Bank of America scraps overdraft fees for debit cards Move your Money hurt them.

Yeppers....they weren't hurt at all by the "move your money" drive last week.

Bank of America scraps overdraft idea

Most major banks have since pushed customers to give them blanket permission to allow overdraft fees, which generate billions of dollars in annual revenues. But Bank of America and HSBC decided to end overdraft charges entirely on debit card transactions to make sure customers wouldn’t be hit by unexpected charges - a move that won praise from consumer advocates. Citibank already had a similar policy.

Bank of America acknowledged that its move cut off a key source of revenue. But bank executives have repeatedly said the move was the right one for customers and reduced the number switching to other banks.

“Overdrafts on debit cards were in fact driving strong fee growth,’’ Bank of America chief executive Brian Moynihan told analysts last year, but the fee “was hurting our franchise.’’

bostonglobe.com...

This should serve as notice for anyone who doubts the power of the American consumer and his ability to part with his cash. Just goes to show who really controls Wall Street! Force change with your money!

reply to post by Destinyone


"Band of America" What type of music do they play?

FYI - Quick I think there's still time to edit.

LOL. They are trying to recoup their bottom line before turning in their monthly figures. I will be interested in seeing the damage.

Originally posted by mileslong54
reply to post by Destinyone

 

"Band of America" What type of music do they play?

FYI - Quick I think there's still time to edit.

Yikes How do I do that...TY!!!

ETA: Thanks for the heads up...got it in time.

Well...January 18th, 2012 will be the next quarterly report...should be interesting for sure.

Keep moving your money folks.....

This part of the article, just warmed my heart. It shows me hard proof, we do hold the purse string of BofA.

Bank of America acknowledged that its move cut off a key source of revenue. But bank executives have repeatedly said the move was the right one for customers and reduced the number switching to other banks.

reply to post by Destinyone


No problem, I have a problem with adding "s" to plural words when I type.

I truly believe the only way to fix the banking problem is to invest in a safe, cement it into the ground somewhere in your home, don't tell anyone, spend a little extra on a 12 gauge and there goes the system of banks. Of course everyone will have to start spending and living within there means.

reply to post by mileslong54


You've been in my home, haven't you. Did the 150 lb dog greet you at the gate

Don't consider this a win. If we lap up the sugar water they've just fed us, then in fact it is they who have won. Until they are no longer able to bear influence over the people through politics, anything they do will not count as a victory for the American people. Keep pushing.

~FugitiveSoul

I agree with FugitiveSoul. This is not a victory. This is a dog biscuit to keep us happy, while they continue to screw us and wage further wars. They're trying to keep their remaining customers from running off to credit unions. Don't drink the kool-aid. I repeat. Stay away from the kool-aid.

Originally posted by Garkiniss
I agree with FugitiveSoul. This is not a victory. This is a dog biscuit to keep us happy, while they continue to screw us and wage further wars. They're trying to keep their remaining customers from running off to credit unions. Don't drink the kool-aid. I repeat. Stay away from the kool-aid.

The only back door I still see as a positive in this new scooby snack, thrown out to the people who continue to stay with them is....I hope they all use only their debit cards and overdraft when ever possible. No checks, or online direct from account withdrawals...only that good old fee-free debit card.

That alone will cost BofA man hours, and money. Keep hitting them any way you can. Every mountain began with grains of sand.