Bank of America is about to lose another customer.

[John Schmidt]

ME!  Just heard as of Jan. 1, 2012 they plan to start charging a $5/mo. fee for the use of your debit card to pay for purchases. It's possible they might be trying it in limited locations the same as Wells Fargo, but I'm told WF is getting a lot of static and losing customers over it. Like they would care! Since about 1975, I've had a Credit Union checking/savings account but it's in another city about 250 miles away. I've maintained a small balance at the CU all these years but used BOA only because it's local. It will be a small inconvenience to dump BOA and change everything over to the CU. To some, $60/yr. may not seem like a big deal for the convenience of using a debit card. But they're getting a double whammy on that because they also charge the business a fee as well, just not as much as they had been due to new laws. Gee, poor bankers, they can't screw the public as much as they have been...not counting the messed up foreclosures.

[The Anvil]

Bank profits are up 109%. Lending is down almost 10%. America invested in the banks by bailing them out of their own mess (when we should have just let them fail to teach them a lesson) and they're not returning the favor. I wouldn't s stand for that s**t for one minute and you shouldn't either.

[DarkMeister]

I think it's awesome! Business visionaries! Think about it. Slowly but surely we've adopted the ol' plastic; most of us don't even carry cash most days. The debit is OH-so-simple! Quick and easy! Woo-hoo! I know people who buy coffee at the drive-through with debit.
So, now that we've been conditioned - ka-BLAM! Fees. Really smooth.

 

[vicrider]

I have had Wells Fargo for many many years and had local offices when we lived in MN. Now that we're in western OK there are no offices. Closest in TX. Well, since I had S.S. checks going in there already I just left it that way, established a local acc't for retirement check and auto-pay. If they try to charge me for use of debit card I also will close the WF acc't. Wife has kept our CU acc't up there for a long time with her S.S. going in there. Like you said, easy enough to switch things over rather than accept another shafting by the banks.

[fudgie]

Wells Fargo told me a few months ago that the 'free checking' will be $7 a month to have. So they switched everything over to a different account. She said with new banking laws WF needs to make up what they are loosing.

[KY,Dave (AKA Misunderstood)]

free debit tied into your checking and 2% cash back endorsed by Dave Ramsey. 

[musclehead]

Bank profits are up 109%. Lending is down almost 10%. America invested in the banks by bailing them out of their own mess (when we should have just let them fail to teach them a lesson) and they're not returning the favor. I wouldn't s stand for that s**t for one minute and you shouldn't either.

when ever I hear the word "investment" used to describe what the government has done with my taxes, it grinds my gears. an investment sounds like something you might make money on, tax dollars are gone and not coming back    and another thing "America" didn't do it government did.  look carefully and you'll not see me blaming either party, government.

[FLAVALK]

John,

Give me a call. I know of a local bank you might be interested in....seriously...interest

[highcountry]

I haven't used a bank in 30 yrs.  Always felt that they were ripping me off plus I didn't like their attitudes.  Switched to CUs and never looked back.

[DavRed]

I am sure that the businesses that get the swipe fee will reduce their prices. To make up for not being charged as much by the bank So you will be paying the same either way….NOT

[John Schmidt]

John,

Give me a call. I know of a local bank you might be interested in....seriously...interest

Steve, I'll probably call this weekend, I'd like to stay local because the CU I was referring to is in Tallahassee. Joined there not long after I started with the State in the early 70's. That CU is pretty much a State employee facility, but it's larger than many banks that aren't nationally affiliated.

[big d]

waite and see if nobama and pelosi get their way and get hr. 4646 enacted. if they do you can look forward to paying a 1% tax on every bank transaction. for the coolaide drinkers you can look it up yourself.snopes says true and not true. true that they want to get it signed in and false that it is already signed into law. if this happens imagine how many bank transactions you do a month and the dollar amount of all of them then muliply it time 1%. and pelosi says it aint no big thing, its only 1%. hey wait a minute, havent we already paid taxes on that money?... and they will look like the good guys cause they will blame the banks for the fees when it is the government imposing this tax....  

[Cruzen]

I really think everyone should just take their money out of banks and see what happens.  My 89 year old Dad got a letter from his bank last week announcuing new charges.  This upset him.  I called the bank and they said there was nothing they could do about it.  I spoke with Dad on Thursday before I left for my trip to Colorado about the situation. 

On Monday, without my knowledge, he drove to the bank do discuss it with them himself and some smart kid said there was nothing they could do about the situation so Dad said he wanted to close his three accounts and withdraw all the funds.  When he produced his accounts and they found it would be over $130K and that he had an additional 15K in CD's on record which would also be moved when the term ended, that got the attention of the bank President.  Guess who won't be paying those extra charges?? On Tuesday when I called him he was in much better spirits.

Now if everyone did that what do you think would happen???  I was going to try it myself but I don't think withdrawing my $200 would hurt them much.

