Boycott Bank Of America Which Is About To Institute A $5 Debit Card Usage Fee

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Thu, 09/29/2011 - 12:29 | 1722259 Manthong
Manthong's picture

And if you thought the NFLX blow back was big.. 

Thu, 09/29/2011 - 13:03 | 1722431 Pladizow
Pladizow's picture

I use my credit card for everything, for the purpose of accumulating air miles.

The only time I use my debit card is to take out petty cash from the ATM, perhaps once every 6-8 weeks.

If they are going to charge me $60/yr for something I dont use that much, it does piss me off, but not enough to have to go through the hassle of closing the account and having to set up all new monthly automatic payment, ex., TV, Cell, Power, Car, etc....

Thu, 09/29/2011 - 13:10 | 1722438 BigJim
BigJim's picture

Yes, I've already posted this. No, I'm not going to apologize - it's too good not to repeat:


Thu, 09/29/2011 - 13:11 | 1722465 Taku
Taku's picture

Taxpayer-funded bailout access fee: $5 per month from each bank to each taxpayer per month.

Thu, 09/29/2011 - 13:51 | 1722669 Executioner
Executioner's picture

No wonder why BAC is the most active stock today, as well was yesterday...

And it is up... Outrageous.

Thu, 09/29/2011 - 20:59 | 1724449 TheFourthStooge-ing
TheFourthStooge-ing's picture

It's not even winter yet and they're already eating their seed corn. Bank of America makes the Donner Party seem well provisioned.


Fri, 09/30/2011 - 07:19 | 1725161 thewhitelion
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Always a pleasure to vote up a "Donner Party" reference.  FYI, I'm also a sucker for "Release the Kraken."

Thu, 09/29/2011 - 13:35 | 1722604 uno2well
uno2well's picture

@Bigjim... That was classic! That lady should be blond; epic fail! That's what happens when the News Director decides to hire someone based on their looks and not their brains.

Thu, 09/29/2011 - 13:36 | 1722607 Haddock
Haddock's picture

Do you think someone did that to her on purpose?

Thu, 09/29/2011 - 14:12 | 1722774 pirea
pirea's picture

Actually she is right. Paper Gold is not backed by anything, being a fractional system.

Thu, 09/29/2011 - 13:09 | 1722462 WonderDawg
WonderDawg's picture

Good for you, Pladizow. Keep feeding the beast because it might inconvenience you a little to do otherwise. What a fucking fool.

Why would anyone keep their money with BAC (or any of the other behemoths)? You get what you deserve. Hopefully it won't inconvenience you too much when BAC goes under and the FDIC can't cover. Good luck.

Thu, 09/29/2011 - 13:19 | 1722524 Pladizow
Pladizow's picture

Yes, both I and Chris Whelan, considered by many (including Jim Rickards), to be the #1 bank analyst are both idiots because we have BAC accounts.

Good point tuff guy!

Thu, 09/29/2011 - 13:33 | 1722591 WonderDawg
WonderDawg's picture

Nice come back. Excellent justification for supporting the thieves. Probably best if you don't try to use your brain for making decisions, just follow along...

Thu, 09/29/2011 - 13:35 | 1722602 Pladizow
Pladizow's picture

I know you are but what am I?

Thu, 09/29/2011 - 13:36 | 1722608 WonderDawg
WonderDawg's picture

Just a guess, but, lazy and simple-minded?

Thu, 09/29/2011 - 13:39 | 1722622 Pladizow
Pladizow's picture

I'm a mirror and you are glue, what ever you say bounces off me and sticks on you!

Only a bigger fool argues with a fool.

Respond now BITCH!

Thu, 09/29/2011 - 13:42 | 1722636 WonderDawg
WonderDawg's picture

No need to argue, you've already proven my point.

Thu, 09/29/2011 - 22:48 | 1724662 I Got Worms
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Pladizow, I'm glad you have a very recognizable avatar. Will make it easier to ignore your posts.

Fri, 09/30/2011 - 00:55 | 1724771 tyler
tyler's picture

I would love to see BOA go under.  They're a bank that survives on sheeple.  For my friend to go to a teller at boa and cash his paycheck, he get's charged nine bucks.  Theres no difference between boa and a check in the cash place.

Thu, 09/29/2011 - 13:43 | 1722638 Shocker
Shocker's picture

Great more fees, I love fees.

Thu, 09/29/2011 - 14:25 | 1722883 Pegasus Muse
Pegasus Muse's picture

"What's in your wallet?"

Not a Wanker Bankerster of Amerika debit card.  Not any more. 

Moved my junk to a local home-grown credit union. 

