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Bank Of America Drops $5 Debit Card Fee

Tyler Durden's picture


As expected, following the complete failure of banks to institute an extortion cartel on debit account fees after two already defected, it was only a matter of time before Bank of America withdrew as well. Sure enough:

  • BofA Drops Plan for $5 Debit Fee, Spokesman Says

Now, while this is great news for whatever deposits BAC has left (substantially lower than what it had at September 30, that's for sure), it doesn't answer the question - just how will the bank make money?


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Tue, 11/01/2011 - 11:39 | 1832504 Fips_OnTheSpot
Fips_OnTheSpot's picture

Look! A unicorn!

Tue, 11/01/2011 - 11:43 | 1832531 SilverRhino
SilverRhino's picture

Too little too late.  

Burn in hell BoA (damn, that sounds like a scorned woman, lol)

Tue, 11/01/2011 - 11:48 | 1832577 Saxxon
Saxxon's picture

Ratfucking lamprey banks trying to kiss up to the public, all the while installing 1.5" thick bulletproof glass teller windows ALL ACROSS THE U.S.A. in the most benign bedroom neighborhoods.

They know they are held in UTMOST CONTEMPT by their American HOSTS.

Tue, 11/01/2011 - 11:50 | 1832595 Cdad
Cdad's picture

Seriously now...just when are they finally going to nail plywood over the doors of EVERY Blight on America bank door?  What are folks waiting for?  Who would own these crap shares?

Only questions on BAC...

Tue, 11/01/2011 - 11:55 | 1832608 dwdollar
dwdollar's picture

"Who would own these crap shares?"

Washed-up billionaires...

Tue, 11/01/2011 - 12:10 | 1832697 Pladizow
Pladizow's picture

As a BOA account holder, in the past month I have recieved a tremendous amout of marketing (Via, mail, email and even direct telemerketing) saying all they can to maintain the account.

Tue, 11/01/2011 - 13:03 | 1832891 jayman21
jayman21's picture

Please wake up and jump before you are boiled.

Tue, 11/01/2011 - 12:10 | 1832698 macholatte
macholatte's picture



Message from Bank of America

Wed, 11/02/2011 - 06:26 | 1836001 Hephasteus
Hephasteus's picture

Bulletproof glass is not bullet proof it's bullet resistant. Just shoot it 5 times in the same place. Or use a flamethrower on it.

Tue, 11/01/2011 - 11:59 | 1832583 Max Hunter
Max Hunter's picture

It is quite apparent that Banks are making money through credit card purchases.. Just watch 1 hour of TV and you will see the push by every bank to get their plastic cards used for getting the fee from merchants.. I'm sure the interest charges are great too, for those that do not pay the cards off monthly like the smart ones do..

Tue, 11/01/2011 - 12:01 | 1832647 Imminent Crucible
Imminent Crucible's picture

To make money on credit card accounts, they have to get people to actually make the payments on their BAC card accounts. I have a feeling that credit card delinquencies are more than erasing the interest earnings from the few poor chumps that are carrying balances and making payments.

When BAC announced the $5 debit card fee, I went down to my branch and closed a business account I no longer used. They asked me why I was closing the account. "Fees are getting too high".

They handed me my $3,400 in twenties, a huge envelope. I thought they were doing it just to be snarky, but then I reflected: the people who came in before me to close their accounts today took all the $50s and $100s.

These dinosaurs are on their last legs.

Tue, 11/01/2011 - 12:09 | 1832690 Max Hunter
Max Hunter's picture

I cashed a US treasury check for over 5g's a couple years ago.. I thought I was being investigated for a murder when I asked for the money and indicated I would not be depositing any of it in my account..

Tue, 11/01/2011 - 12:15 | 1832724 pods
pods's picture

They try to give you the run around cause they dont want you to know they only have like 10k at the bank tops.  People would shit if they realized how little cash is actually out there.



Tue, 11/01/2011 - 12:30 | 1832778 Max Hunter
Max Hunter's picture

yeah.. they practically admitted to as much.. They were actually quite intrusive when asking about my intent with the cash.. I told them I was diversifying out of electronic digits.. true story..

Tue, 11/01/2011 - 17:10 | 1834305 francis_the_won...
francis_the_wonder_hamster's picture

I forget the exact number, but my experience is that banks require you to call ahead of time for "larger" cash transactions.  I'm thinking the number is around $5k.  Of course, anything over $9900 immediately triggers anti-money laundering paperwork and the red flag brigade comes marching in.

