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Boycott Bank Of America Which Is About To Institute A $5 Debit Card Usage Fee
Just when we thought we had seen every imaginable form of stupidity out of Bank of America, they go ahead and stun us all over again. The latest shock is that starting next year, the repository of hundreds of billions in underreserved (apparently the SEC finally figured out what was obvious to Zero Hedge readers since October 2010) toxic Countrywide mortgages, instead of shoring up capital, will do the opposite and start charging anyone with a debit card $5 a month fee for said card usage. Needless to say, this is obviously a collusive attempt by all the big banks, who are so desperate to generate some revenue (with the 2s10s flatter than at any time in the past 2.5 years) they are willing to drive away millions of paying customers. The problem is that the bulk of depositor clients will simply walk away from Bank of America (which had $1,038 billion in deposits as of June 30), and any other institutions that piggy back on this (and from a game theory perspective, everyone has to do it, or nobody will do it), and instead pull cash out of any and all checking and time deposit account forms. As a result, the key buffer that big banks have had during the entire financial crisis, cash from deposits, is about to disappear. This comes at a time when every US bank is fighting tooth and nail against Basel III implementation which forces banks to have more not less tangible capital (read cash, up to and including deposit cash). Alas, doomed for failure such idiocy can only come out of the US banking system which should have long been insolvent and replaced, but instead the Fed's policy of intercontinental Moral Hazard continues to encourage such "survival of the anti-fittest" decisions with pride. It goes without saying that we urge any and all of our 5 million monthly readers to pull any funds they may have from Bank of America in retaliation for this insanity.
From Dow Jones:
Bank of America Corp. (BAC), the largest U.S. bank by assets, plans to charge customers a $5 monthly fee for making debit card purchases
starting early next year, according to an internal memo sent to bank executives Thursday.
The fee will apply to customers with various checking accounts during any month they use their debit card to make a purchase. The fee will not apply to customers who do not use their debit card to make a purchase or who only use it to make ATM transactions.
Bank of America is trying to cushion revenue losses it expects to incur from new caps on the fees merchants pay when a customer uses a debit card at their stores. In June, the Federal Reserve Board finalized rules capping such fees at 24 cents per transaction, compared with a current average of 44 cents.
Bank of America has said it expects the caps, which take effect Oct. 1, to erase $2 billion in revenue annually. Industrywide, the caps, which apply to banks with $10 billion and more in assets, could wipe out $6.6 billion in annual revenue for banks, according to an August report from Javelin Strategy and Research.
"The economics of offering a debit card have changed with recent regulations," a spokeswoman for Bank of America said in a statement Thursday.
The fee will apply to various consumer checking accounts but will not apply to customers in certain premium accounts, the bank's memo said.
"This new fee allows us to continue to offer the convenience of a debit card with the full range of added features customers have come to expect," including fraud protection and monitoring, special savings programs and other services, the bank's memo said.
Other banks have introduced or are testing new fees in response to the debit fee caps, which stem from a provision known as the Durbin amendment in last year's Dodd-Frank financial regulation overhaul legislation.
Wells Fargo & Co. (WFC), said it will charge a $3 fee for debit and ATM cards in several states starting in October if customers use the
cards to make a purchase under a pilot program.
So, yes: if one is a preferred customer (read rich), they will be spared. 99% of the client base however won't be.
All joking aside, we give this retarded proposal about 2 months before it is buried in congressional hearings that make a mockery out of the executive who came up with it.
However, the take home message is that BAC is now willing to perform amputation in order to desperately raise capital. We are certain what little is left of the bank's shareholders will not fail to notice this...
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Barter is good for screwing other bad guys too!
I've been doing this. Only use the check card for gas fill ups. Mini marts are the best place to have a quick pistol shoved in your back after dark.
Store owners are paying for your convenience to use a card. Banks love them. Again, little guy (shopkeeper) gets the shaft.
pods
Green
I ONLY use my debit card for taking money out of the ATM. Not for gas, 7-11 nor liquor store. Re the liquor stores, I especially use cash, I do not want TPTB to monitor my drinking habits...
Use cash! The next best thing to gold.
Maybe you should live somewhere else, around here if a "quick pistol shoved in your back" they'll be at least 2 others pointing at that guy. Here's another hint it's called SA. Situational Awareness.
+.45. If you get close enough to try to shove a quick pistol in my back, you'll have a very short worst nightmare. Unlike your average mugger, mine works, I know how to use it fast and effectively, and yeah, situational awareness is key. Further, as part of long term strategy, I don't live where things like that happen often at all.
Now, I'm a pro gun guy. But an anti-gun person once made an actually cogent statment about this -- if you think you need to be armed to go someplace, duh, why go there? Are you the happily boiling frog? GTF out!
One self defence expert got a lot of questions about which gun he'd want on him if he thought he was going to get into a gunfight. His answer? "If I thought I was going into a gunfight, I'd stay home and lock myslef in the safe!"
It's the first hit that wins, not the first or the most shots. Avoiding the problem is best of all. Let the ignorant stupids kill one another and go to jail over it -- problem is partially self solved.
