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bank of "america" wants more fees
KSUmarksman
Member Posts: 10,705 ✭✭✭
http://money.cnn.com/2011/09/29/pf/bank_of_america_debit_fee/index.htm?hpt=hp_t2
I guess it wasn't enough to steal our tax money... [V]
BTW. Faux is not reporting this, I suppose it clashes with the pro-top-1% agenda...
I guess it wasn't enough to steal our tax money... [V]
BTW. Faux is not reporting this, I suppose it clashes with the pro-top-1% agenda...
Comments
That will thrill their customer base, did they hire the same public relations firm that represents Netflix
Hope they experience the same fates. [}:)] [:(] [:0]
http://www.nytimes.com/2011/09/30/business/banks-to-make-customers-pay-debit-card-fee.html
Wells Fargo and Chase are testing $3 monthly debit card fees. Regions Financial, based in Birmingham, Ala., plans to start charging a $4 fee next month, while SunTrust, another regional powerhouse, is charging a $5 fee.
[:0][B)][:(!][V]
That will thrill their customer base, did they hire the same public relations firm that represents Netflix?
exactly!
I'd better inform my brother to cancel his account before he's charged...he only got a BofA account because he needed an account in Nashville when he was at summer REU at Vanderbilt (since the dinosaurs there issued checks rather than direct deposit...)
He uses a local bank for the primary account, as does the rest of the family [^]
Here's hoping they go under.
COB
The current provisions will not apply a charge if the debit card is not used in a given month, and will not be charged on ATM use, though ATM fees are still in place.
It's likely that the primary reason is actually related to a desire to shift people back to more credit card use and less debit card use. The new rules cap debit card revenue as stated, but place no such restrictions on revenue from credit cards, so any shift in that direction is apt to increase company revenue and profits.
Who could have possibly thought that a change in the business ground rules by the government would result in a change in how business conducts business.
I know I'm totally shocked that this would result.
The new Federal rules coming on board have limited the revenue that can be raised from debit cards, so the banks are having to look to procedural changes to recover the revenues lost. BOA is not the first, and certainly will not be the last, to implement fees for the use of the cards.
The current provisions will not apply a charge if the debit card is not used in a given month, and will not be charged on ATM use, though ATM fees are still in place.
It's likely that the primary reason is actually related to a desire to shift people back to more credit card use and less debit card use. The new rules cap debit card revenue as stated, but place no such restrictions on revenue from credit cards, so any shift in that direction is apt to increase company revenue and profits.
Who could have possibly thought that a change in the business ground rules by the government would result in a change in how business conducts business.
I know I'm totally shocked that this would result.
Fixed it for you![:D]
No problem with the debit card fees. We just won't use the debit card anymore and put the groceries / fuel on the B/A credit card. Then at the end of the month... transfer from checking to pay it off with no penalty or interest charged.
But the merchant is still charged a fee, and that works for the bank.
I'm not looking it up, but I seem to remember reading once that the BOA started as the Bank of Italy, in San Francisco, by an immigrant greaser. After the earthquake and fire destroyed the city, what 1906?,he was practically the only bank that had cash, either because of his safe, or he took it out, can't recall that either.
After growing to become the largest bank in the world?, how did it get so screwed up?
Oh yeah, those Libtard Dumocraps some people keep voting in.
We need another good earthquake and fire. Only bigger.
blame the slimey liberal democrats once again for making laws to help out the little guy - the opposite happens everytime they try - they are retarded
or you can blame bush and rich people but.........thats getting old
And just who are these exempt people holding premium accounts?
Illegal Mexicans whom BOA loves to cater to, Donald Trump, Government rags in DC, Oil men in Texas?
Who are they?
quote:.. customers with certain premium accounts will be exempt from the charge.
And just who are these exempt people holding premium accounts?
Illegal Mexicans whom BOA loves to cater to, Donald Trump, Government rags in DC, Oil men in Texas?
Who are they?
It usually involves something like a higher minimum balance, like $1500, or a tie in with other accounts in the bank.
