Boycott Bank of America

The good news is, the other banks are watching and waiting. With the bad publicity that BA got, I don't see this happening at Wells Fargo, Chase or whatever. BA sure knows how to garner ill will with the public. Nobody does it better.

The fee is a good thing. The point is vendors had to mark up their products and services to account for the exorbitant debit card fees(think of the debit card transaction fee as a tax on coffee). So now you pay directly for the right to use a debit card.. big deal, at least it's more honest, and you can still shop around for the best debit card rate, switch to a credit card, or pay cash. This is a very dumb rant.

chase and citibank are doing it to- they all have new fees

The banks have been ripping off companies for years. The cap on fees makes sense considering the banks have organized as an oligolopoly thru visa & mastercard. If the gov't ensured competition in the market place we'd be even better off.

I "unbanked" myself quite a while ago.

I now use only credit unions.

Regulating the interchange on debit cards was short sided on the government's part. Now obviously the intervhange fees will be passed back to the consumer in direct fees. All debit cards will have fees soon. People expect too much for free: it costs money to issue cards and statements, cover fraud / charge backs, customer service, growing legal departments etc. No merchant is ever forced to accept plastic of any variety.

Based on past issuance debit cards have been VERY PROFITABLE for the banks

Do we really need debit cards? Didn't the banks introduced them because they were cheaper for them than checks and safer for us than carrying cash. Just go back to writing checks for your groceries and pay your monthly balance on your credit card like the old days.

Less risk for banks, I suppose. It's your money now instead of theirs. Plus the card user has less legal protection which benefits the banks.

"People expect too much for free: it costs money to issue cards and statements, cover fraud / charge backs, customer service, growing legal departments etc."

Bullshit. It's called the Cost of Doing Business.

Banks have been issuing cards and statements, providing customer service, and covering fraud for decades. NOW all of a sudden it's too much to shoulder? In an era of record profits?

I don't think so.

This is an important discussion.

And if we stop using our cards at the bank's ATM's to get cash, won't the banks have to hire more tellers to handle all the people who used to wait in line? It seems debit cards were initially issued in the bank's best interest, not ours.

>won't the banks have to hire more tellers to handle all the people who used to wait in line?

Yes, the banks will add employees just so you can get cash out.

We're not talking about ATM cards, we're talking about DEBIT cards.

Banks are not charging (yet) to take money out of their own ATMs. The issue is the charge to use debit cards for purchases.

Banks have secretly replaced ATM cards with Debit cards. I doubt most people who have one ever recall asking for a debit card. Recently I called up my bank and told them to cancel my debit card and give me an ATM. These are safer to use than debit cards and if you use a credit card and pay off in full each month you can make the same purchases.

I've done the same thing, Riversider.

Boycott Sal's famous.....coz there ain't no brothers up on the wall!

http://www.youtube.com/watch?v=kEnCupB7a5M

You are right! My ATM card is now a debit card, replaced by the bank, not by me.

Did same to me. I told them at the time I don't want a debit card, and response was "it's still an ATM card but with an added feature and doesnt cost anything."
That was like 4 /5 years ago.

Of course IVe accidentally purchased product with my "ATM" enhanced card probably a dozen times because it looks just like my credit card. Fockers.

If this charge hits any of my banks I will convert to a regular ATM card and if not available or doable I will remove my entire account.

truthskr10, legally the banks are obligated to give you a plain ATM card if you ask.

Do we really need debit cards? Didn't the banks introduced them because they were cheaper for them than checks and safer for us than carrying cash. Just go back to writing checks for your groceries and pay your monthly balance on your credit card like the old days.

No, I'll just stick with the simple answer, Consumers didn't ask for them, so it must be the banks make a ton of money.

never had one. never will.

>Do we really need debit cards? Didn't the banks introduced them because they were cheaper for them than checks and safer for us than carrying cash. Just go back to writing checks for your groceries and pay your monthly balance on your credit card like the old days.

No one in my family has a debit card, but that is besides the point. Not everyone in the country had income and credit enough for a credit card, but everyone wanted the convenience of being cashless. Obviously the industry did a great job of promoting the convenience. And now we have a bunch of lawless facist communist smelly hippies protesting the banks because they have to pay debit card fees instead of being entitled to it, just like they are entitled to free college educations, free housing, and free medical care.

What ever happened to cash?

I have a lot of it in my wallet.

What is the question?

and now we have a bunch of lawless facist communist smelly hippies protesting the banks because they have to pay debit card fees instead of being entitled to it, just like they are entitled to free college educations, free housing, and free medical care.

And they probably don't want to pay off their credit card balance or mortgages(if the had one)

There's something else at play here. Fed policy by flooring rates at zero along with an artificial flat yield curve has made it impossible for banks to make money, so they're forced to earn by charging monthly fees. What we're seeing here goes beyond Durbin. I would not be surprised if in a short time money markets pay 0% and charge a management/maintenance fee(same for checking and savings)

I dumped B of A years ago and not due to newly imposed fees or other nickel and diming. Their customer service stinks.

hey brooksie,
my niece is down there, a columbia junior, and Ill give 20:1 she'll kick your ass clean around the block on any front, certainly that requiring intellectual and writing skills, but anything athletic too...anything--and she's quite well-groomed and attractive, since you think that's important---

so put your horseshit soundbites where the sun dont shine...you know, up your ass, where your head is

@ NYC Matt: Record profits? Maybe some banks and oil companies but BOA lost $9B in 2Q 2011.

@ Riversider: totally agree.

http://www.borowitzreport.com/2011/11/02/a-letter-from-bank-of-america/

NEW YORK (The Borowitz Report) – The following letter was sent today by Bank of America to all of its debit card customers:

Dear Valued Customer:

As most of you probably know by now, last month we instituted a $5 monthly fee for all of our debit card users. To say that what followed this decision was a shitstorm would be a massive understatement.

Considering that just three years earlier taxpayers had bailed us out with billions of their hard-earned dollars, it’s understandable that Bank of America was compared to a person who, as he is pulled from a burning building, turns and kicks the fireman in the nuts.

That’s why we are writing to you today with a simple message: “Our bad.” And to tell you that we are refunding the $5 to you, effective immediately. All you have to do is pay a simple, one-time $10 refund fee.

You can receive your refund online, or pick it up at your nearest Bank of America branch, where a teller will hand the money directly to you for a simple, one-time $15 handling fee.

If you do visit your branch, feel free to use any of our services, including our state of the art ballpoint pens and deposit slips. (Prices on request.)

Again, accept our apologies for instituting the debit card fee. We have learned our lesson, and we make this solemn promise: next time we squeeze money from you, we’ll do it in a way you won’t notice.

Sincerely,

Bank of America

Wow, what's with that schnoz on Borowitz?

So how is the debit fee any different than the Verizon $2 fee?

I'm pretty sure most people who don't think the Bank of America fee was reasonable don't think the Verizon fee is reasonable either.

Verizon just cancelled the fee.

so did bank america