+ a wimpier 9 mm and green.
SA is very important, that is what our Tai Chi instructor teaches us as well.
YES re not going to or living in dangerous places... Why go to places where you have a high chance of being robbed? Drive a bit further...
DC Fusor,
That's a lame assed assumption.............
But an anti-gun person once made an actually cogent statment about this -- if you think you need to be armed to go someplace, duh, why go there?
Simple,your not safe ANYWHERE you go now.
Amazing how gullible the Anti's are.
I agree, and I think many more people will too.
This could get really interesting:
Suppose Tyler's right and the rest of the banks follow suit.
Suppose the average consumer starts carrying twice, or three times as much cash around on a daily basis. (Potentially 5-10X more, I think)
Suppose FunBoy is right - "Not enough in circulation...".
Might then those same consumers think like DoChen:
"Well, the solution for that is to get your hands on more cash."
Isn't that what people mean by "Bank Ru......
n."
If you learn to use cash you will think twice before buying unnecessary stuff.
They are going to charge you so you can use your own money???????????
Uh, no way... I would use either an alternative bank or use cash if they all go that way. As it is the banksters get to hold the money for free as any interest is way lower than inflation, safer under the mattress than in a bank!
Green for good observations.
Just use cash! As long as you are not in high danger of having your cash stolen, there is NO opportunity cost holding "long green" (as the banks pay zippo in interest).
Tempest in a teapot. $5.00 to PAY with debit cards? Big deal.
people should boycott Bofa for many reasons, this just one of many!!
they used to delay sending out billing statements so they would arrive with a small amount of time to pay the crredit card fee. then they reduced the amount of pay back time by one week. they are a criminal organization!!
how about this lawsuit...........how long can this bank survive?
http://dealbook.nytimes.com/2011/09/27/for-bank-of-america-a-looming-50-billion-claim-of-havoc/?ref=business
you are an idiot already if you bank with them, how is a 5 dollar charge going to make you smart?
Maybe it will be the straw that breaks the camels back.
Boycott the TBTFs.
How to stick it to the Banksters the good old fashion way.
Instead of cash advances, one could buy American Gold Eagles off eBay. They count as credit transactions. When I had credit, I could only take a percentage of my total credit line in cash advances. But was able to buy as much Gold Eagles as my credit line allowed. And I thought $1300 per oz was expensive a little over a year ago.
You could also just max out your credit cards buying silver or gold. Would give you the same freedom the individual in your link claims to have gotten.
Hopefully the feds don't construe that as inciting a bank run...
Fuck them. Grandfather always said "banks are theives" so true.
suggestion - go to your bank - draw down the balance and ask for cash currency. rent a safe deposit box. Either buy gold and silve, or just keep the currency and put it in the box at the bank.
People, when the shit hits the fan, there will be a shortage of currency.
Besides you make nil on the balance in your account anyway. Fuck fractional reserves.
Agree up to storing your valuables inside the bank. Nothing stopping them from sealing the boxes and only opening them when men with guns watch you.
In fact, I think there is a UK precedent for that and an EO pertaining to this exact scenario.
pods
+ 1
If your home is pretty safe, there are LOTS of places to hide stuff....
But as you get older, you start to forget where you hid the shit. My physical is kinda scattered, currency in a couple places and fire arms are very close.
When I bought some guns their little safety brochure (applicable when young rats in the house) say keep the gun locked and the ammo far away. And most people are coerced to believe to keep cash in the bank,too.
My long gone gramps was pissed at FDR for taking peoples gold. When the banks collapsed the cash was gone. Oh, that' s right we are so much smarter now. Fuck, I'm so much smarter now, I forgot that little point.
Green, for this forgetting stuffr as we age...
Soul Train,
suggestion - go to your bank - draw down the balance and ask for cash currency. rent a safe deposit box. Either buy gold and silve, or just keep the currency and put it in the box at the bank.
Dude you just went from frying pan to fire.
Bank SD Box?,you know how many are broken into, and pilfered by bank employees yearly?.
You cannot prove you had a nickel in there, PLUS it's not accessible to you, whenever you want it.
Bank Holiday?, SOL.
Fed seizure?...........SOL.
Just make sure you get a recipt showing the account the cash was taken out of(to prove it's yours,and legal) if ever questioned.
Buying G & S I agree on, just grab the dips.
Every one(even before this disaster started happening) should as a rule of thimb keep a minimum of 90 days cash reserves at home, in case of an emergency.)
Yes, yes, yes re keeping 90 days ofr cash at home.
FRN$ > electrons at the bank.
Credit Unions.
Wells Fargo finally convinced us to do this for all our accounts. They automatically rolled over a CD after I told them not to. Dumb shits even sent us a letter stating they had closed the account, which we were glad, because they were going to charge us 150$ to fix their mistake.
Hour+ waits to see an account manager, not being able to get an account manager to do anything unless they called Wells Fargo first, and all the monkey business they pulled when I told them to close my accounts.
I can say it's the only thing I can thank them for.
I am not endorsing them, but if you are in South Florida and are considering a change, IBM Southeast Federal Credit Union may be a great place to start looking for an alternative.
