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Posted: 9/29/2011 11:15:34 AM EDT
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."

Link Posted: 9/29/2011 11:16:54 AM EDT
I really need to start a bank. Seems like I'd be flush with cash and could never go out of business.
Link Posted: 9/29/2011 11:17:56 AM EDT
I hope this causes people to reconsider which bank they want to do business with.
Link Posted: 9/29/2011 11:19:12 AM EDT
Originally Posted By Vicinity:
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?
Link Posted: 9/29/2011 11:21:30 AM EDT
I haven't made a debit card purcahse in almost 5 years. Everything is credit card for me, or cash. I pay online, and use my ATM card though.
Link Posted: 9/29/2011 11:21:50 AM EDT
Find a good, local credit union.
Link Posted: 9/29/2011 11:22:34 AM EDT
well they have to do something, they're too big to fail
Link Posted: 9/29/2011 11:23:47 AM EDT
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.
Link Posted: 9/29/2011 11:24:20 AM EDT
Start writing checks. That costs them a hell of a lot more than $5 to process.
Link Posted: 9/29/2011 11:25:09 AM EDT
[Last Edit: 9/29/2011 11:25:20 AM EDT by DK-Prof]
Link Posted: 9/29/2011 11:26:52 AM EDT
Don't worry, I'm sure that fee will be waived for illegals, so there is no problem here.




Link Posted: 9/29/2011 11:26:52 AM EDT

Originally Posted By DK-Prof:
Like all other banks aren't going to do something similar.

Chase already is in some areas...
Link Posted: 9/29/2011 11:26:53 AM EDT
Originally Posted By FreeFloater:
I haven't made a debit card purcahse in almost 5 years. Everything is credit card for me, or cash. I pay online, and use my ATM card though.


That's amazing. I haven't use a credit card in years, only cash or debit.

In fact, once I paid them off, I cut them all up except one for an emergency.

Link Posted: 9/29/2011 11:29:12 AM EDT
Originally Posted By mac130:
Originally Posted By FreeFloater:
I haven't made a debit card purcahse in almost 5 years. Everything is credit card for me, or cash. I pay online, and use my ATM card though.


That's amazing. I haven't use a credit card in years, only cash or debit.

In fact, once I paid them off, I cut them all up except one for an emergency.



We seem to be polar opposites.
Link Posted: 9/29/2011 11:29:26 AM EDT
Obama, please come help us... The big bad corporations want money for their services!
Link Posted: 9/29/2011 11:29:54 AM EDT
Yay for the recent "consumer protection" laws.
Link Posted: 9/29/2011 11:30:19 AM EDT
Originally Posted By mcantu:

Originally Posted By DK-Prof:
Like all other banks aren't going to do something similar.

Chase already is in some areas...


Regions is $4 / month for any transaction other than ATM next month.

And an extra $10 / month if you don't have direct deposit or maintain $1500 in the account.
Link Posted: 9/29/2011 11:30:50 AM EDT
Chase already charges you a fee if you don't use your debit card X amount times per month.
Link Posted: 9/29/2011 11:30:51 AM EDT

Originally Posted By mac130:
Originally Posted By FreeFloater:
I haven't made a debit card purcahse in almost 5 years. Everything is credit card for me, or cash. I pay online, and use my ATM card though.


That's amazing. I haven't use a credit card in years, only cash or debit.

In fact, once I paid them off, I cut them all up except one for an emergency.



There is nothing wrong with using a credit card if you pay the entire balance every month.

I rather have cash on hand for an emergency than credit. Credit doesn't work when the power is out or skynet is bitching a fit, cash does however.
Link Posted: 9/29/2011 11:31:23 AM EDT
Originally Posted By FreeFloater:
Originally Posted By mac130:
Originally Posted By FreeFloater:
I haven't made a debit card purcahse in almost 5 years. Everything is credit card for me, or cash. I pay online, and use my ATM card though.


That's amazing. I haven't use a credit card in years, only cash or debit.

In fact, once I paid them off, I cut them all up except one for an emergency.



We seem to be polar opposites.


Let's meet in the middle and like guns

Link Posted: 9/29/2011 11:33:11 AM EDT
Originally Posted By DragoMuseveni:

Originally Posted By mac130:
Originally Posted By FreeFloater:
I haven't made a debit card purcahse in almost 5 years. Everything is credit card for me, or cash. I pay online, and use my ATM card though.


That's amazing. I haven't use a credit card in years, only cash or debit.

In fact, once I paid them off, I cut them all up except one for an emergency.



There is nothing wrong with using a credit card if you pay the entire balance every month.

I rather have cash on hand for an emergency than credit. Credit doesn't work when the power is out or skynet is bitching a fit, cash does however.


Oh, don't get me wrong, I have a sizable cash stash on hand just for that reason

Link Posted: 9/29/2011 11:34:15 AM EDT

Originally Posted By DK-Prof:
Like all other banks aren't going to do something similar.

If some are smart and want more customers they won't.
Link Posted: 9/29/2011 11:35:57 AM EDT
Thank you President Obama for "Reforming" Banking to make it benefit the dead beats.
Link Posted: 9/29/2011 11:36:28 AM EDT
Originally Posted By capnrob97:
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."



Well I just ditched these fuckers yesterday. I'm still with them but am now running with a cu. I called boa yesterday said they need to remove my annuial fee ($40) 24.5% apr, on a $500 limit card. They said no so I told them thanks, but I will be closing down my account within two days and will be taking my business elsewhere.
Link Posted: 9/29/2011 11:37:33 AM EDT
Originally Posted By AR4U:
Yay for the recent "consumer protection" laws.