I find the electronic digits to be usefull for me still, but instead of playing with the TBTF banks, I use Schwab's brokerage checking features.  I've had no issues and have been reimbursed for any ATM fees.  Can anyone think of a single reason (other than the collapse of the currency) why this type of account would be at risk?

Tue, 11/01/2011 - 12:18 | 1832731 dwdollar
dwdollar's picture

I shit you not this is a true story. Several years ago I used Chase right after they bought out my old bank. I was standing in the teller line and the person in front of me finishing up his business turned around and said "the best part of our bank is this" and he grabbed a sucker from the candy bowl and unwrapped it. Do not underestimate the level of ignorance and retardation of those who use these TBTF banks.

Tue, 11/01/2011 - 13:05 | 1832902 jayman21
jayman21's picture

1 Hour of TV and I usually see some nice sounding music and a BofA or Chase commericial.  Where do they get this money to advertise?  Oh, deposits.  Sorry, still drunk from pass this bill.

Tue, 11/01/2011 - 11:46 | 1832532 Harlequin001
Harlequin001's picture

'just how will the bank make money?' - Same as MF Global, they take it out of your account by 'accident' and if you notice they give it back, if you don't, ain't no one going to jail...

If the bank doesn't steal it to boost its profits then the .Govt has to sell new bonds to recapitalise it.

Now where's that Regulator again...

Tue, 11/01/2011 - 12:26 | 1832762 Shvanztanz
Shvanztanz's picture

"Why should you go to jail for a crime that someone else noticed? Bob Lablaw Law Offices are here to assist you. Check us out on our Bob Lablaw Law Blog."

Tue, 11/01/2011 - 13:04 | 1832896 Ted K
Ted K's picture

'just how will the bank make money?"---Answer: go back to honest commercial banking and giving people services they actually need.  Oh wait, then they can't screw the American taxpayers through racketeering too systemically threatening to fail threat and pretend they are "masters of the universe" while adding nothing substantive to the world and running away with bonuses.  

What a dumb idea I just had there.... ok, continue fucking people up the ass from here to eternity and then letting Tyler Durden lapdogs blame the SEC and CFTC for it, that's been working real well the last 10 years.

Tue, 11/01/2011 - 13:07 | 1832906 jayman21
jayman21's picture

I get that mixed up too.  Community Bank, Credit Union vs. TBTF, it is so confusing.

Tue, 11/01/2011 - 11:43 | 1832535 The Big Ching-aso
The Big Ching-aso's picture

That's not a unicorn.   It's a monkey flying out of someone's ass.    Much more credible.

Tue, 11/01/2011 - 11:59 | 1832641 Nascent_Variable
Nascent_Variable's picture

Next, BAC is going to spin off its debit card business into a new entity called Qwikster and send a condescending email to its customers to tell them about it.

Tue, 11/01/2011 - 12:58 | 1832877 Chrome Child
Chrome Child's picture

Holy shit - I just laughed so hard I spit my food out!

Tue, 11/01/2011 - 13:17 | 1832935 krispkritter
Tue, 11/01/2011 - 12:30 | 1832776 Don Birnam
Don Birnam's picture

An elderly gent in Tinytown, U.S.A., moves his three-figure checking account from a Bank of America branch in town, to the local County Credit Union...while across the continent, the parent company, a $65 billion-dollar collossus in Charlotte, North Carolina, turns tail-between-legs and recinds a $5 monthly debit card fee.

The Netflix Effect.


Tue, 11/01/2011 - 11:39 | 1832505 Irish66
Irish66's picture


Tue, 11/01/2011 - 11:40 | 1832506 GeneMarchbanks
GeneMarchbanks's picture

Won't save you BAC.

'- just how will the bank make money?'

Those days are over.

Tue, 11/01/2011 - 11:55 | 1832615 James-Morrison
James-Morrison's picture

BAC will make money with new Account Cancellation Fees...

Tue, 11/01/2011 - 11:58 | 1832630 myshadow
myshadow's picture

The 5 bucks were just a trial balloon.  The mass defections were people who READ the fliers that came 6 weeks ago telling depositors about fees.  They plan to nickel and dime the remaining idiots for revenue.I ended a 31 year relationship and went to BECU.

The move has made me over $1000. just in fees I won't be assessed, and that isn't counting the ATM charges.  It is fees to be assessed or about to be, on checking and credit card accounts.


fuck them in the rear view mirror.


Tue, 11/01/2011 - 12:17 | 1832633 myshadow
myshadow's picture

The 5 bucks were just a trial balloon. 

