No, I disagree. There's something effective about sitting down with a human being, in a local branch bank, when there is a problem. Local or regional banks are best for service.
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bank of america
- Thread starter jca24
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Yes, I just called them and swiping your card at all means you get charged the $5 fee.
Why do you (Americans) tolerate being treated this way by banks that seem to firmly rooted in the 19th century? Arbitrary fees on being able to use your own money, with no regulatory oversight. Mortgage foreclosures on properties that aren't in arrears. Diving into leveraged derivatives market, not with their money, but with their customer's money (your money). All with lacklustre service and (generally) restrictive hours. Banks that go bankrupt.
OK, taking a photo of a cheque and depositing it, that's pretty cool. I actually have to go to an ATM and deposit the cheque. Luckily even my small community has several machines.
OK, taking a photo of a cheque and depositing it, that's pretty cool. I actually have to go to an ATM and deposit the cheque. Luckily even my small community has several machines.
We can't have regulatory oversight on the banks. That would be socialism. Or communism. Or fascism. Or some other ism that the right wing would think up to scare people.
It's much more American to let the banks run free and **** the consumers with no repercussions.
Unless you live in Fairfax County Virginia and want to pay your property taxes via debit card. The Fee via debit card is $3.95 but only 2.5% via credit card. Either way the company they hired gets the profit, instead of them.... the rich get richer.
That's such ******** considering the difference in processing (plus how they're now making MORE money). ****ing greedy bastards.
I guess to the credit card it is? Talk about influencing the wrong spending trends-- you would think after all of defaulted xyz they would want people to only spend money they actually had...
just withdrew all my money from BOA and opened up with a national credit union. F$@~ BoA. Not only do they not pay any interest, but they take money from you each and every month.... and they have your money to play with and make investments with so they can earn profits. This FEE business is totally out of control.
The Banks are why we are in this mess and I for one am for the total annihilation of Banks grips on power. Because of DEREGULATION we have allowed corporations and banks to seize power over the American people. Dont believe me? Look it up.. why is unemployment so damn high? Why are prices for food going up? This country is screwed as far as I am concerned.
Corporations need to be regulated in order for things to get better.
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Credit Unions are corporations also.. quasi-corporations, but nonetheless still own you.
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True, they are corporations, however, they have figured out (at least the ones I have dealt with) is that minimizing fees and maximizing member benefits is the best way to grow. Good will goes a long way.
The problem with BOA and other main stream banks is that they have made it their business to fleece their customers every chance they get.
There is another big difference between credit unions and banks, at least in Canada - I assume it is the same in the US though. Credit Unions are owned by their customers. To open an account, you buy a share. If you want to buy a share, you have to open an account. Each member gets one share at most, whether you are are big corporation with a $million account or a regular Joe or Jane with $150..... you only get one share.
Contrast with the Banks where vast blocks of shares are owned by other corporations that buy and sell those shares to make money - without ever becoming a customer - and who put pressure on the bank's board of directors to enhance the share's value. These are pressures that credit unions don't face since their shares are not publicly traded.
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This is true here in the US as well. It is this move as well as the banks' interests that has me deciding to move my BofA account over to my credit union. They already have screwed up with mortgages, and I don't need that happening with my bank account. So as soon as the last of my business is done with them, that account is gone.
BL.
The Dodd-Frank legislation (of which the Durbin amendment was a part) was touted as "the most sweeping change to financial regulation in the United States since the Great Depression". According to Wikipedia, "President Obama stated that the bill included 90 percent of the proposals" he had made for reform:
http://en.wikipedia.org/wiki/Dodd–Frank_Wall_Street_Reform_and_Consumer_Protection_Act
"The Act is categorized into sixteen titles and by one law firm's count, it requires that regulators create 243 rules, conduct 67 studies, and issue 22 periodic reports. The stated aim of the legislation is: To promote the financial stability of the United States by improving accountability and transparency in the financial system, to end "too big to fail", to protect the American taxpayer by ending bailouts, to protect consumers from abusive financial services practices, and for other purposes."
This is what regulation looks like. Quit complaining. Adjust to the new reality, or take some blood pressure meds.
Exactly. I honestly can't believe anyone is still using them for banking. Maybe if you're stuck on a mortgage or something but if you have a choice and you choose to stay... wow.
Sorry, my comments weren't intended to be directed at any one person. Just tired of the whining. It's 5 freaking dollars a month! Don't like it, use cash. Change banks. A 5 dollar fee (that's avoidable) doesn't make anyone a martyr, geez. (Actually, it's more fair than getting rid of most free checking, like Citi is going to do.)
The new legislated cap on debit card swipe fees will cost the banking industry billions of dollars from their revenue streams. Did anyone really expect that CEOs and execs would take a pay cut? If banks had to eat that completely, it would have been layoffs and branch closings. Not that those won't happen anyway.
