Bank of America Debit Fees

On FOX news just now....Citibank has announced they will NOT charge for debit card use...AND, FOX poll shows that 70% of BoA customers will change banks if fee is applied.

Looks like its time to order some checks again after nearly 8 years or so.

Anybody still remember how to write a check? Draw the line all the way across right?.....

This is also just going to cause check out lines to much longer I think when people start writing checks again. It was already slow enough with idiots not knowing how to select credit/debit and enter a pin or zip code.

Originally posted by Eurisko2012

Originally posted by butcherguy
Their stock should be DOWN too!

Anyone that banks with them should close their accounts today, mui pronto!

Sounds good. Make a run on the bank and just get it over with.
Move all the money to SunTrust.

Bye.....Bye.....B of A

How is SunTrust better?


Can someone please tell me some of the down-falls of a credit union opposed to a commercial bank are?

I plan on emptying my account with BoA tomorrow. But I am not quite understanding what some of the downsides might be.

I can still use a debit card everywhere I go with a CU, right?
I can still pay bills online with a CU, right?

So not sure what anyone has to lose if they switched.

Thanks for your help and information

despite all the negative replies about Bank-America... they will still continue to operate,
as they are part owners (possibly with 12 other banks) of the Federal Reserve...

you don't suggest that the CountryWide and MerrellLynch mergers were accidental mistakes do you...
no those takeovers are needed to unwind the holdings and derivatives by that principal partner that owns the Federal Reserve...

A commercial, deposit operating bank was needed to keep spinning all that toxic paper and 'leveraged' fraud so that every cent of counterfeit money created from thin air (by those 3 particular financial institutions) would be backed by the unwary taxpayer @ 100 cents on the dollar....instead of the .12¢ on the dollar the paper is worth

~a huge windfall for the bank-america & the financial terrorists of wall Street/Federal Reserve NY especially


pulling out of your accounts will not harm the BoA.... because the Treas/Fed will make up new rules about 'running from the bank' ~ instead of the normal 'Bank Run' type of situation where the institution takes a banking 'holiday'

no, the clients that flee might be classed a anti-government terrorists, and perhaps assigned a State-Account so that all manner of sales/trade/buying/credit can be tracked.....


i guess i might expect to be placed on the Fed Reserve watch list for this post.... so-be-it

If you're in Washington state let me recommend Washington Federal Savings. Within 2 weeks everyone there knew me by name ( 2 branches I go to ) they have been nothing but helpful and they don't charge weird fees. Straightforward and wonderful bank.

I know why they are charging that fee, I have been with them since 2006. They have ripped me off a few times with the overdrafts and I got a post card in the mail. There is a class action lawsuit against them for $410 million for taking out the larger amount of a check or debit before the smaller amount and bam, 2 or 3 overdraft charges when it should have been just one!!! Plus, instead of not allowing a debit charge when I was in the red and didn't know it, they would let it go through and bam, another charge!! I couldn't figure out what was going on, it seems that a check I had written for a bill before I got paid that usually wouldn't come in for 4 or 5 days would come in some how, in 2, from an electronic withdrawl that I didn't authorize them to do! Partially my fault, but now that I know what they were doing, I started watching really close and finally they got caught and stopped allowing my debit card to work when there wasn't enough in the bank! I was freakin! I would have enough for what I was buying when I checked my account before I went, and when I knew I wasn't overdrawn, bam, they would get me even when I knew I had enough!!!! I'm thinkin, how in the hell did that happen!! Unbeknownst to me, they would take out the bigger amount after I had swiped my card!! And ended up owing $70 bucks!! I would call them all pissed off and would get part of it back!!! I should have changed banks then. But I've been with them so long and I pay all my bills online that I wasn't ready for change yet. But now I am, doing it Monday!

