Bank of America to Charge $5 for debit use

[Captain Kawaii]

Beginning next year, $5 monthly charge for debit use...Way to go...

http://news.yahoo.com/bank-america-c...163545667.html

Gotta keep the filth at the top lined with cash.

Adapt or die. lol

Try these guys
First Entertainment Credit Union.
If you ever got an affiliate check you are more than likely eligible.

[Elli]

Most credit unions seem to offer a no-fee chequing account. That seems to be the way to go.

[AzteK]

Neither bank has said when it will make a final decision on whether to make the fee permanent.

[seeric]

I would encourage all US Veterans to take advantage of USAA.

They have fantastic banking services. I moved all of my banking interests there a while ago. It's awesome.

www.usaa.com

Get away from the scum banks now.

[VikingMan]

yep credit unions are a good choice but I still keep a BofA account for biz so people and just walk to their local BofA to make deposits in my account or vise versa.

[djroof]

wtf american friends?

[96ukssob]

i fucking hate BofA. Its difficult as fuck to switch my account so I've been stuck with them and having to drive 45 minutes to my bank BLOWS COCK!

This is a good reason for me to get on the ball and move to someplace else.

[woj]

This is exactly what happens when you start regulatating the "interchange fee"....

[Nikki_Licks]

That bank sucks balls. People should be moving their accounts to other institutions

[Serge Litehead]

This is exactly what happens when you start regulatating the "interchange fee"....

"Visa Inc. (V) and MasterCard Inc. (MA), the world?s largest consumer-payment networks, will raise debit-card fees charged for small-ticket purchases to the full amount allowed under new rules, according to an analyst.
Visa, the world?s largest network, and No. 2 MasterCard may increase fees from 8 cents on a $2 purchase to 23 cents, Thomas McCrohan, an analyst at Janney Montgomery Scott LLC, wrote in a note. They will eliminate the so-called interchange portion of the fee, charging the highest amount allowed by rules announced in June, McCrohan said yesterday in an interview..."

http://www.bloomberg.com/news/2011-0...lyst-says.html

[Sly]

A nice advantage of a large bank is easy access to your finances from pretty much anywhere in the country. Other than that, I try to avoid like the plague. I'll stick with local credit unions.

[_Richard_]

hope to god that never happens in canada

[Tom_PM]

lol, only when you use an atm it wont charge it. Why? Because using an atm already has ridiculous fee's attached? Of course.

[Tom_PM]

* Make debit card purchases directly from your HSBC checking account without having to write a check.
* No finance charges, no payment dates, and, best of all, no bill at the end of the month.
* No transaction fees when making purchases and no annual or monthly service fees.

[babymaker]

I hate banks these days total scam. I found a credit union the other day that you dont have to have any special qualifications to join.

[cherrylula]

they suck anyways.... many banks offering free and bonuses these days.

[Captain Kawaii]

Neither bank has said when it will make a final decision on whether to make the fee permanent.

BofA IS doing it. The other two are waiting to see how bad the shit hits the fan for BofA...

Credit Unions Rock...

[Rochard]

"Visa Inc. (V) and MasterCard Inc. (MA), the world?s largest consumer-payment networks, will raise debit-card fees charged for small-ticket purchases to the full amount allowed under new rules, according to an analyst.
Visa, the world?s largest network, and No. 2 MasterCard may increase fees from 8 cents on a $2 purchase to 23 cents, Thomas McCrohan, an analyst at Janney Montgomery Scott LLC, wrote in a note. They will eliminate the so-called interchange portion of the fee, charging the highest amount allowed by rules announced in June, McCrohan said yesterday in an interview..."

http://www.bloomberg.com/news/2011-0...lyst-says.html

Everyone will start carrying cash again.

[Relentless]

They usually tag low balance accounts with all these kinds of fees. Anyone with six figures in the bank, a business account, a mortgage with the bank etc usually gets some kind of 'banking select' status that ignores all the fees. I haven't paid Chase a fee for anything (other than wire fees) in years...

