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Getbig Main Boards => Gossip & Opinions => Topic started by: Nails on September 30, 2011, 10:57:56 AM
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I DONT BANK with BofA just another shitty bank like them tho, I like the convenience of a debit card... but with all the fraud charges going on with peoples bank accounts and credit cards... i'm just going to have switch back to paper money, or only use my CreditCard when i cant find an ATM..... fucck paying $60+ a year to the bank just to use my money
http://online.wsj.com/article/BT-CO-20110929-709314.html (http://online.wsj.com/article/BT-CO-20110929-709314.html)
--New fee will start in early 2012
--Bank looking to cushion revenue losses from credit card fee caps
--Durbin amendment takes effect Oct. 1
By Andrew R. Johnson
Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--Bank of America Corp. (BAC), the largest U.S. bank by assets, plans to charge customers a $5 monthly fee for making debit card purchases starting early next year, according to an internal memo sent to bank executives Thursday.
The fee will apply to customers with various checking accounts during any month they use their debit card to make a purchase. The fee will not apply to customers who do not use their debit card to make a purchase or who only use it to make ATM transactions.
Bank of America is trying to cushion revenue losses it expects to incur from new caps on the fees merchants pay when a customer uses a debit card at their stores. In June, the Federal Reserve Board finalized rules capping such fees at 24 cents per transaction, compared with a current average of 44 cents.
Bank of America has said it expects the caps, which take effect Oct. 1, to erase $2 billion in revenue annually. Industrywide, the caps, which apply to banks with $10 billion and more in assets, could wipe out $6.6 billion in annual revenue for banks, according to an August report from Javelin Strategy and Research.
"The economics of offering a debit card have changed with recent regulations," a spokeswoman for Bank of America said in a statement Thursday.
The fee will apply to various consumer checking accounts but will not apply to customers in certain premium accounts, the bank's memo said.
"This new fee allows us to continue to offer the convenience of a debit card with the full range of added features customers have come to expect," including fraud protection and monitoring, special savings programs and other services, the bank's memo said.
Other banks have introduced or are testing new fees in response to the debit fee caps, which stem from a provision known as the Durbin amendment in last year's Dodd-Frank financial regulation overhaul legislation.
Wells Fargo & Co. (WFC), said it will charge a $3 fee for debit and ATM cards in several states starting in October if customers use the cards to make a purchase under a pilot program.
J.P. Morgan Chase & Co. (JPM) has been testing a fee in a small market in Wisconsin since February. Regions Financial Corp. (RF) and SunTrust Banks Inc. (STI) have also added monthly fees for some debit-card customers.
-By Andrew R. Johnson, Dow Jones Newswires; 212-416-3214; andrew.r.johnson@dowjones.com
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Bad move by B of A. Good that people will look to smaller banks that don't charge debit card fees though.
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BofA customer here - I think I'm the only person in America not sooooooooooooooooooooo annoyed by this! I mean Bank fees are already fucking ridiculous as is, an extra 5 bucks a month is not whats gonna put me into a schlew of rage!!! lol
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BofA customer here - I think I'm the only person in America not sooooooooooooooooooooo annoyed by this! I mean Bank fees are already fucking ridiculous as is, an extra 5 bucks a month is not whats gonna put me into a schlew of rage!!! lol
x2 ::)
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x2 ::)
{{{ High Five Bay }}} 8)
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BofA customer here - I think I'm the only person in America not sooooooooooooooooooooo annoyed by this! I mean Bank fees are already fucking ridiculous as is, an extra 5 bucks a month is not whats gonna put me into a schlew of rage!!! lol
What are you paying bank fees on? Most checking accounts are still free with direct deposit.
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What are you paying bank fees on? Most checking accounts are still free with direct deposit.
Credit cards? check books? fees to other banks for using their atms! Transfer fees!
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I hate big banks like BofA. They try to get you for everything. I think some even charge a fee for banking with a teller. One of the biggest problems is that they make so easy to access money through ATM's and credit cards. One of the reasons why the economy and people are in debt.
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Credit cards? check books? fees to other banks for using their atms! Transfer fees!
Credit cards and transfers are still free. Check books cost, but not many people write checks anymore. I just think it's a petty move to charge people for spending their own cash through debit.
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I disagree with you ARCH and BAY and even though I've been a BofA customer for most of my life and the first kid they ever hired upon getting my Work Permit (mail department clerk during grammar and high school vacation periods), I'll be searching for a new bank to do business with.
Banks make money in more ways than you'll ever know and a $5 fee when I have a lot of financial dealing with them is uncalled for as far as I'm concerned.
I suggest that those with similar feelings check out bankrate.com and see the alternatives.
Give them those $5 and they'll be laughing all the way to the bank and inside it too .... and then realize that they can charge additional fees for services not rendered.
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LOL and when you have not cash in that account to cover those $5 fee they will give you a $35 NSF on top of that ..
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LOL...no shit.
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I'm not a financial wizard but most of us who are gainfully employed have access to, or accounts with, an affiliated credit union which, I believe, offers the same services as a Bank but at much lower rates and with superior service.
I suggest that every employed GetBigger look into the possibility of a local credit union and meet with a CU rep and learn about their advantages.
The better credit unions will also explain their disadvantages which were not important enough for me to recall.
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We have an online investment bank and then our regular bank. We use the investment bank for just about everything because they have hardly any fee's. We keep very little in our regular bank.