Credit Unions.
Why CU's???.
They are insured and backed just like the Banks, and by the same SOB's.
Good point zap, but what would you suggest as the end all alternative? Specifically when paying bills? Money orders?
Most people have not pulled out of society, and have become self sufficient. I am partially there, but my wife is never going to leave her life until she is forced out.
If you are able to, then bank a portion at home as protection.
People need to educate themselves to the risks and plan accordingly. Don't put all your eggs in one basket.
My opinion.
EvlTheCat
I use a bank for checking, and IRA's, and 401k IRA rollover(pulled b4 .gub, steals it from employer) for now.(I hand write all bills,and have carbon copies of all I write).
They were charging me $25.00 for Wire Transfers,(before I caught them,and made them credit my account for the one's they had charged me) because I had a MMkt Acct.
I raised hell, and told them what's this about?, they said because it's in a MMkt Accct.
If it were in checking there would be no fee.
I said FINE, move all the $ from the MMkt acct into my checking acct.
They said but, you will lose the interest off the MMkt Acct!!!.
I said I will MORE than make up for it with FREE Wire Transfers.
And I have.
Any good decent, free-thinking, human being, should boycott anything associated with the name America out of principle.
That's the final straw for me. I've been hanging with these guys out of inertia, not wanting to change my auto-payments, etc. Not any more.
Me too. I guess I'll have to suck it up and redo my auto-drafts and 'paperless' bills. {sigh}.
Hey! Hey!! they need those Dollars for Bonuses!
$5 Bucks per head.. 20 million (guess) users ='s $100 Million in Bonuses!
B of A exodus is coming.
They need B of A to fail to clean up the books at the FED.
This is why B of A has been loaded up with Garbage from day one and the profitable positions have been sold off.
http://www.google.com/#sclient=psy-ab&hl=en&source=hp&q=b+of+a+sells&pbx=1&oq=b+of+a+sells&aq=f&aqi=g1&aql=&gs_sm=e&gs_upl=1345l6280l0l6930l18l16l3l2l2l1l366l2153l4.4.2.2l16l0&bav=on.2,or.r_gc.r_pw.r_cp.&fp=28ccbf3f5b01a8c4&biw=1920&bih=946
B of A is a shell company holding garbage / trash that needs to be sunk and then parceled out for pennies on the dollar.
The Sheepish Consumers are to stupid to run on the Bank so now they will force people out the door.. which will cause the in-stability needed to sink B of A.
+ 1 green for making me laugh even though it's nonsense, and for being short enought to read for a change.
My question is this: if I withdraw the couple of grand will it bring BofA to it's knees? I utter...I mean SHUTTER!, I shutter to think it true!
Regions sent a notice of an impending $4 / month service fee if you use your debit card for transactions other than at their ATMs. This is true of their business accounts at least and just confirmed by a coworker on the personal side, They also implemented a fee of .2% on cash deposits over the first $10k last year.
'The key buffer that big banks have had during the entire financial crisis, cash from deposits, is about to disappear.'
Over a five-dollar fee? Last year JPM started charging a $10 fee every time one's checking overdraft line is tapped.
Obnoxious, to be sure! But their deposit base hasn't disappeared.
Do demand curves slope up or down in your world?
2Yr usage contract incoming......
In canada, seniors are exempt from most banking nickel and dime fees.
Which costs a bank more: Clearing a handwritten check or processing an electronic debit transaction?
They don't even check signatures anymore.
Instead of strumming guitars in LA or having chant-ins on Wall Street, if everybody did pull cash from these banks, the turmoil would be fast and furious. Alas, these things have been tried before (Europe), but people with cash don't do it, those with nothing but free time, chant in front of stone buildings....Maybe this time will be different
never gonna happen, it's too much bother for folks, hmm.
I mean, how can they pay for all their bills, cable TV, etc. etc.
I would rather have the banks stick it to the stupid debit card users than the merchants. They should change the fee rules to limit the hidden charges on credit cards too.
I closed my BAC account 6 months ago, after the news of the tan-man payoff. It felt good! But I forgot, my kids each had a small account there we'd set up years ago. You know, to teach your kids how finance works, how to get a bank account, etc. Long story short (I'll skip the half dozen or so instances of basic incompetence on BAC's part), I noticed my daughter started getting charged $8.95/month because she hadn't converted her account to paperless! (She tried but was unable to). So we went and closed the account. Man, they really wanted to hang on to her $600! So I made sure she understood the valuable lesson she was getting - banks suck, don't trust them, and don't use them unless you absolutely have to. Not the same lesson I got when I was a kid with my passbook earning 5%...
I received a Bank of America debit card in the mail yesterday. I did not request this, it was an unsolicited delivery. Yes, I do have an account at BofA, along with a small community bank where I conduct most of my banking business. No where in the accompanying disclosures or info, nor on the card, do I see anything about a $5/mo fee for use of card now or in future.
They attempt to lure in with a "Keep the Change" program that rounds up to nearest dollar of every purchase made with the debit card. The difference will be transfered from checking account into a savings account (I don't have one). They will match the Keep the Change savings at 100% for the first three months after enrollment, up to $250.
