Bank of America to Start Chargeing $5 Debit Card Fees

[peplaw06]

Good bye. Debit cards are pretty much what I use all the time.

Looks like I'll be closing my accounts.

http://finance.yahoo.com/news/Bank-of-America-to-charge-5-apf-1381425092.html?x=0

[Romo 2 Austin]

Well if you use it all the time a one time a month fee probably won't stop you.. and thats what they are banking on.

$60 a yr. If you use your debit card, 3-4 times a week you'll say oh $5 a month it's worth it for the convince, and then wal-la it adds up to $60 in the banks pockets a year.

[vta]

Well if you use it all the time a one time a month fee probably won't stop you.. and thats what they are banking on.

Well I hope more people have the presence of mind to recognize it's lousy. Paying another fee to use your own money is taking things to a new level of ridiculous, they already levy a 'maintenance fee' for being a customer. They're becoming as bad as the phone companies.

If my bank starts doing it, I'll just go back carrying cash or writing checks.

[Romo 2 Austin]

Well I hope more people have the presence of mind to recognize it's lousy. Paying another fee to use your own money is taking things to a new level of ridiculous. They already levy a 'maintenance fee' for being a customer. They're becoming as bad as the phone companies.

If my bank starts doing it, I'll just go back carrying cash or writing checks.

It's pretty smart marketing. I'm confident it'll be on my MacroEconomics test next week. Half of it is current events.

The point being, will you really stop using your debit card because of a $5 fee? I tend to doubt it, it's simply not enough money to cause you to take the inconvience of going to the ATM. Infact the money you'd probably spend on gas going out of your way negates the $5 fee

[Sam I Am]

Why isn't Bank of America already dead? I used to use them, then they started trying to hose me. I had a house mortgage though them and even a line of credit. I refinanced my house and closed the credit account. They suck something fierce.

[BrAinPaiNt]

If they don't take a big hit, other banks will follow.

I never use a debit card so I don't care one way or the other.

[Seven]

Why isn't Bank of America already dead? I used to use them, then they started trying to hose me. I had a house mortgage though them and even a line of credit. I refinanced my house and closed the credit account. They suck something fierce.

Dead? Bof A is one of the largest banking instutions around.



I'm with you.....they SUCK.

[Rynie]

I quit using BOA in like 2001

[Doomsday101]

My mom who is still working is a VP at a BOA branch here in Houston. So I still use BOA. :D

[Faerluna]

There was talk of this for Wells Fargo, too, who took over our bank, Wachovia.

They just stopped doing their rewards program, too.

I'll find another bank or simply use cash if they try to do that. I will not pay to use my own money.

[vta]

It's pretty smart marketing. I'm confident it'll be on my MacroEconomics test next week. Half of it is current events.

The point being, will you really stop using your debit card because of a $5 fee? I tend to doubt it, it's simply not enough money to cause you to take the inconvience of going to the ATM. Infact the money you'd probably spend on gas going out of your way negates the $5 fee

The fee isn't for using an ATM, it's for purchases. [Edit: I think I'd read you wrong, but none the less, ATM's are everywhere and easily within walking distance of a restaurant, not to mention, knowing I won't be using my card will have me prepared by carrying cash or a checkbook anyway) And yes, I would stop using it.

The days of thinking people can still be sucked in by the appearance of a fee being 'small' are fast ending. Gas and milk are approaching 5 dollars and superfluous fees are going to become a greater concern for most people.

It's far from smart marketing, with our economy looking lousy and no one really being optimistic the last thing a bank should be doing is fleecing it's customers for more money.

[ConcordCowboy]

I have them for my home mortgage after they bought out Countrywide and I have a credit card through them...which has a good rate and so far hasn't raised my interest rate like all the rest have...so I'll give them that.

I don't have a BOA Debit card...but I use my Chase Debit card for everything and it would piss me off to get a fee like this.

But since we basically let these ****ers have carte blanche to screw people over...it's just one in a long list of things that doesn't surprise me.

[vta]

Dead? Bof A is one of the largest banking instutions around.

That's their problem and why my wife and I dumped them. They figured they were big enough to anything they wanted with my money. Pretty low-life actions by a company.

[Doomsday101]

Customers will only be charged the fee if they use their debit cards for purchases in any given month, said Anne Pace, a Bank of America spokeswoman. Those who only use their cards at ATMs won't have to pay.

[ConcordCowboy]

Customers will only be charged the fee if they use their debit cards for purchases in any given month, said Anne Pace, a Bank of America spokeswoman. Those who only use their cards at ATMs won't have to pay.

Hilarious...I'd say 99.9% of people who have debit cards use them for purchases...hence that's why they are charging the fee for that.

[Sam I Am]

Customers will only be charged the fee if they use their debit cards for purchases in any given month, said Anne Pace, a Bank of America spokeswoman. Those who only use their cards at ATMs won't have to pay.

Very seldom d I use an ATM. Carrying cash for me is only useful if I'm buying a hotdog or something from a street vendor. Other than that, it's practically useless.

