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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.
Originally posted by schuyler
Fer Christ's sake, this furor over a $5.00 fee is just ridiculous. The government changed the rules and said banks could not make as much money per transaction from the merchant. So the banks want to make this up with a $5.00 fee. You're going to pay one way or another, and it ain't always the banks that are the "greedy" ones. Do you think the local espresso shop is going to lower the price of their lattes because they don't pay as high transaction fees? RIGHT. I'm sure that will happen. So the bank gets the same amount of money they did before and the merchant makes more money. Who is being greedy?
Years ago I paid an $8.00 fee for checking. With Bank of America, it is free. Years ago I had to pay for checks. With Bank of America, they are free. Years ago it cost $10 a month to have online banking. With Bank of America, it's free. My overall "costs" of banking have declined drastically over the last twenty years. Even if you add a $5.00 monthly fee in there it is still less than I paid earlier.
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.