YAHTZEE!
Link Posted: 9/29/2011 11:38:19 AM EDT

Originally Posted By FreeFloater:
I haven't made a debit card purcahse in almost 5 years. Everything is credit card for me, or cash. I pay online, and use my ATM card though.

Me too. I'll take that free 30-day loan, and pay the CC bill at the end of the month. Several of my savings/checking accounts compound interest daily instead of weekly or monthly, so it is in my best interest to hang on to my money as long as I can. Plus, my CC's earn points(Visa) or pay cash back(Amex). I have never paid once cent of interest to a CC company.
Link Posted: 9/29/2011 11:40:21 AM EDT
You know, umm, it's not like they're required to offer you a free debit card. It does cost them money to provide that service. Just sayin'.
Link Posted: 9/29/2011 11:41:18 AM EDT
You guys know if you run the card through as credit it bypasses the fee, right?
Link Posted: 9/29/2011 11:41:18 AM EDT
Regions Banks are charging $4.00 monthly ATM fee.
Unless you have direct deposit ($1500 or more per month) then they are waiving the ATM fee.

Good luck finding a bank that won't be charging ATM fees.
Link Posted: 9/29/2011 11:42:46 AM EDT
Originally Posted By metalsaber:

Originally Posted By DK-Prof:
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?
Link Posted: 9/29/2011 11:43:02 AM EDT
Originally Posted By oatlord:
You know, umm, it's not like they're required to offer you a free debit card. It does cost them money to provide that service. Just sayin'.


No, but once they do, it's not good for business to start charging either.

Link Posted: 9/29/2011 11:43:33 AM EDT
Originally Posted By DriftPunch:
Obama, please come help us... The big bad corporations want money for their services!


Really? Where do you get that? Sounds like the consumer side of the free market talking about dumping them to me.
Link Posted: 9/29/2011 11:44:26 AM EDT

Originally Posted By mototard:
Regions Banks are charging $4.00 monthly ATM fee.
Unless you have direct deposit ($1500 or more per month) then they are waiving the ATM fee.

Good luck finding a bank that won't be charging ATM fees.


I still have free checking and a free debit card with Wells Fargo. No direct deposit required.
Link Posted: 9/29/2011 11:44:36 AM EDT
I think I used a debit card once to purchase something. Credit cards are way better so I use them unless cash saves me money.
Link Posted: 9/29/2011 11:45:10 AM EDT
How much do they charge for you to just buy something with cash?
Link Posted: 9/29/2011 11:45:26 AM EDT
What in the FUCK is an aftermatch?
Link Posted: 9/29/2011 11:47:36 AM EDT
FUCK BOA ( Bend Over Again)


Originally Posted By FreeFloater:.


I look at it the way gas stations charge for gasoline. Who doesn't charge 9/10 of a penny on their signs?

I aint NEVER understood why this is

I know WHAT it is , but not why .
Link Posted: 9/29/2011 11:48:15 AM EDT
Ah, Barney Frank works his legislative magic once again.
Link Posted: 9/29/2011 11:48:17 AM EDT
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.
Bloodsuckers.
Link Posted: 9/29/2011 11:48:59 AM EDT

Originally Posted By garwj:
Originally Posted By DriftPunch:
Obama, please come help us... The big bad corporations want money for their services!


Really? Where do you get that? Sounds like the consumer side of the free market talking about dumping them to me.

Yep, they are free to charge the fee, and I am free to find another bank or credit union.
Link Posted: 9/29/2011 11:49:31 AM EDT
Originally Posted By raven:
Ah, Barney Frank works his legislative magic once again.


That's "Bawney Fwank wowks his wegiswative"
Link Posted: 9/29/2011 11:50:13 AM EDT

Originally Posted By capnrob97:
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."

Good luck finding a bank that won't do this.

Link Posted: 9/29/2011 11:50:55 AM EDT

Originally Posted By raven:
Ah, Barney Frank works his legislative magic once again.

Yup. This is the result of Dodd-Frank
Link Posted: 9/29/2011 11:51:01 AM EDT
Originally Posted By caexpat:
Find a good, local credit union.


Link Posted: 9/29/2011 11:51:09 AM EDT
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
Link Posted: 9/29/2011 11:52:20 AM EDT
Anybody who still banks with BofA deserves what they get.
Link Posted: 9/29/2011 11:52:48 AM EDT

Originally Posted By MACD:
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.
Link Posted: 9/29/2011 11:54:38 AM EDT
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.
Link Posted: 9/29/2011 11:55:25 AM EDT
[Last Edit: 9/29/2011 11:55:51 AM EDT by Dace]
Originally Posted By Partisan:
I hope this causes people to reconsider which bank credit union they want to do business with.


Fixed it. Fuck the banks.

Link Posted: 9/29/2011 11:56:26 AM EDT
USAA FTMFW
Link Posted: 9/29/2011 11:59:32 AM EDT
Originally Posted By SShinkle:
Originally Posted By raven:
Ah, Barney Frank works his legislative magic once again.


That's "Bawney Fwank wowks his wegiswative"


Agree. Bwaney Fwank needs to sleep with Teddy K. Second, f*ck BoA. I won't bank with them or Chase. F*cking Chase tried to gyp me of my $10 key deposit when I closed a safety deposit box with them. They told me it was a closing fee (down from $25 if I didn't find the other key). I asked to see my contract and pointed out that the operative word was "deposit" and that the "deposit" should be returned. The manager was consulted and I got my $10 back.

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