This move it to appear they are 'listening' to 'consumers.

Once people moved their funds they aren't coming back for '5 bucks'.


Tue, 11/01/2011 - 12:25 | 1832761 junkyardjack
junkyardjack's picture

'- just how will the bank make money?'

I guess it depends on who they are making money for, there are probably plenty of golden parachutes still around.  I wonder what their bonus pool is looking like, can't lose the guys that bankrupted the joint right?

Tue, 11/01/2011 - 11:39 | 1832507 HD
HD's picture

We're saved!! Risk on!

Tue, 11/01/2011 - 11:43 | 1832536 LookingWithAmazement
LookingWithAmazement's picture

Indeed, no crisis.

Tue, 11/01/2011 - 12:08 | 1832680 fuu
Tue, 11/01/2011 - 11:39 | 1832508 CPL
CPL's picture

That's awfully white of them isn't it?

Tue, 11/01/2011 - 11:49 | 1832585 Clueless Economist
Clueless Economist's picture

you are a racist Che

Wed, 11/02/2011 - 06:27 | 1836002 Hephasteus
Hephasteus's picture

You are a loon.

Tue, 11/01/2011 - 11:40 | 1832512 SheepDog-One
SheepDog-One's picture

'Just how will the bank make money'?

World War profiteering coming soon.

Tue, 11/01/2011 - 11:47 | 1832564 HelluvaEngineer
HelluvaEngineer's picture

Exactly.  BAC will be given Poland.

Tue, 11/01/2011 - 11:57 | 1832629 Mike2756
Mike2756's picture

That's Russia, amurika be broke.

Tue, 11/01/2011 - 12:14 | 1832721 Magnix
Magnix's picture

The USA do not have the money to invade middle east, "The Great Event"...Its not gonna happen.

Tue, 11/01/2011 - 14:47 | 1833504 Christophe2
Christophe2's picture

The USA (or banksters behind it all) can't afford NOT to have a war, and besides they have been planning it for centuries (ex: free mason Albert Pike and his plan for 3 world wars).

Tue, 11/01/2011 - 12:36 | 1832804 goldfish1
goldfish1's picture

sorcha faal has credibility?

Tue, 11/01/2011 - 11:56 | 1832620 SheepDog-One
SheepDog-One's picture

Theyre getting ready for the big one, Iran, plus Russia and China enter into that.

Tue, 11/01/2011 - 12:02 | 1832650 cbxer55
cbxer55's picture

That would be the war to end all wars, right.

Just where is the Antichrist when you need him?

Tue, 11/01/2011 - 12:24 | 1832755 fuu
fuu's picture

See Lloyd.

Tue, 11/01/2011 - 11:58 | 1832628 Smiddywesson
Smiddywesson's picture

"Just how will the bank make money?"

It won't, and it's all Reggie's fault and those rabble rousers on Zero Hedge.  Damn them, they're nothing, well, rabble!

SD1 is right, the only way out for them is war (again).

Tue, 11/01/2011 - 12:02 | 1832646 SheepDog-One
Tue, 11/01/2011 - 11:40 | 1832513 JW n FL
JW n FL's picture

Uploaded by on Oct 29, 2011

TheRealNews--Oct 29, 2011--Bill Black: BAC, has directed troubled financial derivatives from its Merrill Lynch subsidiary to federally insured bank Bank of America making private debt public.

Uploaded by on Nov 1, 2011

This week Max Keiser and co-host, Stacy Herbert, look at bank stocks ablaze and a Grecian vortex. They also discuss speculators responding to falling prices by smashing showrooms in Shanghai and holding Congress hostage in America. In the second half of the show, Max Keiser interviews Leah McGrath Goodman about Occupy Wall Street, the Koch Brothers and oil derivatives and the new market in water derivatives.

Tue, 11/01/2011 - 11:46 | 1832552 JW n FL
JW n FL's picture


Equity Regulatory Alert #2007 - 86 SEC Eliminates Regulation SHO ... - Similar You +1'd this publicly. Undo

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  • Tue, 11/01/2011 - 11:49 | 1832586 JW n FL
    JW n FL's picture



    ***** "In a recent special issue of Advanced Trading, the 2011 Quant Gold Book, our editors profile four traders who are leading their firms in the high-speed race. In getting to know these quant traders, we found out a few things about them that surprised us. First, despite the general fear of volatility characterizing the environment, they actually love it. And second, the idea that the buy side shies away from building its own technology is bunk; buy-side firms do indeed build their own tools. In fact, one Gold Book honoree has homemade trading, execution and TCA tools and even handcrafts her own algos. The idea of using a third-party formula never even occurs to her, she says.