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I understand that banking is a for profit business, thus they need to make money. New laws limit how much they can charge vendors for debit card purchases. Charging a monthly debit card fee is just one way of doing recovering what they are losing. However, it would sure be interesting if folks went back to writing checks and then requested the bank return all canceled checks with their monthly statement. No doubt this would cost the banks more than processing debit card purchases. But then, the banks would go back to charging customers a monthly service charge for checking accounts.
I bank with Well Fargo. I have something called a PMA account. Currently, they charge me nothing and I earn points for all my debit and credit card purchases. Apparently, I can cash those points in for various items or just take cash back. Of course, I do a lot of business with them and they have use of my deposited funds.
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You nimrods are forgetting, that we already own BofA even if we don't use it. It's payed for by our taxes. It only makes sense that's those who use the bank pay a higher share.
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Credit cards and transfers are still free. Check books cost, but not many people write checks anymore. I just think it's a petty move to charge people for spending their own cash through debit.
Where are credit cards free? And how many banks offer free transfers to accounts in other banks?
The high cost of checking has to do with how paper checks are handled. No matter what amount the check is, it costs a MINIMUM of about 45 cents to process it. The paper check has to be delivered to the check clearinghouse (no matter where it's actually coming from) before it's actually paid.
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BofA customer here - I think I'm the only person in America not sooooooooooooooooooooo annoyed by this! I mean Bank fees are already fucking ridiculous as is, an extra 5 bucks a month is not whats gonna put me into a schlew of rage!!! lol
They count on our collective apathy and take full advantage of our stupidity, $5 at a time.
Now you know.
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Where are credit cards free? And how many banks offer free transfers to accounts in other banks?
The high cost of checking has to do with how paper checks are handled. No matter what amount the check is, it costs a MINIMUM of about 45 cents to process it. The paper check has to be delivered to the check clearinghouse (no matter where it's actually coming from) before it's actually paid.
Free meaning no annual fee, of course they still charge interest if you don't it off monthly. I still get free bank to bank transfers. I don't think the banks are thinking this through clearly. They are essentially encouraging you to use cash or checks in an electronic era, it is going to backfire by making more work for the banks.
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Free meaning no annual fee, of course they still charge interest if you don't it off monthly. I still get free bank to bank transfers. I don't think the banks are thinking this through clearly. They are essentially encouraging you to use cash or checks in an electronic era, it is going to backfire by making more work for the banks.
I am not so sure it will backfire. Even though I suggested people simply write checks and request that the bank send them the canceled checks in their monthly statement, which will cost banks considerably more then processing debits via a debit card, folks probably won't do this. A debit card is really convenient to use. Some places no longer accept checks. Many people do not like to carry around a lot of cash (me for one). I pay for everything with my debit card....even a burger from Burgerville which is less then $6.
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I wonder if they are charging this is you use it as credit, instead of debit---or that because it's a debit card, period.
I foresee a lot more ATM robberies due to this.
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Free meaning no annual fee, of course they still charge interest if you don't it off monthly. I still get free bank to bank transfers. I don't think the banks are thinking this through clearly. They are essentially encouraging you to use cash or checks in an electronic era, it is going to backfire by making more work for the banks.
No. You're right about this being the electronic money era, but paper checks are being eliminated, because of their high cost. They're too much work for the bank and the cost of fuel has driven the cost of paper checking way up. Banks also aren't very fond of cash for exactly the same reason. Electronic transactions account for over 90% of the commerce in our economy and that number is going higher every year. The powers-that-be dream of a cashless society.
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BofA customer here - I think I'm the only person in America not sooooooooooooooooooooo annoyed by this! I mean Bank fees are already fucking ridiculous as is, an extra 5 bucks a month is not whats gonna put me into a schlew of rage!!! lol
I'm a very wealthy individual, I won't pay this.
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These fuckers better do something to get their stock price back up, so I can unload this shitty company.
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These fuckers better do something to get their stock price back up, so I can unload this shitty company.
Just short them to cover your losses.
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Just short them to cover your losses.
You think they are going down much more?
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I'm a very wealthy individual, I won't pay this.
I agree with you, folks who have large or several bank accounts with one bank, generally don't pay any fees. I am not wealthy. However, I have several accounts with Wells Fargo including my one debt which is the mortgage on my home. I pay no monthly fees of any kind on any of my accounts. The bank gives me excellent interest rates if I borrow money as I have A-1 credit. Unfortunately, folks who aren't in such great shape financially, are the ones who pay through the nose and are nickel dimed by the banks.
Well Fargo customers earn points on their credit/debit cards. My banker asked me the other day when I was at the bank if I'd thought of cashing in my points. I had not. He suggested I take the points back in cash. I was amazed at how much cash value had accumulated over the years. I'll probably cash these points out rather than use them for some nonsense trip or something.
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I agree with you, folks who have large or several bank accounts with one bank, generally don't pay any fees. I am not wealthy. However, I have several accounts with Wells Fargo including my one debt which is the mortgage on my home. I pay no monthly fees of any kind on any of my accounts. The bank gives me excellent interest rates if I borrow money as I have A-1 credit. Unfortunately, folks who aren't in such great shape financially, are the ones who pay through the nose and are nickel dimed by the banks.
Well Fargo customers earn points on their credit/debit cards. My banker asked me the other day when I was at the bank if I'd thought of cashing in my points. I had not. He suggested I take the points back in cash. I was amazed at how much cash value had accumulated over the years. I'll probably cash these points out rather than use them for some nonsense trip or something.
I didn't mean it like that! I just meant that I could afford to pay this, but it's bullshit and I won't. I see what you're saying though.
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I'll probably cash these points out rather than use them for some nonsense trip or something.
That sounds like the way to go! Smart man