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.
Who is leaving BoA?
- Thread starter mandown
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The populist in me thinks that this is still an attempt to soak the poor in this country. From a NYT article:
Maybe we really do need a Project Mayhem?
And right now (before this whole debit card fee thing), 71% of Americans avoid paying any fees at all.
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.
Maybe we really do need a Project Mayhem?
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.
Of course, I wonder whether stores will actually reduce their prices by $0.20 or whether they'll just pocket it...
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.
Yay
Pretty sad when the bank bills you to keep pre-deposited money that they (theoretically) make money off on loans, shows how well the economy is doing! Furthermore your risking your money on their loans regardless, but its technically irrelevant; FDIC insurance means the government will just print more money!
For any boston-area folks looking for a good credit union:
Digital Credit Union
They're high tech enough so I can deposit checks and move money around with my phone. They're local. My checks are free. They're part of the CU Service Center group, so there are quite a few places to walk into around new england.
Digital Credit Union
They're high tech enough so I can deposit checks and move money around with my phone. They're local. My checks are free. They're part of the CU Service Center group, so there are quite a few places to walk into around new england.
Plus they have a center in Worcester that has monster trucks.....
I bet that branch is open on SUNDAY!!!! SUNDAY!!!! SUNDAY!!!!, too.
Stay classy, Woosta.
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
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.
Never was with BoA, never will be. Currently with HSBC, and am very happy (other than the interesting on my savings account dropping off to practically nothing), but I'm starting to search around for local credit unions given the current state of the economy.
we need this dang house to close, then we're bringing our loads of invisible money elsewhere.
Over regulation is clearly the problem.
To all you who are pissed about BoA and other banks, two words: Credit Union 
Fashionably late?To all you who are pissed about BoA and other banks, two words: Credit Union
Speaking of fashionably late, as of yesterday, I have finally removed all of my business with Bank of America. Took me two years to get the motivation.
looks like they smartened up and dropped the $5 fee
BofA Eliminates Plan for $5 Debit-Card Fee - Bloomberg
one of the best ways to speak is with your money... particularly when you're talking to a bank & en masse.
Great news...seems like companies/places are listening to people aka customers lately.
There is NOTHING fashionable about what I do, haha.
Nah, just I've been with California Coast CU since I was 18yo and have had not one issue, whereas all my friends with Chase and Wells Fargo seem to never stop complaining about banks this or banks that... no BoA issues though.
Whew.....Thank the FSM I still was never doing any business with BofA.
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)
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)
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.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)
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.
BAC took an auto-payment on a card I had paid in full the week prior. That card is linked to a secondary checking acct which had a $1 balance, as I have consolidated everything into our primary checking acct for the home purchase. I now get to explain to my mortgage lender why I have an NSF in my checking account. Thanks BAC!
I will be closing pretty much all of my CC's once I close on the house. BAC = gone.
I will be closing pretty much all of my CC's once I close on the house. BAC = gone.