Bank of America to charge $5 monthly debit card fee

I read about this this morning. I won't pay it, so now I get to find a new bank so they can try to rob me in another sneaky way. So tired of all of this.

If you bank with B of A and don't like the new terms I suggest you switch to another bank or credit union.

I stopped doing any kind of business with them years ago.

Ive still got a CC with them , I dont use it , but it does still have a balance.
When I send the check i put
pay to the order of " Satan" or "The devil" have even put for marijuana in the "for" box.. they dont care..

reply to post by hbarker


If you're carrying a balance with a high APR you many be able to transfer it to a card with a better rate.

Many banks are offering cards with 0% APR for up to 18 months.

I have gotten several offers from citibank.

Originally posted by liquidsmoke206
I also heard on the radio yesterday a case of a guy who was making very large deposits. The bank actually told him that if he makes huge deposits of cash they will have to charge him some stupid fee. Yes, a fee for making a deposit into your account.....awesome.

I've got an even better story for you. I had an Insurance settlement check that I wanted to cash and use right away. My bank would have put a hold on it for 5 days and I had plans for some of the funds. The check was drawn on Bank of America Check stock so I went to Bank of America to cash it, being told by BOA over the phone it would be no problem ( It was a fairly small settlement, few thousand).

When I get to the local BOA branch, they proceed to tell me that can't cash the check without opening an account. No biggie, I'll open it and drain the account to my normal bank. Then they say it will be held for 5 days, I tell them "It's your check, look at the issuing bank and I talked with a BOA rep over the phone that it will be ok to immediately cash".....blank stare from teller. I tell her to get the branch manager,....blank stare from manager. While at the window I tell them the BOA 800# to call, since they don't know who to talk to resolve this. BOA over the phone tells them how to verify that the check is indeed their own check and avoid the five day hold.

I love it when a Bank attempts to not honor it's own fricking checks!!

Problem solved right? Nope. Teller tells me she needs 3 pieces of ID. No problem I whip out my Drivers Lic, Social Sec Card and Passport plus a utility bill. She says that's not enough. I proceed to tell here that is more than enough info to verify, in fact the Passport is really multiple pieces of ID and show her other ID in my wallet.... another blank stare, gets branch manager....another blank stare. Get the 800# on the line again.... finally problem solved.

Bank of America probably has some of the most incompetent and customer unfriendly employee's in the Banking Business if not in all of Industry. Their mortgage department is a joke, I don't think anyone there knows what they are doing. We tried to just give back my deceased's Mother in Law's Condo to them using the "Cash for Keys program". We were told over the phone that if the house was cleared out and paperwork was done, the Bank would give us $800 for taking over possession immediately and the keys. That way they avoid having to go through foreclosure on the property and take it over in good condition. She passed away, left nothing to pay off the $70,000 mortgage owed on a place now worth maybe $15,000. Easy enough to clean out the place and fill out the appropriate papers. 18 months later it's still sitting vacant, after sending the appropriate paperwork 3 times and it promptly getting lost each time (We even faxed it with the person waiting on the other end....it's unreal), we just gave up. By the time the Bank actually takes possession of it. the pipes probably will have busted and the the whole thing will be a total loss.

America will be a better place when businesses like Bank of America are not around.

I heard from a BOA employee, on the radio this morning that BOA is being sued for processing transactions in order of largest first, instead of first in first out.

This ultimately increased the amount of money they were collecting in overdraft fees, by stalling small transactions from being processed in a timely manner.

reply to post by MissCoyote

I like calling Bank of America the Bank of Ripoffs, because they like to rip people off with all these fees for everything. That bank is just getting more greedy each day. I hope it looses all its customers because the bank charge too many fees.

The real kicker...
BOA will get millions from the US GOV for extenting them credit to pay unemployment benefits using a BOA debit card to the 1.2 million unemployed and then collect 5 dollars a month from the unempolyed for the use of the debit card.

BOA = Bank of America = Yeah right, if you have a BOA Mortgage get ready for foreclosure.

reply to post by St Udio


ran across this report... which applies to my inquiring mind:

finance.yahoo.com...

Is It Time to Ditch Your Debit Card?
by SmartMoney staff
Friday, September 30, 2011

What's the least-friendly piece of plastic in your wallet? With Bank of America's recent announcement that it will start charging for debit card use, upset customers might say there's a strong argument it's the debit card — and increasingly, there are better alternatives. [...]

...Readers, would you pay $60 per year to use your debit card?

here's an example of the articles author assuming a 12 month fee structure based on the 12 month solar calendar, instead of the 13 month lunar & financial calendar which would pay out $65 yr instead of $60...


we need to read the Banks official policy & plan....

Here in Australia we've been getting charged $5 for those cards for like 9 years now, or more. Sucks, i know..

Originally posted by MissCoyote


Great, just great as if the bank don't have ENOUGH money with all there fees I even think there might be a fee for sneezing. now they want to charge for using a plastic card to pay for things UGHHH! Why! aren't we broke enough for you do you REALLY need more freaking money. SO you take ours and you deny us loans.HMMMMMMMMMM! something stinks around here and it aint me I showered. Give me one good reason as to the robbery that we are receiving and how its going to benefit us. please because i am just dying to know.

money.cnn.com
(visit the link for the full news article)

Exactly! Bank of America, the nation's largest financial institution, just keeps on looking for ways and innovations for their income collection. This scheme of the Bank of America latest lender to charge debit card fees a year from now is absolutely another burden for card holders. The largest lender in the United States will begin billing a charge for using debit cards starting in 2012. According to the bank, the fees are necessary to offset lost income from brand new federal laws. Aside from that, it is anticipated that other banks will follow and the move could soon become industry standard.

Looks like the BoA website is back up and running, for now.

And their stock is already down to $5.31.. Will it go below $5 today?

BoA is not going through with their 5$ monthly debit card fee, why? because everyone threaten to boycott them . Once BoA figured out how much money they would lose if everyone went to a different bank they rolled over.
Nice, the people have spoken. But why does it have to end with this Wall street understands one thing money. If people continue to boycott theses businesses that take advantage of the people there will be changes.

Originally posted by IndieA
I heard from a BOA employee, on the radio this morning that BOA is being sued for processing transactions in order of largest first, instead of first in first out.

This ultimately increased the amount of money they were collecting in overdraft fees, by stalling small transactions from being processed in a timely manner.

Class action suit.
Im part of it.
BOA is going before an arbitrator/judge to determine if the $400 Million dollar settlment is acceptable.

Guess what?

BOA is STILL doing the same thing to this very day!
They didn't stop... they still do it and admit no wrong.

Courst will allow them to settle, they will continue to do this and file BK before they pay a cent out.
Just watch.

All BANKS WILL NOT BE CHARGING MONTHLY DEBIT CARD FEES. HOORAY!

The little man wins this one.

Even though I never deal with BOA again, I was very happy to here the news.