On the postcard on the front it says: "Court-Ordered Legal Notice". Then on the back the header reads: "If You Paid Overdraft Fees to Bank of America, You May Be Eligible for a Payment from a Class Action Settlement"

So, when I got that, decided to just stay with them until tomorrow in which is Oct. 3rd and that is the deadline for you to exclude yourself.

So it says: Who's included?
You are a member of the Settlement Class if you: (1) Had a Bank of America consumer checking and/or savings account that you could access with a Bank of America debit card, at any time between January 1st, 2001 and May 24th, 2011, and (2) Were chargedone or more overdraft fees as a result to Bank of America's practice of posting debit card transactions from the highest to the lowest dollar amount.

I am on disability and was really struggling to make ends meet at that time, and all of a sudden, those checks would come in waaayy too fast!! I will be getting money back from 2006 until now. I am going to change my bank soon. Sometimes I need that $5 bucks at the end of the month. I always say, too much month at the end of the money!! LOL So as you can see, it wasn't always all my fault! SOBs. And it wasn't always a check that had come in! As you can see.

So, for any of you have had this happen, here is the website:

www.bofaoverdraftsettlement.com... or 1-800-372-2390

Changing banks isn't going to put a dent in BofA. I am sure they already assumed and planned for a loss with their personal banking customers.

Sadly enough the individuals, families and small businesses that use BofA don't matter much to them. They're more interested in large organizations.

If you are pulling your green out, I would not recommend going right to a credit union... Since that seems to be the trend right now. After BofA implements the new charge and the majority of personal banking customers transfer over to a credit union, we can expect a lot of mistakes, glitches, etc. Those credit unions, experiencing expeditious growth but still maintaining the "small bank" mentality will most certainly have operations issues in the beginning.

Remember what happened with Citizens Bank / RBS?

I would suggest a public community bank in your area. Preferably one who participates with the Allpoint Network, that way the user can avoid ATM fees.

Looks like their website is still down or down again..

Also it's strange, I noticed that the title of this thead was renamed to : "Bank of America Debit Fees", from, "Bank of America Website is DOWN"... Not sure why though as there was already a thread about the fees. But I guess they are pretty much about the same topic.

reply to post by Artlicious


Burn every Bof A. We don't care about it. Let the mother BURN. Burn you mother burn.
They charge you to buy something. They charge you to get your cash. This is just simple taxation with no rep.

GREED

Yup...just watched a "breaking news" story on CNBC, market watch tv, stating that BoA is still experiencing major trouble with their website. BoA is saying, that it is not due to hacking as has been reported. But, the problems did start right after BoA announced the new $5.00 monthly fee for debit card use.

I really do think that BoA is slowing their website use to quell folks who are going online to close, diversify their BoA bank accounts. They just were not prepared for the backlash of their customers being angry over being "gouged" one again.

Originally posted by Skorpiogurl
Changing banks isn't going to put a dent in BofA. I am sure they already assumed and planned for a loss with their personal banking customers.

Sadly enough the individuals, families and small businesses that use BofA don't matter much to them. They're more interested in large organizations.

Without the personal banking customers as the foundation of the bank, I don't think they will do nearly as well.
We must do what we can.. And not only take our money out of their hands.. do everything we can to bring down those shares.. Let's see how low the BoA shares can go!!

Yeah Friday I tried going to the ATM to make a transfer and it wouldn't let me. Nor would the website. I just called the payment in. There credit card payment center doesn't charge for pay by phone yet. lol

No more worries for me. I opened another account with another bank and consolidated my credit cards with a credit consumer agency. Bye Bye BOA!!!

Looks like their shares are down to $5.87 already today.. Hopefully it will fall below $5 before close, it won't be the lowest it's ever been but dang close... and hey.. there is always tomorrow! (hopefully)

BoA stock is at an all time low...less than $6 per share (5.82)...and still sinking like a stone.....oops...how the mighty fall

It hasn't been near that low since 2009. "Breaking News" per CNBC market watch tv....American Airlines has tanked, all selling/buying of their stock has been halted...news story at 2:00 EST....Said halt is due to fears of recession....restructuring/Bankruptcy is in the works.

