Bank of America to charge $5/month for debit cards

[totodeinhere]

Source: AP

NEW YORK (AP) — Bank of America plans to start charging customers a $5 monthly debit card fee.

The fee will be rolled out starting early next year.

A Bank of America Corp. spokeswoman says customers will only be charged the fee if they use their debit cards for purchases in any given month. Customers won't be charged if they only use their cards at an ATM.

Chase and Wells Fargo have been testing $3 monthly debit card fees in select markets. Neither bank has said when it will make a final decision on whether to make the fee permanent.

Read more: http://news.yahoo.com/bank-america-charge-5-month-debit-cards-163545667.html

---

This really makes my blood boil. Those blood suckers are going to get us any way they can. But it comes as no surprise. I remember when that financial reform bill passed last year several posters right here at DU predicted that banks would simply find a way around the new regulations.

[DontTreadOnMe]

1. I live in NJ and they closed the local BOA branch

I now have to drive about 15 miles to get to the nearest branch. This $5 charge is the excuse I have been waiting for to close out my BOA account.

[eringer]

2. Move your money to one of those "socialist" Federally-Insured Credit Unions

Of which, Navy Federal and Pentagon Federal are the largest.

[saras]

3. It was good advice in 1980 and it's better advice now.

[totodeinhere]

7. That is good advice for a lot of people. But some people in rural

areas may not have a credit union nearby, and some people have had a long term relationship with their bank that they might be reluctant to give up. If you have a line of credit with a bank there might not be any guarantee that if you move your account that you will have an equivalent line of credit at your new institution. Plus changing financial institutions too often can have an adverse affect on one's credit rating.

[starroute]

14. If you live in a rural area, you may have a local community bank

Ours has terms as good as the credit unions, invests in local business, has been around forever, and is a pillar of the community.

It's worth checking in the phone book and talking to bank officials to see what it would take to move your account over.

I never heard of it affecting your credit rating to change banks -- but even if that's true, it might be worth taking the hit for a couple of years to get away from BoA.

[mwooldri]

12. Pretty much anyone can join PenFed.

Don't even have to have a direct military connection. Join a military supporters group, and that makes you eligible.

However having said that, I prefer my own local credit union, because I can get to see them and have a human face to face interaction with the member-employees there. Unless you're near a PenFed branch you're not going to get that much face-to-face interaction going on.

[MADem]

25. I'm an NFCU member, and I can get banking service at a "companion" credit union

near my home.

I like my credit union--they don't fuck me over, and they don't mess up.

[vminfla]

29. And support CUPAC

Banks have been attacking credit unions at the federal level for years, trying to claim that Credit Unions have an unfair advantage. Help support your local Credit Union by gifting to the CUPAC. Your local credit union will have details on how to contribute.

[slay]

4. More like - Bank of We Hate Americans

but LOVE $$$$$ so give us all yours. fuck BOA - i hope everyone here has gotten the hell away from that bank by now.

[MADem]

26. Bloated Old Assholes!! Bastards Of Avarice!!! Bend Over, America!!! nt

[glowing]

5. Like they aren't getting enough fees off the charges for processing the amount from merchants.

Greedy pigs. I hope occupywallstreet stays around and grows.. These banks need to be dismantled.

[notadmblnd]

34. The fees to merchants are going down from 40 cents to 20 cents a transaction

if m bank does this, I will go back to using cash and checks.

[Auntie Bush]

69. You can use your credit card too...unless they charge a fee.

But making extra monthly payments will be a bitch. However, I think it will be temporary when they feel our blow back, lose customers and
go broke. We the people have the power if we stick together and punish the greedy bastard banks. They don't deserve our money!

[onehandle]

6. Seize and nationalize banks now. Executive Order. Banks = Terrorists. nt

[The Croquist]

65. Nationalize banks now?

Try reading the US Constitution. I'll give you a hint...

Amendment V - Trial and Punishment, Compensation for Takings.

No person shall be held to answer for a capital, or otherwise infamous crime, unless on a presentment or indictment of a Grand Jury, except in cases arising in the land or naval forces, or in the Militia, when in actual service in time of War or public danger; nor shall any person be subject for the same offense to be twice put in jeopardy of life or limb; nor shall be compelled in any criminal case to be a witness against himself, nor be deprived of life, liberty, or property, without due process of law; nor shall private property be taken for public use, without just compensation.

