You realize that the fee has only taken a different form. It's an end run around the Frank-Dodd act. You're not really paying any more than you have been.
And right now (before this whole debit card fee thing), 71% of Americans avoid paying any fees at all.Only Bank of America customers with more than $20,000 in combined checking, savings and certificate of deposit accounts or a bank mortgage (of any size) will be able to avoid both the debit card fee and any other monthly fee for falling below a required minimum balance level.
Guess who those remaining 30% are... poorer people without a mortgage or direct deposit or a nice big fat IRA would be my guess. Those of us who are middle-class or higher will always find a way around these fees. Credit unions won't charge them, and there will always be smaller internet-only banks willing to not charge fees so that they can get more customers. ING, Ally, etc are all offering far more in interest on savings accounts than traditional banks in an effort to do just that, and that adds up to more than a measly $3 or $5/month. Of course, then you need an internet connection and a computer and the financial knowledge to set it all up, something that poorer people are less likely to have.But, over 70% of bank customers say that they don’t pay a single penny for their banking services, according to the American Bankers Association.
Sort of. One of the biggest positives of this is that it's now going to be paid by the consumer instead of the retail establishment. Up until now it was hidden from consumers because it was charged to the store, and store's are expressly prohibited from charging a customer more for using plastic (although they can charge *less* for using cash). You couldn't walk into a store and see a "extra 3% added to your bill if you pay by credit card" sign, so most most stores just had to up their prices or eat the cost.You realize that the fee has only taken a different form. It's an end run around the Frank-Dodd act. You're not really paying any more than you have been.
I used Nationsbank Military Bank for a long time, then they became part of BofA...tolerated the occasional BS from them for a long time but finally switched to USAA for banking as well as my insurance. Still have to close my BofA accounts entirely, though.
USAA FTMFW.
I bet that branch is open on SUNDAY!!!! SUNDAY!!!! SUNDAY!!!!, too.Plus they have a center in Worcester that has monster trucks.....
We should. We don't.Bank of America Corp. (BAC), hit by a credit downgrade last month, has moved derivatives from its Merrill Lynch unit to a subsidiary flush with insured deposits, according to people with direct knowledge of the situation.
The Federal Reserve and Federal Deposit Insurance Corp. disagree over the transfers, which are being requested by counterparties, said the people, who asked to remain anonymous because they weren’t authorized to speak publicly. The Fed has signaled that it favors moving the derivatives to give relief to the bank holding company, while the FDIC, which would have to pay off depositors in the event of a bank failure, is objecting, said the people. The bank doesn’t believe regulatory approval is needed, said people with knowledge of its position.
Three years after taxpayers rescued some of the biggest U.S. lenders, regulators are grappling with how to protect FDIC- insured bank accounts from risks generated by investment-banking operations. Bank of America, which got a $45 billion bailout during the financial crisis, had $1.04 trillion in deposits as of midyear, ranking it second among U.S. firms.
“The concern is that there is always an enormous temptation to dump the losers on the insured institution,” said William Black, professor of economics and law at the University of Missouri-Kansas City and a former bank regulator. “We should have fairly tight restrictions on that.”
Who's leaving? ...I hope everyone.
http://www.bloomberg.com/news/2011-10-18/bofa-said-to-split-regulators-over-moving-merrill-derivatives-to-bank-unit.html
We should. We don't.
Fashionably late?To all you who are pissed about BoA and other banks, two words: Credit Union
BofA Eliminates Plan for $5 Debit-Card Fee - BloombergNov. 1 (Bloomberg) -- Bank of America Corp. (BAC), the second- biggest U.S. lender by deposits, dropped plans to charge a $5 monthly fee for debit cards after a nationwide backlash from customers and lawmakers.
We have listened to our customers very closely over the last few weeks and recognize their concern with our proposed debit usage fee, David Darnell, co-chief operating officer, said in a statement from the Charlotte, North Carolina-based lender today. As a result, we are not currently charging the fee and will not be moving forward with any additional plans to do so.
one of the best ways to speak is with your money... particularly when you're talking to a bank & en masse.
But not this BofA Said to Split Regulators Over Moving Merrill Derivatives to Bank Unit - Bloomberglooks like they smartened up and dropped the $5 fee
BofA Eliminates Plan for $5 Debit-Card Fee - Bloomberg
There is NOTHING fashionable about what I do, haha.Fashionably late?
Bank of America Corp. is working on sweeping changes that would require many users of basic checking accounts to pay a monthly fee unless they agree to bank online, buy more products or maintain certain balances.
Yup. USBank pulled the same isht with us cause we had a zero balance in our "savings" account at the end of one month. They closed it and then charged us for not having it. So now we keep 5 bucks in "savings" just so they don't pull that crap again. I would go all local credit union if USBank didn't hold our mortgage.I just saw that WF charged me a $15 "monthly account maintenance fee" last month??!? WTF??! No notification, no alert, no option to cancel it, just a "hey, we're hitting you for $15, thanks!"
Looks like it's off to switch all of my checking/savings accounts over to ING...
(I'm pretty sure it's because we don't have our mortgage with WF anymore, but still, you'd think that they'd give you a heads up before poking you in the butt)