    Also in that same issue, editor-at-large Ivy Schmerken takes us on a tour of brokerage firm ITG's New York trading floor and provides an inside look at JP Morgan's newly renovated electronic trading services. In addition, associate editor Justin Grant delves into hedge funds' bleak outlook, and in further quant news, I speak with a noted London quant professor who says today's risk programs all have a fundamental flaw that traders are happy to exploit.

    Maybe the protesters have a point." *****

    Looks like Tylers message of 3 - 4 years is now going mainstream! Rut Roe! Reorge!!

    Tue, 11/01/2011 - 11:45 | 1832516 hedgeless_horseman
    hedgeless_horseman's picture


  will the bank make money?

    Buy making change, of course.

    Tue, 11/01/2011 - 11:43 | 1832517 Dr. Engali
    Dr. Engali's picture

    It will follow MF global's lead and steal it. It's legal to do that now. As long as you are politically connected.

    Tue, 11/01/2011 - 11:41 | 1832519 traditionalfunds
    traditionalfunds's picture

    Don't worry BAC longs, they'll recoup the planned income from the loss of the debit fee with less transparent nickel & diming.

    Tue, 11/01/2011 - 11:41 | 1832520 Ralph Spoilsport
    Ralph Spoilsport's picture

    Just how will the bank make money?

    Making money isn't the plan really. Trashing the USD and confiscating our savings and assetts is the long-term plan.

    Tue, 11/01/2011 - 11:44 | 1832542 Spastica Rex
    Spastica Rex's picture

    The grift is never about the game the mark get's to play.

    Tue, 11/01/2011 - 13:52 | 1833148 kito
    kito's picture

    how are those postal layoffs coming spastica?

    Tue, 11/01/2011 - 17:17 | 1834340 Spastica Rex
    Spastica Rex's picture

    Did they cancel them? I missed the memo again.

    Tue, 11/01/2011 - 12:27 | 1832769 SheepDog-One
    SheepDog-One's picture

    Anyone still left in BAC accounts deserves it.

    Wed, 11/02/2011 - 06:30 | 1836004 Hephasteus
    Hephasteus's picture

    The system shares a few scraps of the joys of complexity with a few. To use them as cannon fodder. They are so hopelessly enamored by the system they will fight to protect it.

    Tue, 11/01/2011 - 11:41 | 1832523 The Big Ching-aso
    The Big Ching-aso's picture

    How will the banks make money?

    Easy.    A quick call to Uncle Ben.   Instant Money.


    Tue, 11/01/2011 - 11:54 | 1832609 HD
    HD's picture

    I called him too. All I got was some instant rice.

    Tue, 11/01/2011 - 13:11 | 1832917 Chrome Child
    Chrome Child's picture


    Tue, 11/01/2011 - 11:42 | 1832524 radarsentinel
    radarsentinel's picture

    Thanks to the Netflix model of doing business we can extrapolate they were losing a ton of customers.I'm sure Bove will be on shortly to tell us how bullish this really is.

    Tue, 11/01/2011 - 11:42 | 1832525 ArkansasAngie
    ArkansasAngie's picture

    Dang ... you guys can't  take a joke

    We was kidding.

    Tue, 11/01/2011 - 11:42 | 1832528 ABG LINE
    ABG LINE's picture


    Tue, 11/01/2011 - 11:43 | 1832534 Comay Mierda
    Comay Mierda's picture

    its too late to apologize... its tooo laaaaaaaaaaaaate

    Tue, 11/01/2011 - 11:44 | 1832541 The Big Ching-aso
    The Big Ching-aso's picture

    Bank of Apology?

    Tue, 11/01/2011 - 11:43 | 1832537 Spastica Rex
    Spastica Rex's picture

    No need for National Bank Transfer day anymore. BAC saved!

    Tue, 11/01/2011 - 11:44 | 1832544 Gene Parmesan
    Gene Parmesan's picture

    F BOA

    Tue, 11/01/2011 - 11:47 | 1832566 haskelslocal
    haskelslocal's picture

    Feather Boa?

    Tue, 11/01/2011 - 11:44 | 1832547 franzpick
    franzpick's picture

    Bad karma around the $5 fee; it's where their stock is headed next, and below which it will remain.

    Tue, 11/01/2011 - 11:44 | 1832548 Ruffcut
    Ruffcut's picture

    If they give me a nice toaster, 100 bucks, and a super coffee machine, I'll open an account. 