[tcaudilllg]

8. I've got a feeling the leadership of BoA is about to head to Jamaica

and never return.

[davidwparker]

9. Have you moved your money to a credit union? I did. n/t

[paparush]

10. BOA charges me $3 month to include tiny copies of our checks in each statement

[Red1]

11. Yeah boa..good luck with that...

[StandingInLeftField]

13. Friends don't let friends

do business at BofA!

[salin]

15. $60 a year - to access your own money.

What's next... $120 a year to receive bank statements? $90 a year to allow you to walk into the bank to remove your money? Or perhaps a "contract" when you open an account that requires you to keep your account for 2 years or pay $150 to get out of the contract early?

I should stop - with our luck I would just be giving them more ideas on how to shaft their customers.

[Frank Cannon]

68. I remember when you MADE money by putting it in the bank.

What a fracking joke this all is. You are, financially, now better off storing your cash in your mattress than having an account with Bank of America.

[GreenTea]

16. Everyones been suggesting for years now to go to local community banks....

that provide local jobs, & help keep money in ones community - and mainly to stop the big behemoth banks (BA, Wells Fargo, Chase, etc.) from mowing us all down and forcing everyone to pay these new fees and the ones that will keep on coming after this one!!

[mike_c]

17. three words for that....

Local credit union.

Very few of us have any need for the financial services big banks provide beyond checking and savings accounts, consumer credit, etc. All of those services are provided by credit unions that are member owned and thus have no incentive to penalize members just for using their services. Piss on BoA, Wells-Fargo, Citi, and the whole lot of them. Vote with your feet!

[LuckyLib]

32. +1,000!!

[n2doc]

18. Why does anyone bank there?

I mean, BOA has lead in suckiness for many, many decades. I just don't see the appeal.

[GreenTea]

23. You're correct - People are trained to go with big corporations first - If people

just looked at Bank of America fascist corporate dealings, support wars and their disgusting investment record now & in past decades international in oppressive right-wing governments......One must always question the motives tactics and history of every corporation before giving them your money.....they all have a past, most of exploiting and is how they got to be as big as they are.

[RebelOne]

35. I bank there because I have always had good customer service.

Once, because of my bad math, I overdrew my account when using my debit card. They reversed the overdrawn charges because I complained that I could not afford them. Then, another time, I mistakenly left my debit card in the ATM. Someone behind me withdrew $100 from my account. Later that day, I realized the card was missing and I called the bank. They informed me that $100 had been withdrawn. I told them that it was not me. The bank reimbursed me the $100.

[NikRik]

70. and how long have you worked for BOA ?

HEHE

[The Backlash Cometh]

19. Here's a way to get around it.

BoA is offering a credit card, which for a year is interest free. It acts like a rewards card so you get some money back for certain purchases. Just use it for a year, then cut it up before the new interest rates begin. I'm sure you can find better terms elsewhere.

[Thav]

20. Alrighty, I'm going to look at moving my account now.

I've wanted to for some time, but I have a lot of bill pay stuff set up, and their online system is pretty nice.

It's time to move elsewhere.

[RUMMYisFROSTED]

21. Over my dead debt!

:grr:

[totodeinhere]

22. A lot of people have a Visa debit card or something similar which as you know can be used as either

a debit card or a credit card as long as you have funds to cover the transaction. At a lot of merchants you have the choice of letting it go through as either a debit transaction or a credit card transaction. I wonder if this new fee will apply to both types of transactions or just when you use it as a debit card.

[MADem]

24. What assholes. They hold your money, get interest from it, and then they

nickle and dime people? FUCKERS.

People are going to go out, buy safes, bolt 'em to the floor in the back of the closet, and keep their cash at home.

I won't use an ATM unless it's a free one. I've had enough of these bullshit bank fees.

[sarcasmo]

30. Moving our direct deposit into the credit union was the smartest thing we could do.

No fees and super low interest rats. We refinanced our car through the credit union at 3.9 percent, chase and bank of America both told us no way could they match the 3.9. The reality is that the mega bank couldn't make enough money by offering us the 3.9 rate.