They are also offering a kick back program dubbed "Add it Up" One may earn up to 25% cash back when shop at over 400 participating online retailers. (I haven't looked at who these are yet - will update shortly with some examples) Must enroll in Online Banking and register debit card to join the "exclusive" Add It Up.
Hmmmmm. Banking has become ridiculous. Like, if you buy a crystal vase with a Citbank card, and you're a klutz and drop it, shattering it to smithereens, they'll replace it at no cost. Who decided that was a good idea? Anyone with a tendency to leave cameras or phones in their pockets before doing the laundry should certainly always make purchases with cards that replace for careless disregard.
What you don't like bank rewards programs that give you .02% cash back?
Whenever I see a NEW service offered at a Bank, the very first thing I ask myself, is WHO will lose their job over this NEW service?.
They are cost cutting,making measures, and do away with REAL peoples jobs.
I want to do business with a human.FTF, and on the phone.
I received a Bank of America debit card in the mail yesterday. I did not request this, it was an unsolicited delivery.
Also, illegal.Send it back, and tell them never to do it agin.
If I had an account with them I would, I changed my banks a few times because of similar things. Banks always think the deposits are their money.
It's not!
at this point, one might concede that both B0A & its beloved retail customers truly deserve one another
never used a debit card and never will, as it is not in my nature to be in indebted to anything. They can and they will as there are plenty of chumps that do and will pay the 5 bucks.
I'm going to OPEN an account just so I can pull the money out and say, "FU!".
Cash for spending and gold for saving. They're giving people a reason to use cash again. If you don't earn any inetrest on your money what's the point of keeping it in your account if you're getting penalized for it. Good job BofA..screwing your customers when you need them is not a good business plan.
It appears as if BofA wants to straddle the precipice of insolvency so that Barnank et. al will be forced to generate the only quasi-profits that banks have had in recent history: SUBSIDIZED BAILOUT MONIES.
I'm surprised BofA doesn't just charge $25/mo for usage fees and expedite their sole means of sustainability.
So without further ado:
FUCK YOU BofA
FUCK YOU BERNANK
FUCK YOU BANKS
FUCK YOU OBUMMER
FUCK YOU DEMS
FUCK YOU REPUBS
FUCK YOU STATUS QUO
AND FUCK YOU TO EVERYONE I AM LEAVING OUT: YOU CERTAINLY KNOW WHO YOU ARE
Strategy my dear Watson. Strategy. And when $1 billion walks away they get 2 for the price of 1. A bail out and no more Basel III.
"Over $5 a month? I doubt it. Americans are immune to bank-rape. Most will not even notice."
I used to believe this acceptance of banking and account "finger banging" would always exist thanks to Americans' fiscal aloofness during good, and no so good, times. But I think the times have changed. People understand we are headed face first into the financial shitter.
I had free checking when my account was "Bank of Boston", then free under "Fleet", but the charges began once it became a BOA account ($11 per mo, unless you keep balance of $3K....cue the LOLs).
The MA DMV tried to charge a $5 dollar fee at the door for those needing services at offices. People went APESHIT around here (granted, MA constituency is more diverse and educated than most) and once it was printed in the papers, Duval Patrick, the governor, had to ax it (he was also running for reelection, cue the LOLs).
The reason I never setup another account at another bank before was b/c I did the calculations of avg number of times I use ATM in year ($2 charge from other banks) and I actually SAVE $85-$100 yearly by keeping BOA account (b/c they have monopoly on ATMs in Northeast). As much as I hate the TBTF banks, I NEED that money, unfortunately. I am not a big baller like most on here, but I think it is time I see a more bigger picture. Now after hearing this, I'm going to a local bank and and just eat that cash in the name of protest.
Also, just FYI: If you get paid to a bank account, minute you do, take every single dime of cash out (except for bills you pay). A bank holiday, if not crash, IS coming.
Pay goes into my bank and then is wired out within 2 days for some shiny shit. Banks are a way for me to accept a pay check not store my hard earned
How else are they gonna pay the interest on that Buffett prefered?
It amounts to a 6-pack per month tax.
Bank of America just cut my credit limit, which I have never used, from $30k to $5k again. The last time they did this was in 2009 and then they raised my limit back up again in 2010. So my credit score probably took another 30 point hit just like last time since cutting credit is worse than being sent to collection for $100.
Maybe they knew I was about to buy $30k worth of stuff and tell them to fuck themselves.
Suntrust is doing it too. I already cancelled my account with them. These banks already recieved billions of bailout money and now they want more money. I am sure they have already made a couple hundred of me because of my monthly deposit and other stupid fees.
Did you guys get the real news. ***5 million monthly readers, holy Batman. I am impressed.
And, is there anyone here who has been around for more than a month still banking with any of these broken banks? I find that hard to believe. This just may be the straw that breaks the old camels back. The outrage of these broken useless squids.
did you read the thread posts? lots of old timers chatting about their BoA accounts.
In Ireland you have to pay the government to own a bank card.