After the banking bailout fiasco why ANYONE is still with a major giant bank is beyond me. I immediately withdrew my accounts from National City when I heard they were getting bought out by another bankout with MY OWN TAX DOLLARS.

I know have a small local bank and have never been happier.

Originally posted by Artlicious

Originally posted by Skorpiogurl
Changing banks isn't going to put a dent in BofA. I am sure they already assumed and planned for a loss with their personal banking customers.

Sadly enough the individuals, families and small businesses that use BofA don't matter much to them. They're more interested in large organizations.

Without the personal banking customers as the foundation of the bank, I don't think they will do nearly as well.
We must do what we can.. And not only take our money out of their hands.. do everything we can to bring down those shares.. Let's see how low the BoA shares can go!!

BofA also reported that the exceptions to the new fee will be certain customers that the bank regards as sufficiently profitable otherwise so as not to be worth annoying, such as those with a $200,000+ mortgage or an account at Merrill Lynch with balances over $20,000.

It will turn out that BofA makes more money with its new fee scheme than its old one.

Banks previously had charged merchants 44 cents on average every time they accepted a debit card for a purchase. Under new regulations that take effect Saturday, banks with more than $10 billion in assets will be able to charge merchants only 21 cents to 24 cents per transaction.

If you assume an average merchant charge of 22.5 cents, the bank does better if customers on average make fewer than 22 debit card charges per month.

I am positive that BofA has done a sh*t load of modeling on customer usage patters.

Bank of America is no doubt hoping that it will be a price leader and the other major banks will copy its move.

BTW, I have worked in the banking industry for over 20 years. Not with BofA but... I swim in the same pool with all the other sharks....

Originally posted by Human_Alien
How is SunTrust better?


Can someone please tell me some of the down-falls of a credit union opposed to a commercial bank are?

I plan on emptying my account with BoA tomorrow. But I am not quite understanding what some of the downsides might be.

I can still use a debit card everywhere I go with a CU, right?
I can still pay bills online with a CU, right?

So not sure what anyone has to lose if they switched.

Thanks for your help and information

Been with a CU for 10 years now and it was the best move I've ever made. Yes you can still use a debit card and you can still pay bills online. I can only speak for my CU, but I get a yearly bonus dividend on the average savings balance, which is very cool.

With a CU you are technically an owner of the CU. The only shareholders to answer to are the account holders. I would always recommend a CU to anyone who asks. I had BoA before I switched and they were terrible back then!

reply to post by Artlicious

Its only a $5 fee.

When my bank started to charge me a $5 fee, checking account maintenance, I shrugged the whole thing off and paid the obligation. Bank of America did not do anything new. Banks have always charged for checking and debit card usage.

Its not a BIG deal.

Originally posted by Section31
reply to post by Artlicious

 

Its only a $5 fee.

When my bank started to charge me a $5 fee, checking account maintenance, I shrugged the whole thing off and paid the obligation. Bank of America did not do anything new. Banks have always charged for checking and debit card usage.

Its not a BIG deal.

BoA is "banking" on people who think just as you do....

Originally posted by Section31
reply to post by Artlicious

 

Its only a $5 fee.

When my bank started to charge me a $5 fee, checking account maintenance, I shrugged the whole thing off and paid the obligation. Bank of America did not do anything new. Banks have always charged for checking and debit card usage.

Its not a BIG deal.

My bank does not charge for debit card usage and my checking is free.

At what point does it become a BIG deal for you? A new $10 fee? $20? maybe $50???
When do YOU say NO and switch banks?

Or do you like being charged new fees by companies for whatever reason they come up with?

Maybe next they will have a lobby fee... I mean hey, it costs money to keep that lobby open.. So in order to walk in you have to swipe your card and pay a $2 fee. LOL