    Tue, 11/01/2011 - 11:47 | 1832568 thechainrule
    thechainrule's picture

    margaritaville for a merrill lynch brokerage? 

    Tue, 11/01/2011 - 11:48 | 1832571 The Big Ching-aso
    The Big Ching-aso's picture

    Ya sounds good.   But you won't be able to close it without early termination penalties like a 30-06 in the brain pan.

    Tue, 11/01/2011 - 11:46 | 1832555 treemagnet
    treemagnet's picture

    BAC ain't a bank....its a prop desk with a retail division catering to customers they can fuck over with no fear of reprisal.

    Tue, 11/01/2011 - 11:46 | 1832559 haskelslocal
    haskelslocal's picture

    We shouldn't care if it makes money. It will not make money. Credit is rolled up and reality trumps shadow banking. Prop up TBTF all you want... The scam humpties will still have a great fall receeding to the mean....

    Tue, 11/01/2011 - 11:56 | 1832567 I am a Man I am...
    I am a Man I am Forty's picture

    sounded like such a great fucking idea in the conference room, didn't it boys?

    Tue, 11/01/2011 - 11:47 | 1832569 curbyourrisk
    curbyourrisk's picture

    Fuck them anyway.  Keep the money walking.  Move to CREDIT UNIONS......

    Tue, 11/01/2011 - 12:34 | 1832797 Magnix
    Magnix's picture

    Create your own bank up in the attic, under the ground, behind the wall, etc. and , stock up gold/silver!

    Tue, 11/01/2011 - 11:48 | 1832570 SecondComing
    SecondComing's picture

    BoA, realizing it has over-penetrated, practices withdrawal.

    Tue, 11/01/2011 - 11:48 | 1832572 SunBlaster
    SunBlaster's picture

    It should start trading features! I heard there is space avaliable.

    Tue, 11/01/2011 - 11:48 | 1832574 Shizzmoney
    Shizzmoney's picture

    This was 1 month too late- the proposed "Bank Transfer Day" is still going to happen, and even them taking-away-the-fee-they-were-going-to-charge-if-it-wasn't-for-a-potential-BAC-bank-run won't stop people going on tilt and mucking their accounts. 

    I did yesterday, it felt awesome. 

    They'll still try to nickle-and-dime customers.  A monthly fee for checking, usually around $10-$12, went up to $15 without anybody telling me.

    Tue, 11/01/2011 - 11:49 | 1832575 TheLooza
    TheLooza's picture

    well, if BOA is following the Netflix model closely, next up should be an abortive attempt to separate into two companies their in person bank teller business from their ATM machine business.  You will need different ids and separately funded accounts to withdraw from one or the other.  The future bitchez!

    Tue, 11/01/2011 - 11:49 | 1832584 Vincent Vega
    Vincent Vega's picture

    Awaiting headline that says: BofA drops $5.00

    Tue, 11/01/2011 - 11:50 | 1832589 azzhatter
    azzhatter's picture

    Oh good, I'll be down to open an account this afternoon- fucking shithead bank

    Tue, 11/01/2011 - 11:50 | 1832593 slewie the pi-rat
    slewie the pi-rat's picture

    L0L!!! no soup for BAC!!!

    they make money 2 old-fashioned wayz
    1: they get it from warren B
    2: they STEAL it

    Tue, 11/01/2011 - 11:50 | 1832594 Bunga Bunga
    Bunga Bunga's picture

    "businesses any idiot could run"

    ~Warren Buffet

    Tue, 11/01/2011 - 11:51 | 1832596 lolmao500
    lolmao500's picture

    They'll ask for a government bailout of course.

    Tue, 11/01/2011 - 11:51 | 1832597 WineSorbet
    WineSorbet's picture

    Now how are all their employees going to buy their $5 footlongs at Subway????

    Tue, 11/01/2011 - 11:51 | 1832598 0cz
    0cz's picture

    Good News:  Referendum increasingly unlikely in Greece
    Bad News:  Because the Greek government could collapse as early as tonight

    -CNBC about 30 seconds ago

    Wait.... are they attempting to hedge their rumors now? 

    Tue, 11/01/2011 - 12:01 | 1832648 earleflorida
    earleflorida's picture

    really great source


    Tue, 11/01/2011 - 11:54 | 1832604 Saxxon
    Saxxon's picture

    The motherfuckers scalp every tiny fee they can, then keep you on the phone with their Filipina doormat apologist for 45 minutes while she says, "I'm Soooo soooorrrrry" nine times and still doesn't reverse their asinine charges.

