Home › Forums › Open Discussion › BofA $5 debit card monthly fee…lol
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September 30, 2011 at 9:25 pm #600742
JiggersMemberI’m sure you guys already know about this. I quit them two and half years ago over customer service. What amazes me is how stupid people are to stay with them. BofA isn’t going to worry about losing a few dozen customers.. See the light.
http://seattletimes.nwsource.com/html/businesstechnology/2016361777_debitfee30.html
September 30, 2011 at 9:32 pm #735665
GoGoParticipantThis “stupid” person is now kicking them to the curb. I stayed because it was easier to pay my rent (transfer from one acct to another) but I’ve moved and now don’t need that.
They are going to charge the little guy to use their debit cards, but not the wealthier customers. They can kiss my you-know-what!!!
September 30, 2011 at 9:50 pm #735666
SmittyParticipantThey will all soon follow suit thanks to Dodd-Frank-Durbin…..
September 30, 2011 at 10:05 pm #735667
hammerheadParticipantyeah wells fargo is doing $3.00 per card that is $15.00 a month. while a write off, still pisses me off. Might have to go back to carrying cash.
I just can not use credit unions type banks.
September 30, 2011 at 10:12 pm #735668
BostonmanMemberSmitty is correct. Its the Dodd – Frank act at work. What’s ammusing is there was a senator from Illinois I think complaining that Bank of America did this. Who for a second thought they wouldn’t? It goes back to the old thought that if you force a company to lose revenue one place either subsidy or restricting revenue they will make it up someplace else.
They should have just stayed the hell out of the banks business and let them charge the fees they did and people could choose to bank with them or not. I bet BofA nets to the same revenues.
If you want to avoid the fee then open a Merril Lynch account with them to invest a little money then you don’t pay the fee.
September 30, 2011 at 10:15 pm #735669
JiggersMemberIt must have been Countrywides fault…
September 30, 2011 at 10:18 pm #735670
shihtzuParticipantI’ve heard a few people say they can’t use credit unions. Why not?
September 30, 2011 at 10:37 pm #735671
nighthawkParticipantThey upped the price to at the ATM for people who aren’t members of the bank. We were at the farmers market and went to use the BOA machine because it’s convenient and they are now charging $4 for non member cards. Yikes.
September 30, 2011 at 10:39 pm #735672
KlauseMemberI bet the CEO’s Annual bonus goes up too along with all of the other Executives at BOA. It’s amazing how all the BIG Businesses in the U.S. cry about how the Economy is hurting them and more fees or cuts are necessary, yet at the same time CEO bonuses and Executive bonuses are at an outrageous amount and they get rewarded for these clever ideas. Gee, I guess they wouldn’t need the fees if all the Executives just took large pay cuts and did without multi-million dollar bonuses.
September 30, 2011 at 10:47 pm #735673
BostonmanMemberIf they took large pay cuts and forfeited the bonuses they wouldn’t want to do the jobs. Not only that but you wouldn’t be able to find qualified people to do it. Believe it or not the oversight and banking regulations have made being a CEO in that market very risky. You risk being sued or going to jail if you screw things up.
September 30, 2011 at 11:08 pm #735674
KlauseMemberReally Bostonman?? The risk isn’t that great. These Fat Cat CEO’s jump from Corporation to Corporation just long enough to collect their huge multi-million dollar packages. Just check out the artical about Ford and it’s CEO, ex-Boeing executive Alan Mulally:
http://seattletimes.nwsource.com/html/businesstechnology/2016338711_apusautoscontracttalksford.html
The man makes $1.4 million a year in salary and received a $26.4 mil package and won’t give raises to the workers….I mean how much do these guys really need to make or is it that we just pay the ridiculous fees and sticker prices for items that allow these companies to reap astronomical profits? If companies can hand out such large amounts of money to Executives, isn’t that saying that we are all paying way too much for whatever they are selling/providing us?
September 30, 2011 at 11:13 pm #735675
JiggersMemberhere we go,…
September 30, 2011 at 11:13 pm #735676
KlauseMemberBostonman: When was the last time that any CEO went to jail or got sued for screwing something up? They actually get a Golden Parachute for leaving quietly. If your statement were true about bank CEO’s then why haven’t we seen any of them go to jail for screwing up the housing/mortgage market disaster??? The WAMU executives were left off the hook as were most if not all the New York/Wall street bankers and brokers. So really, how much risk is there? Collect millions or even billions of dollars and suffer through some PR media outfall and then move on to the next company to collect more bonuses…seems a little price to pay.