[NetHorse]

You can thank Obama. Clown doesn't realize that his regulations on big businesses and banks eventually end up costing consumers. Bank of America is one of the largest so obviously these regulations will hit them the most. Every bank will soon follow suit though.

The changes come as banks adjust to new regulations that will limit traditional revenue sources.

Wait till Health insurance companies unload on consumers before regulations on rate hikes take effect. My rates have already been going up every year, reason, "In order for us to comply with new regulations we've had to increase your premiums".

Come 2012 people are going to be absolutely disgusted with the effect this administration has had on middle class Americans. The only people benefiting from this idiot's regulations and policies are impoverished bums that don't contribute anything towards our economy.

[SuckOnThis]

You can thank Obama. Clown doesn't realize that his regulations on big businesses and banks eventually end up costing consumers.

Yea banks don't need any damn regulations, we all know they are fair with everyone and always do the right thing. Keep defending the destruction of the middle class, Jesus will love you more for it.

[JP-pornshooter]

banks have to make profit, its that simple.. just storing your cash is no longer profitable so they have to charge for other stuff.

i was just offered $200 from chase, just for opening an account.. and i hear people are happy with Chase?

[NetHorse]

Yea banks don't need any damn regulations, we all know they are fair with everyone and always do the right thing. Keep defending the destruction of the middle class, Jesus will love you more for it.

Welcome to America son.

Did I say it was fair? The only person hurting the middle class is this current administration.

Big banks and corporations aren't focusing on what's fair, all that matters is their bottom-line. Take away from their bottom-line by forcing regulations and mandates, they will fire people and raise costs to consumers to get it back.

No one said it was fair, that's just how greed in this country works. If you want everyone to be on a level playing field move to Europe.

You can all live on an equal sized flat, drive similar cars, earn a similar amount of money after taxes and have similar opportunities.

America is the land of opportunity, where the 1st generation immigrant living next door can be a millionaire with just an idea. Make all banks and big businesses a government bureaucracy then you aren't going to see venture capitalist, business loans, investors, etc, etc.

Ever wonder why over 86% of millionaires abroad are the product of inheritance? Ever wonder why Facebook, Youtube, Google, Microsoft, Linux, Intel, Twitter, Adobe, Apple, etc, etc were all started HERE by people with little to NO capital at all?

[marzzo]

One of my banks (FirstBank) will start charging $10 / year for their Visa ATM card starting next month.

Not much of a problem really, less than $1 / day.

[Tom_PM]

Right wing talking points are so stupid, made for people to repeat to idiots. There's virtually zero intellectual honesty in any of them.

The lack of regs caused the housing and financial breakdowns, but why introduce a fact from less than 4 years ago, right?

Elect Bush again, he'll be GREEEEEEEEEEEAT this time.

Honest. We promise.

Suckers.

[GregE]

Wait till Health insurance companies unload on consumers before regulations on rate hikes take effect. My rates have already been going up every year, reason, "In order for us to comply with new regulations we've had to increase your premiums".

And if the Supreme Court throws Obama's health care law to the curb (which is a very real possibility), the health insurance companies will, of course, scale back on those recent rate increases, right?

Obama might be a bumbler, but nowadays the insurance companies and big banks are greedier than ever.

[NetHorse]

Right wing talking points are so stupid, made for people to repeat to idiots. There's virtually zero intellectual honesty in any of them.

The lack of regs caused the housing and financial breakdowns, but why introduce a fact from less than 4 years ago, right?

Elect Bush again, he'll be GREEEEEEEEEEEAT this time.

Honest. We promise.

Suckers.

How about you bring up specific policies? Oh that's right, you don't have the slightest grasp of them so you blame bush and cry right wing propaganda.

Zero intellectual honesty? What a joke.

[SuckOnThis]

Welcome to America son.

Did I say it was fair? The only person hurting the middle class is this current administration.

