Bank of America to charge $5 monthly debit card fee

Originally posted by ChaoticOrder

Originally posted by Butterbone
So you put your faith in the benevolence of an offshore exchange house who's primary customers are drug dealers international arms traders and human slave traffickers???
WoW!!!

Actually no. I use VirWoX if I need to exchange BTC, because it's trusted and I can also use PayPal to deposit funds into my account. And you can say all you want about Bitcoin being used for illegal purposes but your argument is completely invalid because regular cash has done the exact same thing for hundreds of years.

Yes but cash is in your pocket. Not sitting on a server in a country with a non extradition law. 9/10'ths of the law is what???

I'm just sayin.

reply to post by MissCoyote
Big deal, I've been paying $4.50 for 2 years now.

Chase bank started charging a $15 per month "maintenance fee" back in February. I closed 4 different accounts with them. They said they would waive the fee if I maintained more than $10,000 in each account or if I linked them to my personal savings.

I tossed all 4 debit cards at the girl and told her I wasn't interested.

I now use either cash, money order or re-loadabled gift cards for payments. Screw the banks.

Originally posted by Butterbone

Originally posted by ChaoticOrder

Originally posted by Butterbone
So you put your faith in the benevolence of an offshore exchange house who's primary customers are drug dealers international arms traders and human slave traffickers???
WoW!!!

Actually no. I use VirWoX if I need to exchange BTC, because it's trusted and I can also use PayPal to deposit funds into my account. And you can say all you want about Bitcoin being used for illegal purposes but your argument is completely invalid because regular cash has done the exact same thing for hundreds of years.

Yes but cash is in your pocket. Not sitting on a server in a country with a non extradition law. 9/10'ths of the law is what???

I'm just sayin.

Bitcoins are actually stored on your computer. The only time your Bitcoins might be sitting on a server outside of the country (you're talking about America right?) is when you use an eWallet service or if you use an offshore exchange. There are even a few legit American Bitcoin exchanges such as Camp BX. You are basically saying Bitcoin is too efficient and makes it too easy to send money around the world. Well you might see that as a flaw but others will see it for what it really is. Freedom.

so? change the bank
i dont see the problem

well hell either way the banking system is screwed and we are all going to die at the hands of the bank and there bs yay for us

Well it's time to take all your money out of the banks. Not worth keeping it there at all. There's basically no interest gain on savings. Now they are going to charge you 5 dollars a month for a debit card where you are withdrawing your own money? It's bad enough they charge you fees at the machines. Now they want 5 per month on top of that? No thanks!

I have one of my accounts with them, its been free monthly checking since I got it, and a few months ago they started charging me $25/mo for "teller access" ...can't remember the last time I went to the teller! So they kindly offer an e-banking account for free, but $8 every time I want to see a teller.

This is probably in response to a lot of people not actually using their services that they make money on (mortgages, etc)- so they nickel and dime you. I'm fed up with BOA, this may be the last straw.

Banks are a service but they have made themselves into a necessity for many people, that is why they are getting away with this crap gouging the consumer for using their services.

People be smart, get off the big banks that are nothing but profiting from your hard earned dollars and gouging you with their "services" and get local banks that will waive theses fees.

That is all you need to do, do not fall for this corrupted entities gouging.

Wow, there are people out there who are still customers of BOA? thats part of the problem, stop giving them power.
If you have an account with any of these big banks and you dont close it today and go with a local credit union, you no longer have a right to complain about the bailouts or the bankers ripping off the world because YOU are helping them.

I'm a BoA customer and I have my mortgage with them. Part of the mortgage agreement is that BoA will not charge me anything for any of their services. So far (10-years now) they have stayed true to that agreement. I will have to wait until 2012 to see if I get charged for using debit. If they do charge me a debit fee, then would that not be a breach of contract?

Nonetheless, the debit fee is a scam to up profits without adding any value to the customer. In my opinion, we should get a savings when using debit, as it all automated; thus saving BoA the expense of employing extra bank tellers. But you know, this problem isn't limited to BoA. Often times when I order food online, I get charged a "convenience fee"; whereas there is no fee if I call in my order. Seriously, you tell me who is more convenienced by my online order, me or them? This is definitely one area where the government should do their damn job and outlaw such shady, unjustified fees.

Already reported on months ago. www.abovetopsecret.com...