September 30, 2011 at 11:35 pm #735677
BostonmanMemberWhat happened with Enron? Those guys certainly didn’t get a golden parachute. I am a CFO and me and my CEO both have to sign documents for each audit regarding the accuracy of the financial statements. Guess who gets the blame if something happens, guess what that does to my ability to get another job as a CFO.
Its certainly not worth $80k a year to me to assume that risk. So, unless you can do the job you shouldn’t make assumptions of what the job is worth. I bear the risk with my company so I should reap the rewards.
September 30, 2011 at 11:40 pm #735678
SmittyParticipant“When was the last time that any CEO went to jail or got sued for screwing something up? They actually get a Golden Parachute for leaving quietly. If your statement were true about bank CEO’s then why haven’t we seen any of them go to jail for screwing up the housing/mortgage market disaster???”
Oh no, another Michael Moron parrot. Why not head to Wall Street for the little sleep in?
Congress created the mortgage mess by forcing banks to lend to those not credit worthy.
October 1, 2011 at 12:00 am #735679
JanSParticipantBostonman, B of A is losing revenue? Show me where they’re operating in the red…oh, please…
October 1, 2011 at 12:05 am #735680
BostonmanMemberI didn’t say they were making a profit. Who said that? I mentioned revenues, not net income. BofA has been selling some of its assets to raise the capital it needs to try and rebuild the base. The stock is dirt cheap right now and I bought a bunch the other day. We will see if it pays off in a year or so.
Anyways, I am out for the weekend to go camping. Hope you all have a fabulous weekend.
October 1, 2011 at 12:59 am #735681
JoBParticipantBostonman…
can you explain to me why a company that charges anyone who uses their cash machines a fee
and charges all vendors who accept their debit cards a fee
needs to charge another fee to it’s customers for the convenience of carrying their debit card?
you blame that on the Dodd – Frank act?
Fees like these were the reason for the Dodd – Frank act…
which btw obviously didn’t cover enough
October 1, 2011 at 1:27 am #735682
rwParticipantI generally don’t like to jump into political or pseudo-political discussions, but can’t help myself with this one.
The reason increased regulations on businesses such as banking are passed is because these businesses are abusing consumers. Of course these businesses can find other ways to abuse consumers, but it is absurd to blame the regulation for the “creativity” of a company such as BoA in finding new ways to ensure that they get their profits — without reforming to become truly efficient, cost effective, and pro-consumer. There are banks vying for our business with cost-effective and pro-consumer services. No matter how much legislators try to level the playing field on behalf of consumers, the only clout we really have is by being more aggressive shoppers for services such as banking.
October 1, 2011 at 1:28 am #735683
elikapekaParticipantThe cut in swipe fees was going to cost BOA about 2 billion annually in fees. The new debit card fees will net them about 3 billion. And it’s not like they were losing money to begin with. So now they’re trying to blame the government for taking in an additional billion dollars a year by charging people to use their own money. So no, I don’t blame Dodd-Frank. I blame Bank of America. The greed just never stops. Screw ’em.
Join a credit union. I’ve seen a couple of mentions that people can’t – then at least move your accounts to a local bank and just pay cash.
October 1, 2011 at 2:18 am #735684
kootchmanMemberBostonman.. I DO know a CEO, and CFO who got millions in parachute money…. after cooking the books so smoking hot… I believe the name of that CEO was Franklin Raines… but be proud..he is one of us… a Seattlite..bout’ time a N’wester got a little scandal face… Texas, NY, and LA sure have been monopolizing the trough.
I don’t like the fee… but if i stuff a couple hundred in the old front pocket on Monday..damn if hasn’t disappeared by mid-week…. for all of you that can hold on to cash… my admiration goes out to you. I swipe for self preservation.. I will eat the $5…… they will scramble to dump those fees in lieu of having the expense of processing checks
October 1, 2011 at 7:50 am #735685
JanSParticipantyep, dusting off the ol’ checkbook until Umpqua Bank opens (they’re across the street from me – lol)
October 1, 2011 at 10:13 am #735686
SonomaParticipantBOA constrictor tightens its ugly grip.
October 1, 2011 at 3:33 pm #735687
JoBParticipantThere are alternatives
they are called local banks and credit unions
i don’t know about the local banks
but a lot of credit unions have something they call shared access
that means you can access your money just about anywhere
i accessed my Oregon credit union at a teacher’s credit union in Minnesota for 3+ years before moving back here where they have a local office :)
October 1, 2011 at 4:17 pm #735688
redblackParticipantsmitty:
Oh no, another Michael Moron parrot. Why not head to Wall Street for the little sleep in?
what, are you going for the mr. citizenship 2011 award?
Congress created the mortgage mess by forcing banks to lend to those not credit worthy.
oh. i see you’re going for comedian of the year.
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