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bank of america
- Thread starter jca24
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Applied for a PNC account online yesterday. They're probably not any better and I'm sure it's only a matter of time before they start charging fees, but I refuse to pay BoA 5 bucks to have a debit card. It's not that 5 bucks a month is a financial hardship for me, it's the principle. They take billions of bailout dollars and screw over the little guys like me while the rich execs get richer. **** them.
Wells Fargo is testing this out in some markets. I have a feeling they will be doing it also. F-Them. Looks like a credit union is in my future also.
Seems Wells Fargo and Chase are going to be following suit and many more surely to follow. This is a terrible thing to do, and all because the banks were so irresponsible with the money they had. Now we all have to pick up the "tab" with all these extra fees, for their risky, and speculative behavior 
Get used to this. It's fallout from the Durbin amendment to the Dodd-Frank financial regulation, which reduced debit card swipe fees banks could charge. Retailers won, banks lost. Consumers were supposed to win in lower retail prices. (Yeah, right.)
Lawmakers don't seem to understand the Law of Unintended Consequences. Or maybe they just count on most people not knowing it.
Lawmakers don't seem to understand the Law of Unintended Consequences. Or maybe they just count on most people not knowing it.
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The new lower swipe fees are still much, much more than what it actually costs banks to process debit card transactions. The new limit is 24 cents, the actual cost to the bank is estimated to be 1 or 2 cents.
Again, **** them.
I already have an account with a CU, but that was mainly for savings and the like. I also opened one up for my son.
I think it's now time for a 2nd account for me, and drop BofA now. At the time I went with them, they were the only bank in town that wasn't really corrupt at that time, and there weren't any local banks that weren't getting shut down. Because of this, I'm definitely out.
BL.
I think it's now time for a 2nd account for me, and drop BofA now. At the time I went with them, they were the only bank in town that wasn't really corrupt at that time, and there weren't any local banks that weren't getting shut down. Because of this, I'm definitely out.
BL.
Just to be clear, the fee is not for having an ATM/debit card, but for using it to make debit purchases... Sadly, I think this is an inevitable consequence of piecemeal regulation of the financial industry. Of course they were going to play Whack-a-Mole and dodge Durbin by charging you directly.
If you really want to avoid this, you're probably going to have to move to a smaller bank... lots of the other national banks have already said they'll follow suit, and there will be more to come.
(I have three bank accounts; only one has a debit card, which I do not use to make debit purchases. I do have a BoA credit card, and feel guilty de temps en temps that I should ditch it.)
If you really want to avoid this, you're probably going to have to move to a smaller bank... lots of the other national banks have already said they'll follow suit, and there will be more to come.
(I have three bank accounts; only one has a debit card, which I do not use to make debit purchases. I do have a BoA credit card, and feel guilty de temps en temps that I should ditch it.)
I used to be a BankofAmerica client..
I had a small online business and my account used to fluctuate up and down 24/7.
I called to ask that overdraft option be blocked from my account. If I have no money, DO NOT allow overdrafts.
Employee confirmed that was done.
Two days later, $100 in overdraft fees. I call AND DEMAND OVERDRAFT IS SHUT DOWN FROM MY ACCOUNT.
Employee confirmed!!
I travel for a week to vegas..
I return home and check my account online to find it $600 NEGATIVE!!
I went to the ATM and took as much as I can take..
Account closed, balance to collections.
I changed my phone number and have only 7 months left until that $900 is off my credit history..
I WIN.. THEY LOSE!
I had a small online business and my account used to fluctuate up and down 24/7.
I called to ask that overdraft option be blocked from my account. If I have no money, DO NOT allow overdrafts.
Employee confirmed that was done.
Two days later, $100 in overdraft fees. I call AND DEMAND OVERDRAFT IS SHUT DOWN FROM MY ACCOUNT.
Employee confirmed!!
I travel for a week to vegas..
I return home and check my account online to find it $600 NEGATIVE!!
I went to the ATM and took as much as I can take..
Account closed, balance to collections.
I changed my phone number and have only 7 months left until that $900 is off my credit history..
I WIN.. THEY LOSE!
Not sure why anyone in the US uses Bank of America over multiple better alternatives, but bad news for those who insist on sticking with them, I guess.
Very true! I've been lucky to have a good experience with TDBank. I still use them for my day-to-day spending.
Most of my money is at a bank in a safe, stable country
When I need extra money, I login online, transfer money to my TDBank account, and viola the money is there within 48 hours
If I may suggest looking at ING Direct.
No fees, no complaints by me. Great IOS app, and they give away money every now and then to have you open an account: i.e. savings. Gave me 50 last year for opening a 25. savings account for my son.
Now, they do not have brick and mortar- but today who needs it. I have been happy with them for 3 years and going.