From http://en.wikipedia.org/wiki/Taxation_in_the_Republic_of_Ireland
Bank cards and cheques
Credit card and charge card accounts are subject to a €30 annual duty. Automatic teller machine and debit cards are subject to €2.50 each annually. Cards which perform both functions are subject to the tax twice, i.e. €5 total. Cards that are unused in the entire year are not chargeable. The credit card tax is applied per account, but the ATM and debit card charge is per card. In each case, where an account is closed during the year, there is an exemption from double taxation.
Cheques (technically, all bills of exchange) incur a €0.50 tax, generally collected by the bank on issue of each chequebook
There are banks and credit unions that are solvent that charge 0 fees. You just have to find one and check it out. I did. And we use a credit card but unless we can pay it off at the end of each billing cycle, we do not charge. What a concept.
But, I also realize many Americans have no choice. :(
Since there has been some requests, I have made a comparison charts between my longer term silver and gold prediction charts and actual prices for correspondingly periods of March 13th-September 29th for silver, and May 4th-September 29th for Gold with explanations here:
Silver prediction chart and reality comparison -new chart
And here:
Gold prediction chart and reality comparison-new chart
Impressive work - thanks for the link.
While the fee structure is better at credit unions, regionals, and Canadians, the requirements for the real benefits are similar. Ultimately, you have to actually have money at the bank to avoid these fees. We SHOULD see a masse exodus of checking deposits, but we won't for two reasons. 1) Those eligible represent a large amount of customers, but a small amount of deposits because they DON'T HAVE ANY MONEY. 2) Rememebr, BofA became the largest bank in the country charging people a $2 fee to do BofA a favor and use another bank's ATM. They are like the abusive boyfriend the girl with low self-esteem can't leave. This move highlights the broader point that the debit swipe fee limits of Dodd-Frank are, at best, regressive. When banks were over charging for the service the relative poor had skin in the game, generating fee income for the bank from retailers. Sure the fees were passed along by retailers to consumers but they affected all purchasers rich and poor. Now the relative poor debit card users are truly useless to the bank unless they can be tricked into paying another fee. These fees will only hit the poor, while any reduction in the costs of retail goods will be passed along to both the rich credit card users and the poor debit customers now paying a fee.
Finally!
Score one for the working professional!
I get so tired of poor people exploiting their status in society for their own selfish desires. Time to even the playing field.
This is the problem with with being so singularly minded. I very clearly pointed out that one particular tenant of Dodd-Frank marketed as a consumer protection has had the opposite effect.
I said the day Dodd-Frank was signed into law we would see a debit fee, if not an end to debt cards altogther. Debit users once generated revenue for the bank and, like credit users were rewarded for it. We saw debtit rewards canceled earlier and the inevitable fees are have now begun. Those who can will switch to credit, those who can't will pay the price...A truly regressive policy.
Jefferson did warn the Americans that they would end up homeless on the continent their fathers conquered. I was looking at the documentary Tyler just linked and it is sad to see these people removed from their homes just wither away. At least they should seek redress from the people responsible for this : the Banksters and the congresspeople who voted for the bank bailout. If banks had failed , these people would probably still have their homes as banknotes would have been liquidated at probably 10 or 20 cents on the dollar and investors buying them would have been able to cut principal owed by 40 to 50 pct . This is the game than many people still dont get : when a bank or credit gets liquidated, the loss is to the banksters and investors stupid enough to have bought bank bonds or bank shares, but the gain is to the average person.
will close a no fee credit card account with BofA as soon as the balancef of the no fee..0% interest loan is paid off .. i know they created fiat out of nothing ,, but they also get nothing in return
except dumpster has the use of their nothing to buy something ,, an asset of value .
will keep the other credit card for airline, car rental, and various purchases .. paid off in full each month.
pretty hard to do business and such under present conditions with out use of these handy dandy plastic toys .
why in fact have a debit card .. unless forced to because of bad credit . then like the check cashing places that charge 50% or higher for service ,, doubt a small 5$ fee will change that habit .
so the debit card sometimes is the only alternative for some one to get an airline ticket. Homeland security already charges a fee for that ticket has that stopped people from flying lol
Credit unions have debit cards too.
Yep. Green.
Credit cards for buying airline tickects, etc.
Debit card for taking CASH out of the ATM. Using debit cards for small purchases seems dumber by the second to the Bearing.
Use cash! And use some cash to buy gold...
Tyler,
You might think about re-posting this a few times so more of 'us' will see it.
Of course, ALL TBTF institutions should be torn down and banished from society, I mean boycotted. Refinancing mortgages and car loans away from these jackals is a strong step as well. I can testify that it feels GREAT!
Fuck BofA and every other bank that wants me to pay for their sub-prime loan mess. Hell, I wouldn't bank with them even if it was free. Why would anybody put their money with the scumbags from Merrill and Countrywide? These guys are pure crooks.