    Ratfucking vermin; but their shit is getting shown to the light and right soon.

    Tue, 11/01/2011 - 11:53 | 1832605 BillyBoy22
    BillyBoy22's picture

    Hey, naive and weak guy here.  My wife vetoed getting out of BoA because it would mess up her automatic bill payments/would be a hassle etc.


    Whats the worst that could happen to BoA depositors?

    Tue, 11/01/2011 - 12:22 | 1832627 tickhound
    tickhound's picture

    c'mon billy... You know the answer to that one.  Short of that, in the FDIC we trust!?!

    Tue, 11/01/2011 - 12:00 | 1832642 NotApplicable
    NotApplicable's picture

    You're supporting the beast that is being used to murder capitalism, so that socialism can increase its stranglehold on humanity.

    Other than that, not much.

    Tue, 11/01/2011 - 12:00 | 1832643 Larry Darrell
    Larry Darrell's picture

    Online bill pay set up is worthless if there are no funds.

    Tue, 11/01/2011 - 12:04 | 1832660 earleflorida
    earleflorida's picture

    every community and credit union offers same benefits, and perks

    choose wisely

    Tue, 11/01/2011 - 12:02 | 1832649 lunaticfringe
    lunaticfringe's picture

    Good gawd. We're hostages...we can't leave! Bulls, bears, pigs. Sheep.

    Tue, 11/01/2011 - 12:12 | 1832706 sdmodiano
    sdmodiano's picture

    That your lazy ass wife is in charge.  Change banks and set up the auto pay up with the new bank.  It is NOT that hard.  This fucking country is not willing to do a couple of hours of work to save it from destruction. 


    Until the market - that is US - takes our power back by moving our money away from the likes of BAC etc. the status quo will continue.  You could even offer to help with the transition.  It is just a little work.


    NFLX got a bit of humility (or pretended to) with a slap down.  The primary dealers should be next.

    Tue, 11/01/2011 - 12:19 | 1832737 Last_2_Sense
    Last_2_Sense's picture

    One of these days in the not too distant future, one of us will show up at your door, ring the bell, and when you answer we will punch you repeatedly in your big thick head. If this is your first day at fight club you have to fight.

    Tue, 11/01/2011 - 13:03 | 1832893 Ruffcut
    Ruffcut's picture

    Sorry billy, there times to just "smack the bitch.!"

    I am have been married 28 years and no fucking cunt is going to tell me what to do about money. NOt their strong suit.

    My bro pulls with wife over 200k a year and their broke. SHe runs the finances as well as tan man did with countryfuckingwideinthemouthfullof cock.


    Tue, 11/01/2011 - 11:58 | 1832611 John McCloy
    John McCloy's picture

    I been asking the same thing for 2 years now. Once they lost the overdraft bonanza they started looking for other ways to chisel away from their customers. TD Bank did away with their ATM fee rebates for the majority of their depositors which is the primary reason everyone I know originally joined Commerce Bank which was bought out by TD. Then banks instituted checking account fees.

       So exactly how are they intending on making money while foreclosures increase and whatever people left which have jobs are jumping from bank to bank in search of higher pitiful yield on CD's and savings accounts? How can they survive interest rate hikes when they will be paying savings rates at "normalized" levels. Back in 2005 they were paying 3% and in 1999 nearly 5%.

        That is why they need ZIRP forever and QE because the only way they can possibly profit is at the casino. The natural banking model is dead until the banks implode. Think of what they have resorted to in order to make money..They are buying CDS on THEMSELVES. This could and always will end in one thing..cannibalization of one another, rumor mongering and 1 bank left standing.

    Tue, 11/01/2011 - 11:56 | 1832616 monopoly
    monopoly's picture

    I know many who have closed accounts at that broken bank.

    And, how is that bail out of GM working for ya. Pathetic excuse for a company.

    Tue, 11/01/2011 - 12:02 | 1832651 NotApplicable
    NotApplicable's picture

    We'll have to wait for the election to see the GM payoff. From the unions to Obummer, that is.

    Tue, 11/01/2011 - 11:56 | 1832619 johnnyvelcro
    johnnyvelcro's picture

    what the hell do they care. Once the trillion in derivitives goes pop they will get a nice big taxpayer funded check from big ben and little timmy.

    Tue, 11/01/2011 - 11:57 | 1832632 YesWeKahn
    YesWeKahn's picture

    They all learned how to flipflop from the master (you know who).