But doesn't it make you feel all warm and fuzzy knowing more of your hard earned money will be taken from you!!!

i've been pondering this fiasco....

i conclude that the bank will not charge the $5 fee for the calendar months, which there are 12

No, the bank will operate in the 4 week month, of which there are 13 in a calander year,
so expect a minimum seperation of your money of $65 yr instead of the expected $60 yr that people think is proper

next, the $5 monthly subtraction of your fund balance will be commenced at the first use of your debit card in that 4 week period...so expect the insufficient funds deductions to increase all over the country in the first few months of 2012.


blood bankers.... they will get their bonuses one way or another huh

Here's their reasoning for this new fee:

www.thestreet.com

The bank said it was levying the fee because the "economics of offering a debit card have changed with recent regulations." A provision in Dodd Frank called the Durbin Amendment limits the fees banks can charge merchants for debit card transactions to 24 cents.

Bank of America had said earlier that the regulation would cost it $2 billion in revenues annually. Other banks have made similar arguments and had warned that they would end up passing costs to the customer.

Bank of America is not the first to charge this fee. Other banks have also tried to find new ways to offset the revenue loss. Wells Fargo(WFC_) is testing a monthly fee of $3 in select markets for debit card purchases. JPMorgan Chase(JPM_) is test marketing a fee as well.

Looking at their current stock price I can't see how imposing this fee will help to turn around their year..

If I were a customer, I would be leaving ASAP..

Originally posted by MissCoyote

Bank of America to charge $5 monthly debit card fee

money.cnn.com

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.

I'm so glad we bailed their sorry asses out with TARP money that they used to buy Merrill Lynch and Countrywide right in the middle of that disaster.

I still don't know why we basically loaned money to the big banks to have them turn around and buy other banks and financial operations. Somebody please explain to me why that makes any sense? For the record, I hate Bank of America, every dealing I have had with them has been horrible.

Damn banks worse than ah longs . Always knew bankers are thieves looks like they're reaching a new high in low..
Save yourselves some money - shovel .. 40 paces from tree .. dig .. throw moneybag into hole .. bury .. Quick easy and no fees

Two good tools from Move Your Money are found here:

moveyourmoneyproject.org...

You can plug in your zip and it will tell you about local banks and credit unions.

In our recent past, banks would go down on their knees to beg those with money to deposit it with them. And in return, banks promises them interests annually, with no service charges, as it will profit immensely from those funds, enough to waive off any regulation or taxes involved.

What the banks then do with the deposits is usually beyond the questioning of the depositer, so long as he gets the interest or can withdraw it all out if he so wish.

The bank then uses those deposits to make MORE money, but for themselves only and paying out a pittance in annual interest to the depositer. When combined will ALL depositers funds, they are a powerhouse in the casino call stock market, with the ability to move market directions up or down, and to earn on such movements, on a DAILY basis, and not just solely on annual dividends from investments. Banks profit are immense, which is why their staff and CEOs are paid obscenely.

But as time goes, with unethical new whiz kids coming onboard along with old directors getting senile, the system of risks and checks became lesser, so much so it led to the financial system collapsing. Yet, the banks were not even given a rap on their knuckles, but the innocent next generations made to bailout these supposed 'too big to fail' capitalist enterprises! Privatisation of profits but socializing of debts.

Today, with an awoken generation that WILL NO LONGER bailout irresponsible banks with their questionable practices, these banks had resorted to other means to SOCIALISE their debts. Paying for service charges now when you already had entrusted them your wealth is just the insidious beginning. More to come if they dont collapse yet or held accountable.

100 million customers paying $5 for the debit charge = $500 Million PER MONTH. In 12 months, that would be $6 Billion. A lot of money, thanks to fools that still trust the system, continually pay up each time, that makes the rich even more richer.

This isn't even capitalism as practiced by a capitalist enterprise. It is outright daylight robbery if not an unconscionable scam upon the clueless consumerist public.

Let's ask Warren Buffet, if he would honestly and with conscience, 'on principle', after putting in billions lately in an attempt to rescue BOA, if he would pay that 5 bucks monthly service charge.

reply to post by MissCoyote


What this clearly indicates is the dire predicament that ALL of the Banks are in and they're pulling out all the stops to keep themselves afloat.

Bank of America certainly doesn't have a problem in putting the screws to their customers so I say give it right back to them ...

All Bank of America customers should open an account with their local Credit Union instead and upon closing the BOA account, to be sure to tell Bank of America exactly as to why they're leaving and going to one of their competitors !

Maybe they are trying to balance out the money they are going to have to pay out from their class action lawsuit. I received something in the mail about the lawsuit and that around November, I think it was, they will be returning money back to certain customers due to shady accounting practices (with overdraft fees). I hate BofA.