Sure, what is $5? Doesn't even buy a decent fast food meal! But the idea that I have to pay a fee to essentially use a check (isn't that why we went away from checks in the first place?) is a non-starter. I already keep cash out for what I think I'll need, I have a stash for emergencies and PM's for long term. The only person that will look out for you and yours, is YOU! Gee, I have to dig out a few quarters if I want a soda. Not a hard thing to do once you get into the habit and now I save $60 a year! That's a soda a week (20oz, $1.25 ea). B of A is headed down the toilet, get out while you can.
OK I'm done with these bastards. I'm closing about five accounts. I probably fall into the 'rich' category - but I'm sick and tired of this fucking bank and their stupidity. I hope this bank fucking rolls over soon. I'm moving what cash (that isn't already in physical metals, ammo or food - ha ha) into a local bank that is solid (or would that really just be - solid'er?)
If B of A falls on it's face in the vault, does anybody hear it - or care? Hasta la vista, dickwads !
My BofA Story:
About 1 1/2 ago I had both my kids open up a savings account to try to teach the value if saving and had them link the accounts.
They start charging me $30 a month service fee because of the savings account adds because my "minimum required balance" went from $5k to $10k?
It gets better...I called to complain and then asked them if they had a record of my request to link the accounts and on what day that request was made...they had neither.
I made it clear that it wasn't the fee that concerned it was their record keeping and from a bank no less.
Been with them (before Nationwide in 1988) and that was the end...withdrew a large savings account and cancelled my checking.
And... it's gone.
http://www.youtube.com/watch?v=RAKsMnAM8vk
Moynihan exemplifies the Peter Principle.
OH OH OH, can the debit card be used as a voter ID, Durbinhead,
and be used to redeem for foodstamps and illegal unemployment
on fake ss numbers in time for voting in the 2012 election???
Please.....pleasee, spare change you can count on.....spread the
surcharges. LOL sheeple Baaaaaah Baaaaaaaah,
they will pay it and like it......"stop chuckinand jiven, and get out
of your food stamp slippers and stop 'plainin' suckas.
'Survival of the fitness, boys!'
TRAILER PARK BOYS "Survival of the fitness" - YouTube
All the banks will start charging fees now, but it will be announced at staggered intervals and varying fees initially. This will be the proof that there was no collusion of course.
Bank of America is just about as fucked as socgen, maybe more.
My credit union doesnt have any fees at all, maybe everyone should pull their money out of the TBTF bullshit banks and stop supporting these criminals, then maybe we'd get somewhere!
Ahhhh, the $5.00 tipping point. The problem for BAC is that they are going from FREE to $5.00. I had quite a few accounts with SunTrust with all this FREE stuff. They'd messed up the accounts quite a few times. Then, out of nowhere I get a letter about a $3.00/month safety deposit box fee. Went in the same day and closed all the accounts. For me, the tipping point was only $3.00.
Nothing new here. Wells Fargo announced last month that starting November 1 they will be charging $3 per month to use your checking debit card. Jerks! All the bankers are jerks and scumbags.
Sounds like a front door bailout. When will banks charge admission to see a teller? Perhaps all tellers should pay BAC to work there - they could be classed as performers - and get their money through $1 "tips" from clients.
In July they raised my monthly account fee from 8.95 to 12.00. This article has prompted me to get off my lazy ass and close my account today.
ACCOUNT CLOSED>
I had several accounts with the Fuktards at BAC and closed them all last year when they started charging fees on my Amex.
JOIN A LOCAL CREDIT UNION. It was the best thing I ever did. They are great. The lowest interest rates, no fees, great customer service. Why does anyone bank with one of the TBTF asswipe institutions?
I know this will sound cliche and bullshit but EVERYONE at a credit union is a premium customer. I do as much of my banking as possible with a credit union as possible. The credit union I use is sizable (more than 200k members), has lots of branches, employs lots of cute tellers, has all the services that a large bank has but without a bunch of MBAs plotting to screw you out of every nickel and dime.
B of A saw how well a similar customer oriented strategy worked for NETFLIX so they thought they would try it themselves and I am sure with similar success:)
"Greed, for lack of a better word, is good. "
- Gorden Gekko, 1987
Move all accounts to state banks, local banks (that are solvent) or credit unions. Avoid the TBTF banks at all cost whenever possible.
Just pulled checking and savings accounts. Will join credit union.
We've been out of BAC for two years. Most folks will stay with them if the branch is 'convenient' out of laziness.
BAC has problems $5 a month won't start to paper over. Look to see even more fees and charges than this. If other banks follow with their own charges then there is no advantage to moving.
OT:
http://globaleconomicanalysis.blogspot.com/2011/09/china-loan-shark-market-crashes-scores.html?utm_source=feedburner&utm_medium=twitter&utm_campaign=Feed%3A+MishsGlobalEconomicTrendAnalysis+%28Mish%27s+Global+Economic+Trend+Analysis%29
Was this Warren's idea?
Yes, it is about the principle; this is one of the major players in writing banking legislation, using financial wmds to bankrupt the system, praying on young, naive college students by setting up on/near campus and one of the major obstacles to meanful banking reform. Let's not patronize Banditos of America any longer!
You do have to wonder what's going on when being a parasite on the economy isn't enough and you have to come at the public directly with this sort of fee. Are things that dire they have to say 'Fuck it...hit the users with a $5 monthly fee'.