    "We are cutting the pc division, wait we don't"


    Tue, 11/01/2011 - 11:58 | 1832634 Chip
    Chip's picture

    OMG if someone makes a bad decision, and you criticize them for it, and they reverse the decision and you criticize them again, it's called loss of objectivity. Move on ZH. 

    Tue, 11/01/2011 - 14:01 | 1833215 FreudianSlip
    FreudianSlip's picture

    Go stand in the idiot line and wait your turn.

    Tue, 11/01/2011 - 11:58 | 1832638 earleflorida
    earleflorida's picture

    the old fashion way___ by failing

    Tue, 11/01/2011 - 12:00 | 1832645 NotApplicable
    NotApplicable's picture

    They figured out it will be easier to increase revenue via the next TARP.

    Tue, 11/01/2011 - 12:02 | 1832652 Joebloinvestor
    Joebloinvestor's picture

    Expect an announcement about all the charities that are gonna get screwed now.

    Brian will shift "blame" onto the customers.

    What a moron.

    Tue, 11/01/2011 - 12:03 | 1832654 tmosley
    tmosley's picture

    Same way MF did, "borrow" customer deposits, count them as revenue, pray for bailout.

    Tue, 11/01/2011 - 12:03 | 1832656 riley martini
    riley martini's picture

     The $5.00 tax was only on the poor people with less than $5 grand . What a bunch of pigs .

    Tue, 11/01/2011 - 12:06 | 1832673 SheepDog-One
    SheepDog-One's picture

    YEA on top of it all, the $5 fee was only for the poor paupers.

    Tue, 11/01/2011 - 12:05 | 1832661 DonBadajoz
    DonBadajoz's picture

    go to hell BOA, you tried to screw the american citizen, the damage that has already been done...

    Tue, 11/01/2011 - 12:05 | 1832662 metastar
    metastar's picture

    "Do you expect me to make money, Goldfinger?"

    "No, Mr. BoA....I expect you to die."

    Tue, 11/01/2011 - 12:06 | 1832664 znmeb
    znmeb's picture

    Bank of America: we make money the old fashioned way - by running a casino.

    Tue, 11/01/2011 - 12:13 | 1832710 SilverIsKing
    SilverIsKing's picture

    They are going to start charging $5 for parking, $10 for valet.  In cities where customers don't have to drive to the branch, they will set up security checkpoints much like at airports and when you put your wallet through the x-ray scanner, you'll never get it back.  Trips to the bank will be much quicker.

    Tue, 11/01/2011 - 12:15 | 1832714 Ura Bonehead
    Ura Bonehead's picture

    ...just how will the bank make money?

    Make money the way you did 20 years ago.  Compete for deposits, make good loans at reasonable rates, and put your customer first.  This is 'banking', not rocket science.  Pay the rocket scientist a million bucks, pay the bank CEO a couple hundred grand (assuming he's been there 20 years-or-so).

    But then again, with rates at zero, who the hell needs to lend money?  And who needs customers?  In fact, except for Fed access, why bother being a bank!!??

    Tue, 11/01/2011 - 12:14 | 1832718 docmac324
    docmac324's picture

    The announcement is a right hand out futile offering tactic, it's what the left hand is doing behind the scenes that counts.  


    If you have an account with them, they will get that five bucks, just like Comcast does with those ridiculous fees made up out of thin air.


    Move your accounts and don't play, it's the only way to win. 

    Tue, 11/01/2011 - 12:14 | 1832720 ItsDanger
    ItsDanger's picture

    I know BAC's problem are mostly obvious to all here, but usually a radical fee hike is a sign of a company desperate for cash.  A canary in the coal mine.

    Tue, 11/01/2011 - 12:15 | 1832723 ParaZite
    ParaZite's picture


    Make it happen. Pull out like you were on a drunken bender and just realized that that wasn't your penis flopping around and the girl has a HUGE adam's apple. "Ann Coulter flashbacks..." 

    DO IT!

    Tue, 11/01/2011 - 12:17 | 1832733 Saxxon
    Saxxon's picture

    Not this time Chip; in this instance B of A is just another disgusting, contemptable, purely SYMBIOTIC LAMPREY APPENDAGE deserving righteous contempt.

    Tue, 11/01/2011 - 12:17 | 1832734 Cone of Uncertainty
    Cone of Uncertainty's picture

    If there is one entity that I want to see fail more than any other, it is Bank Of America.


    Tue, 11/01/2011 - 12:30 | 1832781 SilverIsKing
    SilverIsKing's picture

    More than Goldman?  More than JPM?  More than the North Korean Government?  More than the Obama Administration?  Wow!