Big banks and corporations aren't focusing on what's fair, all that matters is their bottom-line. Take away from their bottom-line by forcing regulations and mandates, they will fire people and raise costs to consumers to get it back.

No one said it was fair, that's just how greed in this country works. If you want everyone to be on a level playing field move to Europe.

You can all live on an equal sized flat, drive similar cars, earn a similar amount of money after taxes and have similar opportunities.

America is the land of opportunity, where the 1st generation immigrant living next door can be a millionaire with just an idea. Make all banks and big businesses a government bureaucracy then you aren't going to see venture capitalist, business loans, investors, etc, etc.

Ever wonder why over 86% of millionaires abroad are the product of inheritance? Ever wonder why Facebook, Youtube, Google, Microsoft, Linux, Intel, Twitter, Adobe, Apple, etc, etc were all started HERE by people with little to NO capital at all?

Let's talk about these regulations you keep whining about. One of them is they are being forced to stop charging merchants twice as much on swipe fees for debit cards compared to credit cards. BOA said they would lose $2 billion a year because of that, and thats just BOA. Millions of retailers were paying nearly $10 billion a year annually for those bogus fees. Who the hell you think was paying for that?

Another was to make it illegal for banks to charge anywhere from $35 - $50 for by approving debit purchases that would overdraft the account, even if the overdraft was 1 penny.

Poor banks.

[AaronM]

"Chase and Wells Fargo have been testing $3 monthly debit card fees in select markets."

I just closed my Chase accounts but they were set up to waive the monthly service charge if I used my debit card at least 5 times a month. My Wells Fargo accounts waive the monthly fees by setting up a once a month transfer of at least $100.00 to my savings account. BofA not only waives nothing but they fuck me every chance they get. Unfortunately my adult business accounts are with BofA.

None of my accounts currently charge me for debit card use. If/when BofA does this, I will stop all business with them including my merchant accounts. I'm sick of those assholes pulling this shit.

[Bladewire]

This is not good business on the part of Bank of America

10/08 Taxpayers bailed out Bank of America with $15 billion

01/09 Taxpayers bailed out Bank of America with $10 billion

Bank of America uses $5 Billion of taxpayers money to pay Merrill Lynch Bonuses.

08/11 Taxpayers then bailed out Bank of America by them dumping $73 Billion in home loans to Fannie Mae

On a separate note, $5 is nothing really.

[fuzebox]

Will this affect Advantage customers too?

[media]

SUPPORT YOUR LOCAL CREDIT UNION!

[Vendzilla]

Credit unions are fine, unless you like to travel farther than 20 miles. I have a chase account, theres an ATM on damn near every corner

[media]

Credit unions are fine, unless you like to travel farther than 20 miles. I have a chase account, theres an ATM on damn near every corner

Most STARplus ATMs accept credit union Debit Cards.. damn near 100% of credit unions are STARplus.. so it dont matter where you go, you can be on the east or west coast and it will still work..

[OY]

Everyone will start carrying cash again.

Hehe, guess again. In Norway there is a proposal out (from the finance/banks) to start charging a $8 fee when withdrawing cash from ATMs to try to eradicate the use of cash and move it over to debit cards only.

Hello next move by the banks! Full control!

Reasoning they use: Combat crime associated with cash-flow.

[Vendzilla]

Most STARplus ATMs accept credit union Debit Cards.. damn near 100% of credit unions are STARplus.. so it dont matter where you go, you can be on the east or west coast and it will still work..

Using your own banks ATM keeps those annoying little $2 charges at bay

[anexsia]

I can't stand the ways some banks are changing. I have a free checking account at BB&T and they just recently switched over to charging a $10 monthly maintenance fee. I signed up for a FREE checking account so it's annoying for them to switch over like that.

I couldn't stand Bank Of America though...I think my favorite bank by far is TD Bank. They reimburse all ATM fees, open 7 days a week, hours are fantastic, and the customer service is great. Funny thing though was when I opened a checking account with them awhile ago they told me they had no bulletproof glass or anything because they researched that it isn't a deterrent in bank robberies...a few months later that same branch store was robbed lol.

