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Bank of America To Charge $5 Monthly Fee For Debit Card Usage

Discussion in 'Lounge' started by Jt0323, Sep 29, 2011.

  1. Jt0323

    Jt0323 Fins Up! Luxury Box

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  2. MikeHoncho

    MikeHoncho -=| Censored |=-

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    Gonna go buy a mattress to keep my bankroll in.
     
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  3. BigDogsHunt

    BigDogsHunt Enough talk...prove it!

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    Arent all Bank Debit cards also Credit cards now a days? I know mine is, and I never once use it as a debit....I always select credit. No difference, and avoids this bogus fee.
     
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  4. SICK

    SICK Lounge Moderator

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    I know for my bank (suntrust) it doesnt matter, if it's used as a point of sale purchase its $5.00 fee a month (not per transaction) and its per account, not account holder, so if you have a joint account the charge isnt 10, its still 5. Not really that bad for the convience debit cards provide.
     
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  5. #1 fan

    #1 fan Well-Known Member

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    What bank doesn't do this? Looks like I'll be switching banks in early 2012.
     
  6. #1 fan

    #1 fan Well-Known Member

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    I might start doing this.
     
  7. Muck

    Muck Throwback Uniform Crusader Retired Administrator

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    Ties right into the "BOA is in big trouble" thread in POFO from earlier this week.

    They need the revenue. If they have 10 million people with debit cards, that's $600 million a year in new revenue.
     
  8. McLovin

    McLovin Resident Pats fan.

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    credit union.
     
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  9. Fin-Omenal

    Fin-Omenal Initiated

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    Get some rubber bands and a shovel. "Cards" are friggin annoying anyways.
     
  10. 2k5

    2k5 I miss Ted Ginn Jr.

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    How are cards possibly more annoying than cash or checks?
     
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  11. byroan

    byroan Giggity Staff Member Administrator Luxury Box

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    Ally bank...
     
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  12. unluckyluciano

    unluckyluciano For My Hero JetsSuck

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    All banks are looking for extra revenue.
     
  13. maynard

    maynard Who, whom?

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    this is reality now. but i think its better if the bank squeezes people up front and honestly in extracting cash than the way they behaved previously
     
  14. Stringer Bell

    Stringer Bell Post Hard, Post Often Club Member

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    Nothing is ever free. :no:
     
  15. SICK

    SICK Lounge Moderator

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    My selling point to clients with a objection to the $5.00 fee.

    "You lose your wallet with $800.00 in it, and you lose your money. You lose your wallet with a debit card in it, you call our free 24 hour call center, get the card closed immediately, and all you lose is a piece of plastic, we get you a new one in 1 day, and you keep your money. Great connivence for as much as a latte at starbucks"

    Works every time.
     
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  16. This is a little off topic but the charge that really chafes my a$$ is when you take a check that someone has written to you, to their bank to cash it and the bank wants to charge me for not also having an acct with them. Just once I would like a bank to need me to do something for their benefit so I can turn around and tell them " I'm sorry but I charge a fee for that particular courtesy, it's my policy"
     
  17. FinSane

    FinSane Cynical Dolphins Fan

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    Good point.

    But I still don't believe you should be charged for having a savings account. Kinda defeats the purpose.
     
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  18. Laces Out

    Laces Out Well-Known Member

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    How is it good to have a bank squeeze you up front? Why make the change to a service that has been free for years because as a bank you made risky choices and now they are haunting you? What about that is right?

    "we as a bank can't get anymore free taxpayer money, so let's strong arm people for a service we already offer!"
     
  19. The_Dark_Knight

    The_Dark_Knight Defender of the Truth

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    Okay, a bank offers to hold your money for you....makes money off of your money, then wants to turn around and charge you for using your own money.

    Riddle me this BoA...just what would you do if every account holder came down to your insitution and closed their accounts? How would you stay in business then?

    This is why I'm so glad I discovered credit unions over 20 years ago! :up:
     
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  20. SICK

    SICK Lounge Moderator

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    Then people need to do what you said and close the Accts. Until they do, boa wins, every time.
     
  21. McLovin

    McLovin Resident Pats fan.

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    What you are also forgetting is the bank makes money off of every transaction you do with that card. on a debit transaction, they make about .35 cents. a credit transaction is based off the amount of the sale with a portion going to visa, mastercard etc and a portion going to the bank. usually its 2-3 %. i always use mine as debit to save the merchant money.
     