[The Anvil]

Bank profits are up 109%. Lending is down almost 10%. America invested in the banks by bailing them out of their own mess (when we should have just let them fail to teach them a lesson) and they're not returning the favor. I wouldn't s stand for that s**t for one minute and you shouldn't either.

when ever I hear the word "investment" used to describe what the government has done with my taxes, it grinds my gears. an investment sounds like something you might make money on, tax dollars are gone and not coming back    and another thing "America" didn't do it government did.  look carefully and you'll not see me blaming either party, government.

Investment comes in many forms. It's not always realized in a monetary profit.

But yeah, it's something we can all be pissed about. Point is; we (whether we the people wanted to or not) bailed their asses out and the thanks we get is the banks going into a shell while reaping record profits.

[BF]

I haven't used a bank in 30 yrs.  Always felt that they were ripping me off plus I didn't like their attitudes.  Switched to CUs and never looked back.

Ditto.  I don't know why anyone would bank at a bank.  Credit Union for me.  Can't beat it. 

[Cruzen]

I haven't used a bank in 30 yrs.  Always felt that they were ripping me off plus I didn't like their attitudes.  Switched to CUs and never looked back.

Ditto.  I don't know why anyone would bank at a bank.  Credit Union for me.  Can't beat it. 

Interesting comments.  How are you treated and how are the services supplied by the credit Unions?  What benefits do you realize from being a member of a Credit Union?  I have checked on their rate of return but not on other aspects. 

[DarkMeister]

http://news.yahoo.com/bank-america-charge-debit-card-fee-045800167.html

Interesting article

[Jess Tolbirt]

Not only BOA but Regions also,,,I bank at Regions at the moment,, but I will find a local credit union soon,,,,

i just had a thought,, what about using a credit card from another party and just pay it off every month using online banking,,,,now the bank would have to write a check and mail it out to the cc company costing the bank even more,,,

[Sergeant D]

I'm glad they are raising their fees and ticking customers off.  I've been at war with BOA ever since they messed up my credit rating due to THEIR mistake and refused to help clear it up with the credit bureaus.  Idiots!  Whatever goes around, comes around.  I too will only deal with Credit Unions.

[KW]

Hey John!
I see someone already posted it, but Regions is doing the same. We got a notice last week. Their fee is $8.00 a month, one time fee monthly cost; whenever you use your debit card, PLUS all other normal fees and/or charges. Regions is our Florida bank and even though we don’t hardly ever use the debit card that came with the account, we’ll be switching banks when we get down there in January.
Jerry

[hubcapsc]

  When he produced his accounts and they found it would be over $130K and that he had an additional 15K in CD's on record which would also be moved when the term ended, that got the attention of the bank President.  Guess who won't be paying those extra charges?? On Tuesday when I called him he was in much better spirits.

The bank angered my old landlord, a real country boy, in a similar manner when I lived at his rental house.
He took out his money, over a million (he had an industrial automation business  ), too... they
suddenly became aware of a lot of ways they could help him, but it was too late...

-Mike

[Serk]

We're currently with BOFA, but are looking at switching if they go ahead with this... Anyone use USAA for checking? If so, how do you like it? We use them for just about everything else, so figure we'd give them a shot if we go through the pain of moving...

[DIGGER]

there's other banks out there.     If WF starts that I'm gone

[The Anvil]

Here's the problem with the CC idea: if you don't carry a balance every month then they'll just cancel your card.

If all banks start doing it then I'll just bust out my Early Cuyler "Cash Is KING!" trucker hat and start carrying wads of green again like I used to.

[Hef]

I'm with several others on this regarding credit unions. I've been with GenFed for about 20 years and get great service from themm with no fees.

[MrArn]

If all banks start doing it then I'll just bust out my Early Cuyler "Cash Is KING!" trucker hat and start carrying wads of green again like I used to.

Sliding a card at the gas pump vs standing in line to pay will keep me using a card.

[The Anvil]

If all banks start doing it then I'll just bust out my Early Cuyler "Cash Is KING!" trucker hat and start carrying wads of green again like I used to.

Sliding a card at the gas pump vs standing in line to pay will keep me using a card.

Yes I know, but that's what the banks are "banking on". (no pun intended)

[HayHauler]

Hmmm...I've been paying off my CC every month for 20 + years and never had them cancel a card for THIS reason.  I've had my number stolen on the Internet a few times in this 20 years and the bank canceled my card and issued a new one.


Hay
Jimmyt

[The Anvil]

Hmmm...I've been paying off my CC every month for 20 + years and never had them cancel a card for THIS reason.  I've had my number stolen on the Internet a few times in this 20 years and the bank canceled my card and issued a new one.


Hay
Jimmyt

Amex?