Thu, 09/29/2011 - 14:35 | 1722963 Strider52
Strider52's picture

I keep a $10K balance in my account at BofA, just to avoid fees. Otherwise, it's $25 a month just for a checking / savings account. In fact, it's an interest-bearing account, so the bank actually pays me, about $1-2 a year.

I prolly won't be subject to the $5 fee, as long as I keep a minimum 10K in there. Of course, if BofA goes under, I might be out that much, Eeeek!

Whenever it goes too high above 10K, I buy PM's.

edit: spelling error. See? I care...

Thu, 09/29/2011 - 15:07 | 1723198 Greenlight
Greenlight's picture

And the frog said, " This water is warm but it's ok so far..."

Thu, 09/29/2011 - 13:26 | 1722561 nedwardkelly
nedwardkelly's picture

My company accounts are there, unfortunately I haven't been able to have them moved elsewhere.

The worst of it is that BAC has all but done away with tellers at plenty of branches. I recently went in to deposit some checks to discover that there weren't even deposit slips available inside the branch. When I asked the solitary teller, she told me I had to use the ATM outside to deposit the checks. The ATM was pretty good at handling the transaction, but it was a bit surprising that the woman sitting there twiddling her thumbs was under instruction to send people outside...

So it's pretty much impossible to NOT have a debit card, so this is basically just a straight up extra $5 account fee.

Thu, 09/29/2011 - 18:26 | 1724050 Mr. Foot The Bill
Mr. Foot The Bill's picture

They anticipate laying off 30,000 people and they see no cost savings or efficiency....going forward? But, it really is all about the money because they see the window of opportunity from the new laws and move forward with fees....because they can. I will be bailing from BAC.

Thu, 09/29/2011 - 14:00 | 1722699 jdelano
jdelano's picture

Yup. That's it for me. Been with BAC for years because they bought my bank and I'm lazy. But they do this and I'm out on principal. Any recommendations for a better bank in ny/ct?

Thu, 09/29/2011 - 15:54 | 1723446 GFKjunior
GFKjunior's picture

Local credit union.

Thu, 09/29/2011 - 15:54 | 1723447 GFKjunior
GFKjunior's picture

Local credit union.

Thu, 09/29/2011 - 13:13 | 1722483 Comay Mierda
Comay Mierda's picture

thank you for your enlightening response, BAC employee

Thu, 09/29/2011 - 14:13 | 1722809 Financial_Guard...
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Is it posible Brian T. Moynihan is trolling ZH to get the initial response to his trial (lead) balloon?

What was the quote about a "giant sucking sound" again?


Thu, 09/29/2011 - 13:52 | 1722672 kito
kito's picture

bring back the breasts pladizow

Thu, 09/29/2011 - 14:01 | 1722714 clones2
clones2's picture

That could be the dumbest and laziest comment I have ever heard...

Thu, 09/29/2011 - 14:10 | 1722781 rpboxster
rpboxster's picture

I'm with Pladz on this one.  I don't have a BAC bank acct, but use a BAC cc.  Never incurred any fees, interest expenses or anything.  Had it forever.  Crazy high limit. I pile up points and cash 'em in.  In 10 years BAC hasn't gotten a nickel from me, but has paid me 1000's for using the card.  I avoid using a debit card whenever possible.  No protections at all for the acct owner.  Thats why banks love bring back the jugs, plz.

Thu, 09/29/2011 - 14:33 | 1722949 Ruffcut
Ruffcut's picture

I cut up my debit cards. The merchant account security in grocery stores is a joke. There is some short documentary where assholes sit out in parking lots with lap tops hacking in on weak systems.

You pay your car payemnt, mortgage credit card etc, and some fuck hacks the amount to pay all those checks or electronic transactions. Big shit bouncy ball, up the anus.

Mastercard and visa, do not give a fuck about merchant security. THose evil fucks care about the jig off every transaction. Your bank has to deal with those security losses. And when it is your NSF's are issued, you deal with the hassle. Use a credit card that gets rewards or an occasional blow job and protect you account holdings.

Thu, 09/29/2011 - 22:31 | 1724636 FlyPaper
FlyPaper's picture

Its really easy.  I use BAC as my clearing-house.  I don't have to be there; I choose to be there.  They don't give me a damn cent for my money parked there; and now they want to charge me to take it out.  I can easily go back to a basic cash withdrawl.  Couple hundred takes care of the incidentals; and I use the CCard for most of the rest of it.  Cheap work-around.  Or I can use my Credit Unioin debit card.