Something to think about is that all the big banks fund the 'Payday' lenders...are they simply trying to drive the marginal account holders out of the banking system and back into the pool with loan sharks?
http://consumerist.com/2007/06/payday-lenders-funded-by-bank-of-america-chase-wellsfargo-us-bancorp-wachovia.html
As I said, a slow run on the banks is happening. Slowly people will take out there money, until its avalanches.
They stupidly just made it worse.
Next thing you know they're going to charge me $5 for making a $4.99 deposit.
Forget the Fred, The Bernank and Timmy, Rocking World news, Economic theories and financial essentials, riots in MENA...lets face it...we don't care no more...…We publically educated folks want to focus on impotant things…..American MSM Headlines:
*Cat with Two faces defies Medicine, Live for 12 years…
*12 Brilliant Burger Recipes….
*12 Panda Cubs Cuddle in the Name of Public Debt…
and yes, there’s the woman who lost 135 pounds to save her brother’s life…
This is NOT the Enquirer...this is MSM America style.
ALL the News you need to know!
ok, now it’s back to Columbo reruns….
Have a nice day!
Don't forget the live feed from the trial of Michael Jackson's doctor.
You forgot:
"Clooney dared her to skinny-dip..."
"Kim Kardashian: 10 ways to make your big ass look smaller."
This is just the roll out of the Dodd-Frank "bank reform" legislation. In the past, those who bounced checks or over-drafted their credit line were pounded with big fees. A liberal Congress felt that such fees hurt minorities and other vulnerable sectors of society. DONK cut debit interchange fees to the point that the business is unprofitable; gone are free checking and free debit cards. The worst sin of DONK is that the legislation will contribute to further deflation.
Sorry Tyler, I'd love to help, but I left the big banks several years ago. Even the regional ones. I've read that Fed reg's don't allow you to sue your bank if their head quarters are in a different state. My checking and mortgage are at local institutions with 5 star ratings. Downside, they only have two or three branches.
I use my PayPal debit/credit card, instead of my bank's card. As one of their earliest comstomers, I still get 1.5% cash back on my purchases. I figure I may as get some of those fees back, instead of letting VISA or the bank keep them.
When I find an honest merchant who offers a discount for cash (thereby admitting the credit card fees are built into his prices), I use cash, and frequent that vendor. Of course, all ammo and silver purchases are paid in cash. ;-)
Dont boycott, just close your bank account and open a new one with other bank! Let BOA crash!
Probably Uncle Warren and Senile Charley Munger's idea...
Moron-i-han loved it when Charlie said "Make depositors suck it up..."
In the '60's it was................
"Ass, grass, or gas, nobody rides for free."
Today it's.....
"Ass, grass, gas, Extacy, cocaine, Costco memberships, cable t.v., satellite radio, checking or debit card fees, nobody rides for free,"
Inflation in all things you know.
don't forget to throw in "cell phones, iPads, wifi, internet, nobody rides for free!"
Some Anons want to make this song the mantra of Occupy Wall st.
http://www.youtube.com/watch?v=JmSxWPPzvuU&feature=related
I think I will rage in solidarity with em.
They have the nerve to call us the useless eaters, well, Fuck em.
FUCK em HARD!
Megadeth Symphony of Destruction
Christ -- this is such a non-issue. What was predictable was that the banks would go after their lost income on debit card transactions (what was the service again? Oh right letting at your own money) by moving the blood funnel into a different vein.
Oh wow what a surprise. Knock me over with a feather.
This post is a distraction. There are protests on Wall Street, soon there will be killings there. Debit card fees are like 500 miles off anyone's personal radar.
You want drama? Just wait 48 hours and you'll have a dead pregnant lady on the sidewalk in NY with cops standing around with her blood on their boots. And then you know what always happens; beyond here there be monsters.
that's it... the camels back just broke... back to the banking habits of my youth.
I would be alright with $5 a month if I could withdrawal cash from any ATM nationwide for free....Oh wait, There are banks that already do that.
Ceased all banking with ALL of the criminals years ago.
"Sir, you qualify for a line of credit with us"------- "yeah, fuck you"
Here's my guess on why BAC is doing this:
a) GDP and other "growth" numbers take debt into the equation (i.e. higher debt => more "growth").
b) Paying by debit card does not affect debt (at least not directly). However, credit card payments do get included in the debt, and hence growth, statistics.
If a) AND b), then:
c) TPTB influence banks to reduce debit card transactions in favor of credit card payments in order to artificially inflate the GDP growth numbers.
The minute Chase does it, we are gone.
J.P.Morgan Chase?
*shakes head*
Dudes,
Most here SHOULD be aware of it.
Using and having a DEBIT CARD is one,if not the most dangerous way of getting your accounts milked/stolen.
Anyone offers you a Debit Card, RUN.
Also, on FDIC Ins.................(same for CU's).
Read the fine print on how LONG they have to make you WHOLE if your Bank/CU went tits up.(They have the option of I believe up to a year).
Is this an unintended (sarcasm) consequence of Dodd Frank?
