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orangearrows
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BofA Plans $5 Monthly Fee for Some Debit-Cards

submitted on September 29, 2011 by orangearrows in "Stores / Merchants"
They are going to lose it --- just like Netflix lost. But I guess every bank has a bad reputation.

Bank of America Corp. (BAC), the biggest U.S. lender by assets, plans to announce a $5 monthly charge for some debit-card users to recoup revenue lost after new federal rules capped so-called swipe fees.



Read more here > http://www.bloomberg.com/news/.....hases.html
     

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  • 126710
    HouTex
    admin
    Posted by HouTex on September 29, 2011
    [reply] 3 0
    Yep, and BofA is unfortunately not the only one, according to the NY Times http://bucks.blogs.nytimes.com.....card-fees/ -
    Bank of America joins banks including SunTrust and Regions in charging the fees. Other institutions, like Wells Fargo and Chase, are testing them, too. And over all, bank fees have crept up to record levels, a recent survey found.

    Read more about the survey here - http://bucks.blogs.nytimes.com.....bank-fees/
    http://www.bankrate.com/financ.....count.aspx
  • 126734
    josetring
    master
    Posted by josetring on September 29, 2011
    [reply] 1 0
    Bank of America is like United / Delta, they do something everyone else follows and it becomes a norm.

    This move by Bofa is a move to make this a norm.
  • 126737
    YanBz
    admin
    Posted by YanBz on September 29, 2011
    [reply] 3 0
    Here is a simple solution: get a credit card and use as debit for purchases (pay each month in full). Use your banking card for cash withdrawals, or come to the branch in person.
      126755
    • orangearrows
      professor
      2 3
      7 1 1
      Posted by orangearrows on September 30, 2011
      [reply] 1 0
      Agree and do that but a lot of Americans wanted to stop using the CC so that they can budget better. This DODD FRANK bill just did screwed up everything. Every politician out there is just out there to screw you.... and they are doing it.
  • 126770
    laaya
    professor
    1 1 2
    11 8 2
    Posted by laaya on September 30, 2011
    [reply] 1 0
    "citi" charges $8 unless if i made 8 transactions a month Evil
  • 126782
    orangearrows
    professor
    2 3
    7 1 1
    Posted by orangearrows on September 30, 2011
    [reply] 1 0
    Well it will be a good idea to call or visit your bank once to find out what exactly are these new charges. These are not going to be nice surprises if they show up.
  • 129048
    HouTex
    admin
    Posted by HouTex on October 29, 2011
    [reply] 1 0
    Chase has dropped their proposed plan for $3 debit card fee - http://consumerist.com/2011/10.....d-fee.html
    Chase joins U.S. Bancorp, Citigroup, PNC, KeyCorp and other large banks that have recently moved away from the plan to charge consumers a monthly fee when they use their debit cards to make purchases, reports the Wall Street Journal. The bank recently tested the fee in both Washington and Georgia.

    Small businesses and other merchants complained that the fees were too high, especially for small purchases. The new debit card fee has caused outrage among politicians and consumer groups. They commended Chase for its decision and reiterated its call on Bank of America to end its plan to charge a $5 debit card fee beginning in 2012.
  • 129094
    pablos17
    deity
    2 4 6
    10 8 2
    Posted by pablos17 on October 30, 2011
    [reply] 1 0
    I never use debit any more. Call me paranoid, but after a couple of instances where merchant's terminals were compromised, I don't trust it any longer. And I only use a true credit card (not a card tied to my bank account or PayPal to shop online).
  • 129284
    laaya
    professor
    1 1 2
    11 8 2
    Posted by laaya on November 1, 2011
    [reply] 1 0
    Bank of America abandons plan to charge $5 debit
    http://latimesblogs.latimes.co.....d-use.html
      129312
    • orangearrows
      professor
      2 3
      7 1 1
      Posted by orangearrows on November 1, 2011
      [reply] 1 0
      Smart move
    • 129337
    • YanBz
      admin
      Posted by YanBz on November 2, 2011 [reply] 0 0
      They will get you one way or another, e.g. Citibank recently added checking account fees
    • 129367
    • orangearrows
      professor
      2 3
      7 1 1
      Posted by orangearrows on November 2, 2011
      [reply] 1 0
      Yup - this time they will hide it better.

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