[RobinA]

27. I'm About

halfway transitioned to my credit union but can't quite dump my bank (currently Wells Fargo) because I've been with the same bank since it WAS a local bank. I use my debit card ALL THE TIME and the minute they charge me a fee I'm gone. They already get a fee every time I withdraw money from a non-bank ATM.

[nichomachus]

28. They're blaming it on the "onerous government regulations"

Apparently they have to find some way to make up the money they were stealing when the regulators weren't looking.

[tawadi]

31. Naturally

They have a lot of legal expenses these days.

[LuckyLib]

33. Get thyself to a credit union, and at the same time, go out of your way to use the ATMs

that do NOT charge a fee for use. I'm not paying $3 to get my own money from any damned machine.

[FirstLight]

36. cashed in my chips, man

I am outta B of A now and never going back to any large bank...

In fact, I can do just fine without a bank account at all - rechargeable visa for paycheck and billpaying, cash for most everything else, money order for rent. that's all and i am trimming down all extreaneous bills too... phone bill and internet to a bare minimum, lower rates on utils due to income level...thank god.

it looks like my biggest expense these days is gas in the freaking car...but living rurally and having winter coming leaves me with few choices, unless i get a horse and use a sleigh! lol

[Gormy Cuss]

37. The message is clear: don't use your debit card.

They want to kill this product and blame the government.


sta: BofA is swirling in the sewer drain.

[Purveyor]

38. Join a credit-union if you can. I left comerica some 10 years ago and never looked back.

My CU offers everything I need including a business account.

The only fees I've encountered are the ones I selected to pay.

[PlanetBev]

39. Just strapped on my parachute

I've had the same checking account with Bank of America for the last 38 years. I've been thinking of bailing out in favor of a credit union and this decided it.

So long, assholes...

[endless october]

40. this will be worse for BOA than Netflix's mistake.

many people who just keep their BOA account because they had it will wake up and move their money out.

i know that i would not be interested in paying to use a debit card.

[shanti]

41. Skank of America

can take a flying leap! :(

[annabanana]

42. I'm SURE they will love people going back to checks. . .n/t

[Psephos]

43. People of America to charge straight for the doors.

Easy solution. Withdraw your money from BoA and deposit it in a no-fee credit union account.

Extra bonus: By doing so, you deplete BoA's working capital.

This is utter folly. BoA desperately needs real capital to offset its monumental toxic mortgage and CDS load. The Netflix effect is going to bite them hard.

[BigDemVoter]

44. BEND OVER AMERICA for B of A !!

[brentspeak]

45. Banks say they will lose $6 billion/yr in "lost revenue" due to Durbin amend

which limits the amount of money they can fleece from merchants for debit card "swipe fees".

To which an observant New York Times reader responds:

http://community.nytimes.com/comments/www.nytimes.com/2011/09/30/business/banks-to-make-customers-pay-debit-card-fee.html?permid=6#comment6

Lets get it straight....6 billion a year in "lost revenue" for banks is 6 billion a year extra in people pockets.

[No Elephants]

46. If BOA succeeds, others will do the same. You can take that to the bank.

[Dover]

47. Bank of America to charge $5 monthly debit card fee

Source: CNN

NEW YORK (CNNMoney) -- Get ready for a new wave of bank fees. Bank of America will begin charging a $5 monthly fee at the beginning of next year for customers who make debit card purchases.
Whether you use your card for one purchase a month or 20, you will pay $5 per month starting in 2012. It doesn't matter if you select "debit" or "credit" at the point of sale.
If you don't use your card at all, you won't be assessed a fee, and you can still use ATMs as much as you want without getting hit with the new charge. Plus, customers with certain premium accounts will be exempt from the charge.


Read more: http://money.cnn.com/2011/09/29/pf/bank_of_america_debit_fee/

---

Surprise! The bank bailout on the backs of the 99% continues...

[HockeyMom]

48. Wells Fargo, and a few others, are planning to do this also

Monkey see, monkey do. Just like the airlines with charging for bags.

