. I use their online banking and only pay very very few bills with checks anymore. I must be the only person that's never been f-ed over by BoA. Aren't I lucky.
|
|
|
|
Posted: 9/29/2011 3:33:04 PM EDT
[#50]
SunTrust is also doing the same thing starting in November. Wellsfargo I think is doing a $3 charge for debit card usage also. They will all have it in short time.
|
|
|
Win a FREE Membership!
Sign up for the ARFCOM weekly newsletter and be entered to win a free ARFCOM membership. One new winner* is announced every week!
You will receive an email every Friday morning featuring the latest chatter from the hottest topics, breaking news surrounding legislation, as well as exclusive deals only available to ARFCOM email subscribers.
AR15.COM is the world's largest firearm community and is a gathering place for firearm enthusiasts of all types.
From hunters and military members, to competition shooters and general firearm enthusiasts, we welcome anyone who values and respects the way of the firearm.
Subscribe to our monthly Newsletter to receive firearm news, product discounts from your favorite Industry Partners, and more.
Copyright © 1996-2024 AR15.COM LLC. All Rights Reserved.
Any use of this content without express written consent is prohibited.
AR15.Com reserves the right to overwrite or replace any affiliate, commercial, or monetizable links, posted by users, with our own.
