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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SilverRhino's picture

Too little too late.  

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

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.

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...

dwdollar's picture

"Who would own these crap shares?"

Washed-up billionaires...

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.

jayman21's picture

Please wake up and jump before you are boiled.

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.

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..

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.

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..

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.



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..

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?

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.

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.

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...

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."

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.

jayman21's picture

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

The Big Ching-aso's picture

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

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.

Chrome Child's picture

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

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.


GeneMarchbanks's picture

Won't save you BAC.

'- just how will the bank make money?'

Those days are over.

James-Morrison's picture

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

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.


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'.


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?

HD's picture

We're saved!! Risk on!

CPL's picture

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

SheepDog-One's picture

'Just how will the bank make money'?

World War profiteering coming soon.

HelluvaEngineer's picture

Exactly.  BAC will be given Poland.

Mike2756's picture

That's Russia, amurika be broke.

Magnix's picture

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

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).

goldfish1's picture

sorcha faal has credibility?

SheepDog-One's picture

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

cbxer55's picture

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

Just where is the Antichrist when you need him?

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).