Didn't that bill limit fees related to debit card purchases?
why in the fuck is anyone banking with B of A??? The reason to move your account is because they are now charging $5 for a debit card? Listen...the morons that are still banking with the TBTF banks will never leave. I don't care what their excuse is....they are loyal to the banks and enemies of the state. I know that sounds harsh, but TOO BAD! If greater than 50% of customers took their accounts away from the TBTF banks, this finanical fleecing of America would have been over a long time ago.
So the ridiculous preaching to leave B of A now...is like spitting in the wind.
Heh, called this and pulled everything out of BoA-- over a year ago!
Solution: Credit Unions.
Do it now!
all you anti-bank idiots who are on board with the leaders against the banks need to think for yourselves.
banks SHOULD charge for services that are legitimate in nature. debit transactions cost the bank money and are a legitimate usage of the banks power.
if you think debit should be free, than nationalize it like we do the right to PRINT fiat dollars in paper and coin ( at the national mints ). otherwise this is totally legit.
what's not legit is the criminal behavior of the banks. and it makes you people look like idiots for criticizing every last think a bank might do. when in fact, the bank simply should not exist because it is a criminal enterprise.
you don't complain of the mafia bosses hogging lanes of traffic with their big cars. you complain about how they illegitimately obtained the money to buy those cars.
Only thing worse than an anti-bank idiot is a pro-bank idiot. Banks take my 100K and get to loan out $1M through fractional reserve banking. They make plenty and should be glad we chose their bank. Nickle and diming the public, by exploiting their fiat currency monopoly, is another reason we need to change our legal tender laws. We are the sovereigns and banks only have the power that we allow them to have.
well you must be a pro-bank idiot. Services? LMFAO. You mean disservice right? Are they paying you a good rate for $$s kept in the bank? Why not? The debit card is a completely automated process. Yes, it may use a few watts of energy to process your porn subscription. But what is the alternative? Should everyone write checks and line up inside the banks to deposit/withdrawal with a teller? The problem is simple-minded people like you who think everything needs to be capitalized....as in the capitalism model.
Just heard about this and am going to switch accounts. I only went with a BAC account due to crosscountry relationships. I'll find another way. This is bullshit, and just the start of more to come. This is part of the Frank-Dodd thing coming home to roost.
It's about Efffing time, Tyler. What we've needed for a long time is a boycott of stocks until HFT is taken down.
Go Green!!! TD Bank is awesome. Open sundays, free everything including counting of change and candy at the counter. I think they are the most convienient bank.
I manage the Visa/Mastercard portfolio at a CU. There are misconceptions about fraud. I can't speak for other institutions but here's how we handle LEGITIMATE cases of fraud/unauthorized debit card usage due to a compromise:
*Cardholder calls or uses secure online banking email system and reports fraud
*We refund the account RIGHT THEN AND THERE including all fees
*The cardholder is not asked to complete any paperwork
*We offer to overnight a new card at NO COST to anywhere in the U.S.
Credit cards are not any safer than debit cards in terms of mass compromises. If you visit a merchant who is targeted, it doesn't matter what card you use, the card number will be taken. To make matters worse, if you pay your credit card off in full each month that credit card with a zero balance could create a bad situation--if that card is used for fraud and you're not diligently checking your statements (because you're paid with a zero balance) the fraud could go unnoticed for months. Unpaid unauthorized charge(s) could affect your credit report which is a hassle to fix after the fraud is reported. Granted credit cards via Fed. Regulation Z offer better support in terms of dispute resolution, but Fed. Regulation E covering debit cards is still consumer-friendly enough (on top of whatever your bank/CU is willing to do for you) to justify using debit.
You can fool me once, you can fool me twice but you can fool me again and again and again because I am a stupid American.
Just received my notice from Sun Trust yesterday - $7.00 per month charge for regular checking account plus a $5.00 per month debit card fee. Of course the $7 can be waived if you keep $500 in your account (which I refuse to do). they can stick it where the sun don't shine - too many small banks out there wanting my business. I have two personal accounts and two business accounts. this adds up in a hurry. GREEDY BASTARDS!
This is what manager of my branch told me yesterday. There will be a $3 fee if you use your debit card in any given month. The fee was instituted because the fee per transaction to the merchant was cut by 50% and the bank customer has to make up for this lost revenue. There will be no fee to the Wells Fargo customer who withdraws from the ATM.
Some intended or unintended consequences might be: the low end (and less profitable) checking account customers will leave BAC; debit card customers will be driven to use their credit cards with their infamous interest rates.
Bank local or bank with a credit union.
My business writes payroll checks on a bank of AAmerica acct and they charge him $5.00 to cash his check there because he doesnt have an account there.
"Pay to the order of" doesn't mean what it used to....
this is the excuse I needed to close out my $100K CD with BAC.
This may not be a bad trade-off if they charge $5 a month but stop with the overdraft rape practices. I use a pre-paid card that is $4/month and I am happy to pay it knowing that I will not be contributing to the success of "gotcha capitalism" that Americans seem to love so much.
When B of A FINALLY goes down for the count....party at my place!!