  22. maynard

    maynard Who, whom?

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    im not saying its great, just better. i would rather have a bank charge $5 a month for debit usage to make money than make underhanded loans to sell them off to fannie mae. ill take the first option. its at least transparent.

    banks have to make money somehow. they are rightfully being more tightly regulated, so they have to find alternatives.

    i doubt many people will change banks. it is a huge inconvenience, esp. if you conduct many transactions online with all your info nicely saved for auto bill pays, amazon, ebay, pay pal, etc
     
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  23. unluckyluciano

    unluckyluciano For My Hero JetsSuck

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    Ill probably just switch to using my credit card unless they start to charge for that too. But there are always alternatives to use, and I already clear them out every month. So yeah.
     
  24. FinSane

    FinSane Cynical Dolphins Fan

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    Let me count the ways:

    1. Interest charged on loans
    2. Money you deposit
    3. Fees for services and certain accounts
    4. Taxpayer bailouts, ect

    I really dont see how other than BoA making bad/bad investments and business decisions with all revenue they already collect in various ways that now they need to shake down their customers some more. Sure its only $5 but it does add up over time. BoA has THE worst reputation in the banking industry. I know alot of people who've been screwed by them.
     
  25. Desides

    Desides Well-Known Member

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    Not that bad? They're charging customers for the ability to use their money. It's ridiculous.
     
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  26. SICK

    SICK Lounge Moderator

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    They give you options. You can use it at the ATM only, or not at all, and you don't get a fee. They are charging a small fee to provide a service now. Prices go up sometimes. If you want the convienece of the debit card, you pay as much as a bottle of water at a marlins game. It's not that bad.
     
  27. maynard

    maynard Who, whom?

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    i agree. if its really a problem, then people can switch. i said its very inconvenient, but im also lazy with things like that.

    i mean, i dont even think BOA should even exist at this point. i dont think any bank should be that big. but that my opinion. this is at least a case where the market can sort it out. people will either leave or they will make enough money off it.

    i think its more interesting to see if this becomes more prevalent.
     
  28. Stringer Bell

    Stringer Bell Post Hard, Post Often Club Member

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    How are they making money off of depositor's money?
     
  29. rafael

    rafael Well-Known Member

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    They pay you 1% - 2% (if it's in savings) and lend it out at a higher rate.
     
  30. Desides

    Desides Well-Known Member

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    Sure, prices sometimes go up. In this case, a price is being contrived and applied to something that was previously free.

    Again, having to pay to access my own money is ridiculous. And make no mistake, that's what this is. The alternative is to actually walk into a BoA location and make withdrawals every time I need money. The irony of that is, if more people did that, BoA would then complain that customers were making things difficult for bank staff and forcing them to hold more money on hand.
     
  31. finyank13

    finyank13 Reality Check

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    USAA....the best bank in America....

    You can thank Dick Durbin for all these wonderful fees banks are now charging...
     
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  32. McLovin

    McLovin Resident Pats fan.

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    False:

    The Bank of Mclovin.
     
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  33. SICK

    SICK Lounge Moderator

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    Ya you WOULD take my deposit...
     
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  34. McLovin

    McLovin Resident Pats fan.

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    twice the interest coming back at you.
     
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  35. Stringer Bell

    Stringer Bell Post Hard, Post Often Club Member

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    I understand, the question was rhetorical.

    My point was, if they aren't lending money out, then they aren't making money. The fact is, there isn't anywhere to put excess liquidity right now thats very profitable.
     
  36. GreenMonster

    GreenMonster New Member

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    In the banking bill that just passed congress reduced the amount credit card companies could charge merchants. To make up the lost revenue they won't get from merchants they pass the cost back on the consumer, and begin to charge you to use your debit card. So in the end, merchants make more money, banks make the same amount or a bit less, and the consumers loss free checking forever. Thank You Government. End Rant.
     
  37. MikeHoncho

    MikeHoncho -=| Censored |=-

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    Yep. And these people are the people we as a people must keep from going out of business...
     
  38. unluckyluciano

    unluckyluciano For My Hero JetsSuck

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    Eh the banks wouldn't have gone under with that loss of revenue. Thanks capitalism.
     
  39. MikeHoncho

    MikeHoncho -=| Censored |=-

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    I could have sworn it's socialism that keeps these crooks safely in business.
     
  40. unluckyluciano

    unluckyluciano For My Hero JetsSuck

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    I could have sworn its capitalism that bought off washington dc.
     
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