[Dover]

50. Yeah, I guess Warren Buffet is willing to give up tax breaks for the wealthy

if he can make up the difference by collecting more bank fees...

[QED]

49. Makes me love my credit union even more.

They posted a notice on their website yesterday saying they aren't going to do that. I hope people leave Bofa and other mega-banks in droves over this and other crimes.

[ananda]

51. Me too.

I hope UFCU stays cool and doesn't follow this trend as well. I don't think
it will.

[sarcasmo]

71. +1

[The Wizard]

52. Move your money

Keep the minimum in an account to pay monthly bills on line. Hang a bank CEO from a traffic signal and the robbery stops.

[Dover]

53. Bank of America to charge $5 monthly debit card fee

Source: CNN

NEW YORK (CNNMoney) -- Get ready for a new wave of bank fees. Bank of America will begin charging a $5 monthly fee at the beginning of next year for customers who make debit card purchases.
Whether you use your card for one purchase a month or 20, you will pay $5 per month starting in 2012. It doesn't matter if you select "debit" or "credit" at the point of sale.
If you don't use your card at all, you won't be assessed a fee, and you can still use ATMs as much as you want without getting hit with the new charge. Plus, customers with certain premium accounts will be exempt from the charge.


Read more: http://money.cnn.com/2011/09/29/pf/bank_of_america_debit_fee/

---

Surprise! The bank bailout on the backs of the 99% continues...

[SixthSense]

54. If you still bank with BoA

you're just a dumbass

there's no excuse not to be aware that they are scum

and also that they could potentially go out of business at any time, if the truth about their books were made publicly known

[Dover]

56. The other big banks are following suit...

and I suppose it will just be a matter of time before the smaller banks fall in line.

The question is, who is regulating bank over charges?

[SixthSense]

58. regulating... bank...

LOL

Maybe the document shredders over at the SEC?

http://www.rollingstone.com/politics/blogs/taibblog/document-shredding-why-secs-defense-wont-fly-20110819

[ixion]

55. Yeah, I've gotten similar letters from both BoA and Regions

telling me they're going to start soaking me for even more. :grr:

It's infuriating.

[still_one]

57. People should not use their debit card to purchase things. Use it only as an ATM. To me this is

not a big deal. Credit cards are much safer than debit cards anyway

[Dover]

59. Yes, and as people retreat further into using cash they'll charge for that too.

Checks are being fazed out. Debit cards will cost you along with credit cards.
So charging to use cash has to be next.

After making a cash withdrawal the other day, my bank informed me that will no longer
provide receipts for withdrawal transactions, saying I can look for their record
of the transaction on my monthly balance sheet.

[MANative]

60. The last straw

I've been a BofA customer for many years - at least fifteen - and have never been thrilled with their service, but stayed with them because I had so many auto-deposits and auto-payments that would be a major pain to move. This, however, is the final impetus I need to get off my ass and change banks. I have access to a fine financial institution through my late father's military service, and USAA will now get the last remaining piece of business that they didn't previously handle for me. Getting the forms and making the contacts in the next few days. Hope to have everything transitioned out within the next month. Buh-bye BofA.

[47of74]

61. I used to have accounts with a certain larger bank

Not BoA, but one that was starting to get a little too fee happy. So back in July I opened up new accounts at one of the small local banks in town and closed out my accounts with the large bank.

[Auggie]

62. I bet other big banks do the same

[bikebloke]

63. Glad I moved to a Canadian bank.

I used to work with Bank of Corruptia. They had a $100 bounty for anyone who could think of new fees. I refused to bank with them, keeping my money hidden at home. Though I didn't have much at the time.

[newspeak]

64. this story was on the local morning news today

I dropped my jaw when the newsman stated that you can join a credit union-basically that the banks answer to their board and WS and the CUs answer to their customers. My son is with BofA and he called the other day and said that there is a suit against BofA, I think he said for holding deposits and charging bounced check fees. Anyone know about this?

[sarcasmo]

72. +1

[mvd]

66. Should have never bailed them out before they gave major..

concessions. BoA is one bank I won't be joining.

[sarcasmo]

67. Back to the top. Tell all you're friends make this to big to fail bank take notice.