http://online.wsj.com/article/BT-CO-20110929-709314.html
**** you BOA! and other banks who do this
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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.
#1 fan likes this. -
unluckyluciano and BigDogsHunt like this.
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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. -
Get some rubber bands and a shovel. "Cards" are friggin annoying anyways.
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All banks are looking for extra revenue.
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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
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Nothing is ever free. :no:
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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. -
shula_guy Well-Known Member
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"
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But I still don't believe you should be charged for having a savings account. Kinda defeats the purpose.alen1 likes this. -
"we as a bank can't get anymore free taxpayer money, so let's strong arm people for a service we already offer!" -
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:MikeHoncho likes this. -
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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. -
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, etcStringer Bell and unluckyluciano like this. -
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.
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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. -
#1 fan likes this.
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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. -
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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. -
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. -
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