[epitome]

That will end up being the only fee I pay for anything with them. I am not complaining so long as it stops there.

[thickcash_amo]

I hate banks! Dont they seriously take enough of our money????

[SuzzyQ]

i fucking hate BofA. Its difficult as fuck to switch my account so I've been stuck with them and having to drive 45 minutes to my bank BLOWS COCK!

This is a good reason for me to get on the ball and move to someplace else.

Open a bank account an another back, let the balance with BofA go to zero and forget them.

[AaronM]

Will this affect Advantage customers too?

I'm an advantage customer but I will still drop them if they do this whether it affects me or not.

In fact, screw it. I will close my BofA accounts by the end of October. I'm sick of seeing BofA bending people over. In one way or another they have robbed damn near everybody I know.

[KaliC]

Beginning next year, $5 monthly charge for debit use...Way to go...

http://news.yahoo.com/bank-america-c...163545667.html

Gotta keep the filth at the top lined with cash.

Adapt or die. lol

Try these guys
First Entertainment Credit Union.
If you ever got an affiliate check you are more than likely eligible.

Seriously you have to be dumb to use BofA, there is no excuse after they have ripped off millions of people over like 4 decades and it's public knowledge! So why do people still use them? I can only say they have to be seriously stupid as fuck...

You can throw in Well Fargo with this mix, they fucken overcharged on mortgages and pocketed the cash. Lied to people about what they rate would be!

Stop being sheep and use a decent bank, at least chase or credit unions don't flat off steal from their customers. Well not on a grand scale at least.

[DK]

Bank of America(among many others) also takes out life insurance policies on their employees to help pay executive bonuses and pensions when the employee dies and they cash in. Walmart does the same tactics:

http://crooksandliars.com/susie-madr...surance-polici

[GatorB]

You can thank Obama. Clown doesn't realize that his regulations on big businesses and banks eventually end up costing consumers.

Are you that fucking stupid?

Where do I start?

A)Oh yeah the PRESIDENT doesn't make legislation CONGRESS does. Try going back to high school and taking civics class. Bush wanted to privatize Social Security and had a republican controlled Congress. How is that going? Oh wait he was President not king and Congress told to to hold the fuck up THEY make the laws not him and they weren't going to do it.

B) Yeah no regulations on bank is what got us into this housing mess. So if anything it prove regulation are needed. remember the Great Depression. something made worse by no regulations on banks. Ever hear of the Savings and Loan scandal of the 1980's? Another shit pile caused by no regulation.

C) Banks are not raising cost because of regulations. If you removed 100% of regulations BofA would still be doing this. In fact it would probably be charging $20 a month instead without regulations. WHY? Because they are greedy fucks and they can get away with it.

If you think banks would lower fees if they had no regulations then you are so stupid there is not even a scale to measure the infinite degree of retardedness you have.

[GatorB]

SUPPORT YOUR LOCAL CREDIT UNION!

Yeah we have a local credit union. And it's only open to certain people. So how am I supposed to support it when it won't let me in?

[ErectMedia]

http://www.ally.com/bank/online-banking/

[bronco67]

banks have to make profit, its that simple.. just storing your cash is no longer profitable so they have to charge for other stuff.

i was just offered $200 from chase, just for opening an account.. and i hear people are happy with Chase?

I've been using Chase for 15 years, both business and personal -- and have zero complaints.

[Intrinsic]

Just opened a chase checking account, they are giving me a $150 bonus for it so might as well, plus I have a CC with them so linking it all together is a plus, will close BoA when I get everything switched over next week

[acctman]

Neither bank has said when it will make a final decision on whether to make the fee permanent.

yes they have, bank of america will start early 2012, Welles Fargo as early as Oct 14th in some states, etc... wsj.com has an article about it

[baddog]

A nice advantage of a large bank is easy access to your finances from pretty much anywhere in the country.

In the world.