    Tue, 11/01/2011 - 12:23 | 1832752 junkyardjack
    junkyardjack's picture

    Damn poor people, messing up the business of our cartels

    Tue, 11/01/2011 - 12:40 | 1832822 Hannibal
    Hannibal's picture


    Tue, 11/01/2011 - 12:41 | 1832827 Dr. Gonzo
    Dr. Gonzo's picture

    I try to pay with cash to help the merchants I do business with. When you use your credit card Visa gets 3% of the transaction which cuts into the merchants bottom line. If everyone store did business in cash prices of goods could be up to 3% cheaper and stupid people wouldn't have all this credit card debt they can't pay and big banks would not have as much influence on us and our government. Fuck credit and debit cards.

    Tue, 11/01/2011 - 13:21 | 1832943 westegg2
    westegg2's picture

    They are going to double down and replace it with a $10 fee instead ;)

    Tue, 11/01/2011 - 13:24 | 1832955 djcando
    djcando's picture

    I already cleared my personal accounts out of BoA last month.  I will deplete my business account by the end of the month and move to US Bank.  BoA, morphed into a pathetic excuse for a financial institution by virtue of both the greed and stupidity of Ken Lewis and his group of jokers.  I hope we can effect "clawbacks"  or file  lawsuits for all the money these assholes were paid for running the company into the ground.

    Tue, 11/01/2011 - 13:35 | 1832999 krispkritter
    krispkritter's picture

    Walked into the last big bank I had an account with yesterday after I had transferred money in to cover an electronic payment but they post payments before deposits and hit me with an overdraft(which of course they apply immediately). I was in the process of moving over payments to my CU and had not been replenishing the account regularly as I was closing it. I sit down with, no shit, the Lion fromthe Wizard of Oz, it's Halloween, and tell her I'm not talking with her if she doesn't take off the ridiculous plastic nose. I give her the bank card and tell her to close the account. She asks why and I told her she didn't want to know. Not 3 minutes later she turns to me and ask "Is it because of the bank card fee?". I got pissed. My reply(true story) was "No, it's because you turned off my bank card at 3am in the fucking morning while I'm driving home from my father's funeral service and leave me stranded in some backwoods Virginia highway pit stop with no other CC and not enough cash to drive the remaining 800 miles home. Because your C/S number is so tiny even the 20yo clerk couldn't read it and half of it's obliterated by the number impressions. No call, no email from your security department. I wake my sister up at 3am and she tells me they threw some expense cash in my bag and forgot to tell me about it so I at least made it home no thanks to your bank, that's WHY!"  That shut her up and got me stared at by everyone in the place(I was loud). I excused myself and went to the restroom because the meds I'm on leave me a bit 'loose', I made a deposit and didn't flush. I walked out, she handed me an envelope with the balance in it and tried to hand me her card saying I could call her if I changed my mind. "That's NOT going to happen!"

    Tue, 11/01/2011 - 13:37 | 1833015 MarcusLCrassus
    MarcusLCrassus's picture

    Too little, too late.  I've closed out by BAC accounts and every day I'm telling all my friends/family to do the same. 


    BAC dun goofed. 

    Tue, 11/01/2011 - 13:55 | 1833169 FreudianSlip
    FreudianSlip's picture

    Move your accounts to a local Credit Union, closest thing to a local banker we have left.  

    Tue, 11/01/2011 - 14:21 | 1833333 HungrySeagull
    HungrySeagull's picture


    Imagine the Exodus.


    30 years ago I heard these words from parents.. Go with BOA they are the very best.


    Now I walk into my CU with a BOA check and am treated as if I am toxic.


    I cannot wait to see the FDIC to close that great big steaming Fishkill landfill.

    Tue, 11/01/2011 - 14:22 | 1833342 Downtoolong
    Downtoolong's picture

    just how will the bank make money?

    After this fiasco, they will only disclose their next scheme under "The Cone Of Silence".


    Tue, 11/01/2011 - 21:22 | 1835178 dolph9
    dolph9's picture

    I keep a small checking account at a local bank and also have a Citibank account.  Citibank is trying shit, mailing out lies that I am getting an "upgraded" account when it's nothing but more fees, and more complicated bullshit to try to avoid them.  I'm closing my Citibank account soon.

    I will consider using a big bank as long as the checking options are simple, straightforward, and no gimmicks.  I like the online banking of the big banks better, they are much easier to use.

    Other than that, savings accounts are now practically worthless.  You get nothing, and there are limits on external transfers.

    The rest of my money is in you know what.

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