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Bank of America Plans $5/month Fee for Using Debit Cards .

Home ▸ Archive ▸ Serious Business ▸ Bank of America Plans $5/month Fee for Using Debit Cards .
OneBuckeye's avatar

OneBuckeye

Senior Member

5,888 posts
Sep 30, 2011 8:14 AM
Oh and for those that don't read the article. Chase and Wells Fargo aren't far behind...
Sep 30, 2011 8:14am
ts1227's avatar

ts1227

Senior Member

12,319 posts
Sep 30, 2011 8:17 AM
OneBuckeye;916772 wrote:Oh and for those that don't read the article. Chase and Wells Fargo aren't far behind...

I have Chase, and will move to Huntington if it happens. Huntington seems to be reeling in customers by holding off on this stuff (see them reintroducing a completely free account earlier this year).
Sep 30, 2011 8:17am
justincredible's avatar

justincredible

Nick Mangold

32,056 posts
Sep 30, 2011 8:22 AM
Absurd. I hope they lose every customer.
Sep 30, 2011 8:22am
THE4RINGZ's avatar

THE4RINGZ

R.I.P Thread Bomber

16,816 posts
Sep 30, 2011 8:23 AM
justincredible;916784 wrote:Absurd. I hope they lose every customer.



+1
Sep 30, 2011 8:23am
W

WebFire

Go Bucks!

14,779 posts
Sep 30, 2011 8:31 AM
ts1227;916775 wrote:I have Chase, and will move to Huntington if it happens. Huntington seems to be reeling in customers by holding off on this stuff (see them reintroducing a completely free account earlier this year).
Yep, reel them in and then start charging. ;)
Sep 30, 2011 8:31am
M

Manhattan Buckeye

Senior Member

7,566 posts
Sep 30, 2011 8:41 AM
Not to take this to the politics forum, but this is fallout from the Dodd-Frank provision that capped bank fees on merchants for debt card transactions. That was a colossal form of revenue so instead of collecting from the merchants these cash-strapped banks now are aiming directly at the consumer. I can imagine cardholders being angry.
Sep 30, 2011 8:41am
gorocks99's avatar

gorocks99

Senior Member

10,760 posts
Sep 30, 2011 8:43 AM
Joke's on them, I'll just pay in cash or CC :)
Sep 30, 2011 8:43am
OneBuckeye's avatar

OneBuckeye

Senior Member

5,888 posts
Sep 30, 2011 8:44 AM
If they charge me I will make make as many small purchases with my debit card as possbile. Hooray for .50 mcdonalds cones.
Sep 30, 2011 8:44am
I

I Wear Pants

Senior Member

16,223 posts
Sep 30, 2011 8:51 AM
Manhattan Buckeye;916803 wrote:Not to take this to the politics forum, but this is fallout from the Dodd-Frank provision that capped bank fees on merchants for debt card transactions. That was a colossal form of revenue so instead of collecting from the merchants these cash-strapped banks now are aiming directly at the consumer. I can imagine cardholders being angry.
Oh no, the poor cash-strapped banks!
Sep 30, 2011 8:51am
M

MontyBrunswick

Sep 30, 2011 9:03 AM
I use a Credit Union.
Sep 30, 2011 9:03am
Pick6's avatar

Pick6

A USA American

14,946 posts
Sep 30, 2011 9:13 AM
Glad I have Huntington. Stupid move.
Sep 30, 2011 9:13am
M

Manhattan Buckeye

Senior Member

7,566 posts
Sep 30, 2011 9:19 AM
I Wear Pants;916818 wrote:Oh no, the poor cash-strapped banks!
If it makes you feel better they are all too big to fail. Assuming you can read a balance sheet I'll be happy to post their quarterly results and cash position. These banks are in big trouble. They haven't recovered from the '07 credit crunch and '08 crash and they are sucking wind.

This whole thing about the economy being in terrible shape isn't a figment of imagination. There are actually real numbers behind the mess. Some fortune 100 companies are doing well be slimming down and selling off inventory - banks aren't among this group. The entire industry is a disaster, having record low interest rates isn't helping their bottom line.
Sep 30, 2011 9:19am
T

thavoice

Senior Member

14,376 posts
Sep 30, 2011 9:20 AM
but if you only use it to take out cash then they wont charge you!

How nice of them.


I would bolt if I was a customer. The use of debit cards has replaced checks for most people. Banks want to talk about the costs and what another poster said on on here, but what about the savings they should be seeing from the less checks they have to handle, process, scan, etc?
Sep 30, 2011 9:20am
Scarlet_Buckeye's avatar

Scarlet_Buckeye

Senior Member

5,264 posts
Sep 30, 2011 9:21 AM
If Charter One ever starts this kind of crap, I'm out.
Sep 30, 2011 9:21am
N

Nate

Formerly Known As Keebler

3,949 posts
Sep 30, 2011 9:40 AM
Also, this is great news for the business I work for!
Sep 30, 2011 9:40am
Iliketurtles's avatar

Iliketurtles

Senior Member

8,191 posts
Sep 30, 2011 9:44 AM
Yeah the WSJ link worked for me as well.

As for them doing this Im not surprised I'm actually surprised this hasn't already happened.
Sep 30, 2011 9:44am
N

Nate

Formerly Known As Keebler

3,949 posts
Sep 30, 2011 9:49 AM
We got an article at work the other day that stated that CitiBank I believe it was is going to start charging people $20/mo if they don't hold more than $1,500 in their account & if they don't have a checking account w/ direct deposit.
Sep 30, 2011 9:49am
Commander of Awesome's avatar

Commander of Awesome

Senior Pwner

23,151 posts
Sep 30, 2011 9:57 AM
justincredible;916784 wrote:Absurd. I hope they lose every customer.
I know my coworker is already switching banks because of this. I think he's switching to navy credit union.
Sep 30, 2011 9:57am
justincredible's avatar

justincredible

Nick Mangold

32,056 posts
Sep 30, 2011 9:58 AM
Commander of Awesome;916900 wrote:I know my coworker is already switching banks because of this. I think he's switching to navy credit union.
Good. I would've switched the day they announced this bullshit.
Sep 30, 2011 9:58am
T

thavoice

Senior Member

14,376 posts
Sep 30, 2011 10:08 AM
Ive been with a local bank since 1991 and I like it. Sometimes they are slower on the technology and such but for the most part they dont have alot of this BS.

I think all I need is 100 in the bank to get free checking and savings.

Chase wanted alot more when I opened an acct there, but since my mortgage is there that was sufficient enough to get free accounts.
Sep 30, 2011 10:08am
Q

QuakerOats

Senior Member

8,740 posts
Sep 30, 2011 10:15 AM
You can thank Barney Frank and Chris Dodd, liberal hacks and sponsors of the Dodd-Frank financial 'reform' (NOT) bill. This is just another piece of massive and wreckless regulation that does nothing to address too-big-to-fail, but burdens all banks, including community banks, and will lead to all types of other fee enhancements in order for the banks to survive. Once again, liberalism generates the exact opposite of its stated intent.

Change we can believe in ........
Sep 30, 2011 10:15am
ts1227's avatar

ts1227

Senior Member

12,319 posts
Sep 30, 2011 10:24 AM
^^ this fucking guy...
Sep 30, 2011 10:24am