The new legislated cap on debit card swipe fees will cost the banking industry billions of dollars from their revenue streams. Did anyone really expect that CEOs and execs would take a pay cut? If banks had to eat that completely, it would have been layoffs and branch closings. Not that those won't happen anyway.
I'm curious as to what reality you live in. Billions? Yeah... I think not. They claim they're getting shafted, but in reality it costs about 2 cents to process. Consider this: bank's primary form of profits are supposed to be from the free usage of your money for investment purposes from wherein they make more money to reinvest again... not draining your money through fees. Branches are becoming obsolete regardless. The real issue is this: banks shafted themselves through risky investments and loans, and are now trying to recoup those losses and shed financial insolvency by securing new forms of revenue. Sure, yeah, it's a fee here. And then a fee there. And then a fee there. Where does it stop? Though BOA is losing year over year revenue due to their acquisition of countrywide and their bad loans, it's not like they're doing poorly... total revenue of $2 billion per a quarter as of April this year.
As per the cash argument... entirely untenable. You cannot purchase large items via cash, and some purchasing parties charge large %total fees for credit card usage, without going into specifics.
That's backwards. With a CU, if you have an account, you own them (you're a shareholder.)
And like snberk103 said, all the other shareholders are accountholders, too, so the CU board has an interest in placating accountholders, and no interest in pleasing anyone else.
I see absolutely no reason to pay any fees for access to my own money. There are half a dozen credit unions (and several smaller banks) around town that will happily open no-fee accounts and issue free check cards.
The other difference between credit unions and banks is the deposit insurance limits. In Canada, deposits in banks are insured by the CDIC up to $100,000. In BC deposits in credit unions are insured by the CUDIC with no limits on the amounts - though like all deposit insurance, not all types of deposits are covered.
Yep account holder/stock holders are one and the same. Hence the reason their first and only interested is to the account holders.
This is why their fees are and interst rates are higher and there are few to any fees.
My credit union has no minimum balance and pretty much no fees. The interst rate on my checking account is better than most big banks and that is the lowest of all the interest rates. My saving and CUMMA accounts beat the crap out of the banks.
Sum it up
Anything that cost me money is cheaper.
Anything that makes me money higher.
Add to the Credit union federal insurance fund has never had to be bailed out compared to the FDIC which has been bailed out multiple times.
Credit unions have fewer loan defaults.
They did studies and figured out why. It is not because the account holders at CU are more responsible or do not make bad choices. No it is because the CU takes a human interested in the loans and does not relay only on the computer result and they do not get into making high risk loans.
don't forget the roughly $9.00 monthly service charge on your debit/checking account.
and now add this $5.00 swipe fee
the fees crap is out of control....government have no say in regulation...then they wonder why consumers have less disposable income and the economy can't turn around yet....the banks and wallstreet who screwed everyone in the first place still allowed to screw us over again....when will the public wake up and smell the coffee?
get the corporations out of government....and no I'm not on the occupy wall street bunch but I do condone their actions....for taking a stand against corporate greed and their dirty lobbyists in Washington acting like puppet masters on behalf of the corporate America.
and now add this $5.00 swipe fee
the fees crap is out of control....government have no say in regulation...then they wonder why consumers have less disposable income and the economy can't turn around yet....the banks and wallstreet who screwed everyone in the first place still allowed to screw us over again....when will the public wake up and smell the coffee?
get the corporations out of government....and no I'm not on the occupy wall street bunch but I do condone their actions....for taking a stand against corporate greed and their dirty lobbyists in Washington acting like puppet masters on behalf of the corporate America.
Its actually because of regulation that banks are adding these fees. The Government capped the amount banks can charge retailers when consumers use their debit cards. So if they cannot get their money from retailers they will from consumers.
That's only partly correct, imho. The swipe fee at the retailer end may be regulated, however the banks were free to overextend themselves and venture into exotic derivatives, and other poorly understood financial instruments because they had few regulations on what they can do with their depositor's money. If the banks had not lost their shirts on these exotics, they wouldn't have risked alienating their customers with new fees. In fact, they wouldn't be in the position of needing these fees just to stay solvent.
In jurisdictions where banks are regulated in what they can do with their depositor's money, the banks are in much better shape.
I think that has nothing to do with this topic. Banks would have still passed on the charges to the consumers in the form of a fee regardless of whether they lost any money in risky investments.
I can't speak for banks in Europe and Asia (anyone else?) but Canadian banks, that are financially healthy and were not bailed out, do not need to charge a monthly fee for using a debit card at stores. I would agree that if they could charge the fees they would - our banks love their $billion profits as much as anyone - but because they weren't allowed to expose themselves so much to risky investments, they didn't lose their shirts, and therefore the debit card monthly fees are not critical to their survival.
Canadian banks can nickel-and-dime their customers with the big leagues, but there are certain lines that they don't to cross, I believe because their investments were regulated.