FWIW, might want to check them out- (and no, I do not have affiliation whatsoever).Lastly, they offer debit cards, Sharebuilder stock trading, and 401k accounts...etc.
No fees, no complaints by me. Great IOS app, and they give away money every now and then to have you open an account: i.e. savings. Gave me 50 last year for opening a 25. savings account for my son.
Now, they do not have brick and mortar- but today who needs it. I have been happy with them for 3 years and going.
FWIW, might want to check them out- (and no, I do not have affiliation whatsoever).Lastly, they offer debit cards, Sharebuilder stock trading, and 401k accounts...etc.
Well, the banks are for-profit companies. I don't know of many companies which can provide a service at "cost". If the markup or fees offend you, you should do business elsewhere. (I left BofA long ago because of their "customer service".)
My point was, this is going to spread to most other institutions, I don't think you can squeeze a balloon without it expanding elsewhere.
I'm a customer of BofA and I've been with them not because of some sort of undying loyalty but because they absorbed the bank I had.
Now with that said, I've stuck with them because they have my mortgage and credit card so it was so much easier to stay with them then go with the hassle of switching.
I'm seriously thinking of switching, but here's the kicker, many of the US banks are moving to charging a fee for debit card usage. So I can move to a different banks but I switch to citizens it was reported they were considering such a fee as well. I could go to a Credit Union or an online bank like ING which are options.
I have a few accounts, one is a BofA. If you have an account in CA then BofA's in other states can't access all of your account. It's some weird thing. Ergo, when I moved to the east coast I opened an account with a local bank who I do enjoy using. The BofA stays open for emergencies but I don't use the debit card so I should be good.
My understanding is if you use their debit card you'll be charged. What I have not researched is will I be charged if I use the debit card as credit?
I use ING as well and have been a customer since before they were FDIC insured (for that I would only give them $100 a month into my savings). I have considered using them more since my local bank no longer gives me $1.00 for every transaction over $25. The only thing I may use them for is when I have a check to deposit. On that note, BOFA has a neat thing where you deposit a check in their ATM and they copy it for you. That's kind of cool but not $5.00 a month cool.
My understanding is if you use their debit card you'll be charged. What I have not researched is will I be charged if I use the debit card as credit?
I use ING as well and have been a customer since before they were FDIC insured (for that I would only give them $100 a month into my savings). I have considered using them more since my local bank no longer gives me $1.00 for every transaction over $25. The only thing I may use them for is when I have a check to deposit. On that note, BOFA has a neat thing where you deposit a check in their ATM and they copy it for you. That's kind of cool but not $5.00 a month cool.
A mortgage is a fair reason not to switch, but a credit card really isn't a hassle beyond the application for a new one and possibly the transfer of balance if you're carrying a balance.
USAA isn't.
Yes, most other big banks will most likely follow suit. Hopefully the smaller banks and credit unions will not and use this as an opportunity to attract new customers. I have been with my credit union for many many years and plan to stay there. The big banks all still have some type of financial trouble, even after bail outs etc. Stay away from them!
All of the banks are going to do this.. blame the government for cutting in half what they could charge merchants for debit swipes.
The answer: just use my credit card instead. No point in changing banks, because its a pain in the ass, they are all gonna be charging fees within the next year, and no place has as many convenient ATMs as BofA. Plus nobody else's ATMs take cash and checks right there without dealing with envelopes and that bs.
The answer: just use my credit card instead. No point in changing banks, because its a pain in the ass, they are all gonna be charging fees within the next year, and no place has as many convenient ATMs as BofA. Plus nobody else's ATMs take cash and checks right there without dealing with envelopes and that bs.
Nobody is saying they should not make profit but at the same time insane make up like 12-24x is not right much less double that.
The banks have gotten out of hand and need a lot more clamped down on them and credit unions need to have restrictions lifted on them to make them a even bigger threat to banks forcing them to compete even more.
I personally am a huge fan of credit unions. The one I am part of I have zero fees, no minimum balance and omg higher interest rates on my balance. Top it off it is part of a huge alliance of credit unions that I can access my account pretty much any where in the nation.
Remember banks first interest is to stock holder compared to credit unions first interest is to account holders.
Well, a little bit of "clamping down" has resulted in $5 monthly debit card fees. If you think more congressional clamping is desirable, good luck
Banks..
Are EVIL in plain english.. Who do you think the New World Order(coming) is run by??? Who do you think the Fed is run by? BANKS.. We need to eliminate them before they eliminate us.. I don't use any bank at all as I don't trust them at all and with the coming NWO, I won't be giving my money to any BANK or evil corporation.
Are EVIL in plain english.. Who do you think the New World Order(coming) is run by??? Who do you think the Fed is run by? BANKS.. We need to eliminate them before they eliminate us.. I don't use any bank at all as I don't trust them at all and with the coming NWO, I won't be giving my money to any BANK or evil corporation.