I think they are dumb as a brick for doing this.  $5 is meaningful to a lot of people.  But maybe they decided they don't want those kind of customers, and this is one way to dump 'em. ?   Would love to have been a fly on the wall for the meetings where this was decided!   


Thu, 09/29/2011 - 14:51 | 1723092 mkkby
mkkby's picture

If this is an ad campaign for communtiy banks, it sure is a good one.

I've been saying "opt out" and "starve the beast" all over these threads.  Looks like Bac is really helping us out.

Thu, 09/29/2011 - 12:30 | 1722260 hedgeless_horseman
hedgeless_horseman's picture

The problem is that the bulk of depositor clients will simply walk away from Bank of America

Over $5 a month?  I doubt it.  Americans are immune to bank-rape.  Most will not even notice.

Thu, 09/29/2011 - 12:30 | 1722269 Tyler Durden
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Really? Netflix lost 60% of its market cap in 2 months over exactly the same amount.

Thu, 09/29/2011 - 12:33 | 1722282 hedgeless_horseman
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We shall see.  I will bet you dinner they don't lose more than 2% of depositors over the first quarter of 2012.

Thu, 09/29/2011 - 12:36 | 1722297 Mike2756
Mike2756's picture

you're forgetting societal acrimony, won't take much to trip and send the masses into a blind rage.

Thu, 09/29/2011 - 12:51 | 1722374 Don Smith
Don Smith's picture

you're forgetting societal acrimony, won't take much to trip and send the masses into a blind rage. </sarc>

There, I fixed it for you.

Thu, 09/29/2011 - 13:09 | 1722459 Incubus
Incubus's picture

Mess with football, or their pisswater they call beer and they might go into a blind rage, otherwise don't count on them for any sort of movement besides the bowel kind.



Thu, 09/29/2011 - 13:26 | 1722543 espirit
espirit's picture

If that five dollah latte at Starbux now cost them an extra fiver per month, somethings got to give.  What next?  5 bux per purchase, no cash withdrawls, no shorting?

Penny stock in 3...2...1

Fri, 09/30/2011 - 01:22 | 1724895 Cathartes Aura
Cathartes Aura's picture

while I agree with your footie & booze line, what's with the "they"?  dudes HERE are banking with a TBTF, and they all think they're so damn rad to be here at the "hedge.

daily posts have been talking smack about leaving their banks for as long as I've been reading this space, and here we are, still propping up the banksters 'cause it might interfere with their EZ mode lives. . .

the key buffer that big banks have had during the entire financial crisis, cash from deposits

well done Fight Clubbers.

Thu, 09/29/2011 - 12:42 | 1722331 DoChenRollingBearing
DoChenRollingBearing's picture

I would agree with you h_h, I think you would win dinner...  

If you do NOT use the debit card for those $2.00 purchases at 7-11, then you are not affected.  I see this all the time at 7-11 and other places where people use their debit cards for tiny purchases.  That has to cost something.

I just use cash myself.  I LOVE cash!  Anonymous and all.

People will pay the $5.00 if they like using their debit cards so much.  BAC has probably studied this, and concluded that they will make more than they lose.  But, as Tyler says, we will see.

Thu, 09/29/2011 - 12:47 | 1722356 SilverIsKing
SilverIsKing's picture

I would bet that those who use their debit cards for tiny purchases are the ones who can least afford the $5 per month. So as long as there's an alternative, i.e. TD Bank, PNC, etc, that don't follow suit, this will be a net loser for BAC.

What is it they say about those who lose? Oh yeah, they're losers.

Thu, 09/29/2011 - 12:56 | 1722401 DoChenRollingBearing
DoChenRollingBearing's picture

Green for good observation.  

Here's an observation for you: if they are that poor, then the transaction costs for BAC may be unattractive, so they might not miss those customers much...  If they can least afford the $5.00 / month, then how much money do they have there?

Thu, 09/29/2011 - 12:59 | 1722414 hedgeless_horseman
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Weeding the garden.  We do it in our business.

Thu, 09/29/2011 - 13:11 | 1722467 DoChenRollingBearing
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Yes, so do we in Peru!  We have slow paying customers or those who return too many bearings, hey then it's cash only, no credit for you, muchacho!


JUST heard on the radio that two other big banks are going to try the same as BAC, but charging $3.00 / month in selected markets, no other details given.

So, big deal.  Who cares.

Thu, 09/29/2011 - 13:27 | 1722550 fuu
fuu's picture

Why is it no big deal that banks are starting to charge fees to access your checking account money conveniently? Pay by check and you get no fee, pay with a card and you have a fee now.

It's the account holders money for god sake.

Just sticking the head in is still fucking.

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