If it's not an Amex and you pay it off every month and they haven't canceled it then you probably have an annual fee. Most banks will not tolerate a CC holder that they can't make any money on. If you do then you've got one of the good ones.

[..]

Hmmm...I've been paying off my CC every month for 20 + years and never had them cancel a card for THIS reason.  I've had my number stolen on the Internet a few times in this 20 years and the bank canceled my card and issued a new one.


Hay
Jimmyt

Amex?

If it's not an Amex and you pay it off every month and they haven't canceled it then you probably have an annual fee. Most banks will not tolerate a CC holder that they can't make any money on. If you do then you've got one of the good ones.

Regions Bank.

No fee.

Paid off every month for more years than I can remember.

https://www.applyonlinenow.com/USCCapp/Ctl/entry?sc=VAA2G6

[f6gal]

Here's the problem with the CC idea: if you don't carry a balance every month then they'll just cancel your card.

If all banks start doing it then I'll just bust out my Early Cuyler "Cash Is KING!" trucker hat and start carrying wads of green again like I used to.

Not exactly true.  Cards are cancelled if you don't use them.  If you use them every month, but pay the balance in full, they're happy... 'cause they charge the merchant for your transactions. 

P.S.  There is no annual fee on any card I use.

[The Anvil]

Here's the problem with the CC idea: if you don't carry a balance every month then they'll just cancel your card.

If all banks start doing it then I'll just bust out my Early Cuyler "Cash Is KING!" trucker hat and start carrying wads of green again like I used to.

Not exactly true.  Cards are cancelled if you don't use them.  If you use them every month, but pay the balance in full, they're happy... 'cause they charge the merchant for your transactions. 

P.S.  There is no annual fee on any card I use.

Neither is a given. I've had TWO cards canceled even though I used them regularly. I carry a small balance on my lone credit card now for that reason.

[f6gal]

Here's the problem with the CC idea: if you don't carry a balance every month then they'll just cancel your card.
If all banks start doing it then I'll just bust out my Early Cuyler "Cash Is KING!" trucker hat and start carrying wads of green again like I used to.

Not exactly true.  Cards are cancelled if you don't use them.  If you use them every month, but pay the balance in full, they're happy... 'cause they charge the merchant for your transactions.  
P.S.  There is no annual fee on any card I use.

Neither is a given. I've had TWO cards canceled even though I used them regularly. I carry a small balance on my lone credit card now for that reason.

If you say so.  Personally I've had many cards cancelled for non-use, but never for not carrying a balance.  
In fact, the cards I use give me either cash back or miles every month and I've never paid them a dime in interest.  I pay for EVERYTHING with cc's, pay in full at the end of the billing cycle, and reap my 1% cash back.... I've done this for many, many years.

[Chattanooga Mark]

You can once again thank the idiots in Washington. The Dobb/Frank bill with the Durbin amendment mandated the fees banks chanrge to retailers be cut in half. And the amendment apparently said the debit card fees were to be spent on fraud protection.

Another example of politicians having no clue how business works or who pays the bills.

Mark

[Valkpilot]

Here's the problem with the CC idea: if you don't carry a balance every month then they'll just cancel your card.

Not true.  It's been my practice for years, and they not only don't cancel me, they keep raising my credit limit.

[MP]

You can once again thank the idiots in Washington. The Dobb/Frank bill with the Durbin amendment mandated the fees banks chanrge to retailers be cut in half. And the amendment apparently said the debit card fees were to be spent on fraud protection.

Another example of politicians having no clue how business works or who pays the bills.

Mark

+1.  Exactly.

[fudgie]

I got a citibank and a Sears cc and they have not been cancelled due to lack of use. I used one of them in Sturgis. Before that it was a year before I use it. So the other card hasnt been used in 2 yrs. My HD card hasnt been used in 3-4 years.

[KY,Dave (AKA Misunderstood)]

Have 2 cards with chase and pay balance every month and have for at least 10 years now. never cancelled on me. That's the facts 

[The Anvil]

You can once again thank the idiots in Washington. The Dobb/Frank bill with the Durbin amendment mandated the fees banks chanrge to retailers be cut in half. And the amendment apparently said the debit card fees were to be spent on fraud protection.

Another example of politicians having no clue how business works or who pays the bills.

Mark

Not that government's interference is particularly helpful, but why is it so hard to consider the possibility that banks are just greedy?

[Chattanooga Mark]

You're missing the point again Anvil. Are you 'greedy' for wanting to be paid for what you do?  Government idiots passed legislation cutting the fees in half that banks charged retailers for credit card purchases. How about if those same government idiots passed a bill that cut part of your income in half. The Dodd/Frank bill with the Durbin amendment was completely stupid and ignorant of any politician that signed it. The politicians that endorsed that bill are dumb because they don't think of or consider their actions. They only act on emotion. Nearly everytime government regulates business, the consumers rates go up to pay for the regulation.

Mark