A simple question of how much of your money the bank gets to use since all services cost the bank money, regardless of whether they charge the customer for them.
Transaction fees from debit cards have been cut in half and will probably cost the banking industry around $8 billion.
Either change banks, open a 'premium' account, use cash, or use your credit cards responsibly.
This will have zero impact on me even if my bank implements the same. First off I have a so-called 'premium' account, but mainly due to the fact I put almost everything on a credit card.
Heck,...my ATM/Debit card hasn't been used more than 2 times in the last 5 years or more.
I don't know if my BofA debit card is worth another 60 bucks a year to me...
My guess is that that question is exactly what they are counting on, since they will earn more from credit card fees on the retail merchants, regardless of your monthly statement payoff habits.
I don't know if my BofA debit card is worth another 60 bucks a year to me...
At the value of their stock maybe they will just give everybody 30 shares a year for the $60.[}:)]
BTW. Faux is not reporting this, I suppose it clashes with the pro-top-1% agenda...
Not true. It was their top story at 6:00 this morning.
Yo...
I never looked back.
I closed my account at B of A over 25 years ago, when they first told me I needed to give them my THUMB PRINT to cash a check from my MOM, (who was standing right next to me)...at the branch where BOTH OF US had accounts!!!
I never looked back.
I would have given them my middle finger print as well. [:(!]
When the goverment stepped in and made it illegal for them to charge you $2*.** for over drafts they lost there @ss in revenue.
All banks would love for you to overdraft and charge you $2*.** for each occurence. They didn't make overdraft protection a service to help the customer. They made it to line their pockets with working class people's money!
Now, since they can't steal your money when your at your most vulnerable, they will charge you a $4 or $5 fee because they can't make any money at shady business.
I also have a Regions account and got the email a few weeks ago that the $4 fee was starting.
My Credit Union is considering it as well.
Liberty Bank has said they have not made a decision yet.
I guess I am just old and remember having to pay an ATM card fee when they came out and even a checking account fee if you didnt have a high enough balance (as a young enlisted man I never did).
Do not like it, but at the same time it may be out of my hands. I prefer having a bank I can walk in to. That is why I never went with USAA or BofA.
I don't know if my BofA debit card is worth another 60 bucks a year to me...
[}:)]On hearing that pathetic news, I thought was just one more nail in the coffin of free enterprise that we all once enjoyed as free Americans. However, The moment I had read the so called "genius' idea and proposal from that bank, I went immediately and took out ALL my funds I kept there, and purchased a pay as you go debit card from yes, you guessed it " Walmart" ya load er up sans fees and pay as usual......... no big brothers fingers in yer pockets, no bother. Also helps that way back when all this garbage with obammy started took out ALL funds anyway and bought a big anchored fireproof safe, being your own banker somehow gives you a better piece of mind in that no "A" hole can have any input or interest in your assets or as to how much you have, no govt intrusion whatsoever; it is ME thats in control, the way it SHOULD be I never ever trusted anyone to have anything to do with my personal business anyway so BofA know what YOU can do my illegal alien coddling friend?they dont have a icon for kiss my * here but oh well and obammy may obligingly kiss it as well........nuthing but a foreign POS anyhow not worth hangin.......[:(!]
If USAA starts this crap I'll just go back to Navy Fed, if they start it too I'll never use my debit card again, use a credit card, and pay it off every month, for online purchases and withdraw money from the ATM, pay everything else in cash.
Don't think USAA will do that. Hell they pay me back $20 per month for charges at ATM's in this area. But I cheat too cause I have my Retirement going to Navy Fed.
If USAA starts this crap I'll just go back to Navy Fed, if they start it too I'll never use my debit card again, use a credit card, and pay it off every month, for online purchases and withdraw money from the ATM, pay everything else in cash.
Like I said, the objective is to get you to go to the credit card because they make more off of the store fees from that one.
USAA has expanded their membership eligibility. Almost anyone who is or has ever been a member of any armed force, including reserve is now eligible.