/BOAFail

[vta]

Hilarious...I'd say 99.9% of people who have debit cards use them for purchases...hence that's why they are charging the fee for that.

+1
I rarely go to an ATM, but I'm using it nearly 100% for purchases. The only thing I don't use it for is online shopping.

[Doomsday101]

Hilarious...I'd say 99.9% of people who have debit cards use them for purchases...hence that's why they are charging the fee for that.

Yes 5 bucks a month. Why are they doing this? New regulation that have been placed on banks.


I'm not thrilled with it either but considering how much I use my debit card the 5 dollar fee per month still makes it worth it to me.

[WoodysGirl]

Ok, I had to read the article to make sure of something. If you use your check card to pay for something using your pin number ie debit card purchase, then you get the $5 charge.

Sounds like if you pay and make the purchase using the credit card option, then there will probably be no fee.

I never use the debit card option. I swipe/sign whenever possible.

I bank w/Chase and WFB, but I see they're testing it out in other markets so I'm sure it's coming soon enough.

[ninja]

Hilarious...I'd say 99.9% of people who have debit cards use them for purchases...hence that's why they are charging the fee for that.

I happen to be the part of the .1%. I never use a debit card. I use my credit cards to get the points for free hotel nights.

[theogt]

You should never use a debit card. Open up a credit card with a points system. It's free money.

[Faerluna]

Sounds like if you pay and make the purchase using the credit card option, then there will probably be no fee.


If that's the case then I won't mind. I always use it as credit, too. The only place I have to use my PIN is Costco and I'll stop and get cash if I go. :p:

[CowboyMike]

It's pretty smart marketing. I'm confident it'll be on my MacroEconomics test next week. Half of it is current events.

The point being, will you really stop using your debit card because of a $5 fee? I tend to doubt it, it's simply not enough money to cause you to take the inconvience of going to the ATM. Infact the money you'd probably spend on gas going out of your way negates the $5 fee

You have a lot to learn. I thought exactly the same way you do a few years ago. Experience has taught me otherwise.

"Oh it's just $5." is actually a lot to some people that struggle to make ends meet.

[Cajuncowboy]

Just an FYI, these fees are now in place due to the regulations that was put on banks that forced them to limit what they could charge merchants for swiping the cards. All they did was shift the money, except now, the consumer is paying directly.

It was bad law.

[Doomsday101]

Hilarious...I'd say 99.9% of people who have debit cards use them for purchases...hence that's why they are charging the fee for that.

Yes and the reason they did was because of new regulations that were being passed on to banks. The cost is always passed on to the costumer.

[Duane]

Go to a credit union. Never any of this type of BS.

[Doomsday101]

You should never use a debit card. Open up a credit card with a points system. It's free money.

with higher interest rates on credit cards you still end up paying

[Seven]

That's their problem and why my wife and I dumped them. They figured they were big enough to anything they wanted with my money. Pretty low-life actions by a company.

Very true. There so friggin huge you're virtually lost in their system. Call 'em up and ask a question..........a question you'll have to ask 15 different times to 15 different people. They're also fleecing the economy on their repo homes folks have lost due TO the economy.

Bailed on them in 2000.

[peplaw06]

Go to a credit union. Never any of this type of BS.That's what I'm going to do. I have accounts open at a credit union, but have just been slow to transfer over because they don't have online bill pay, and I'm going to have to change over all my auto pay accounts. It's just a pain that I was procrastinating on. I've been meaning to do it for a while because the interest rates on my savings will be better... just too busy when I think about it.

[peplaw06]

It's pretty smart marketing. I'm confident it'll be on my MacroEconomics test next week. Half of it is current events.

The point being, will you really stop using your debit card because of a $5 fee? I tend to doubt it, it's simply not enough money to cause you to take the inconvience of going to the ATM. Infact the money you'd probably spend on gas going out of your way negates the $5 fee
Absolutely. When I can use debit cards without being charged a fee, what's the real inconvenience?

If people left Netflix in droves when they hiked their rates, it could easily happen with this too.

[Doomsday101]

Absolutely. When I can use debit cards without being charged a fee, what's the real inconvenience?

If people left Netflix in droves when they hiked their rates, it could easily happen with this too.

True but BOA is just the 1st others will follow suite since these new regulations are costing the banking industry over 13 billion dollars.

[Hoofbite]

Both Wells Fargo and US Bank are doing it too.

It's BS.

Wells Fargo has different routes around it by direct depositing a set amount or by transferring $25 into savings once a month.

Then they have the ever swipe of a card deducts $1 from your account into savings.

I chose the swipe because I never use that card.

[Hoofbite]

Yes and the reason they did was because of new regulations that were being passed on to banks. The cost is always passed on to the costumer.

That's the listed reason.

The real reason is because they want money.

[theogt]

with higher interest rates on credit cards you still end up payingYou should almost never carry a balance on a credit card. If you need a loan you can usually get better rates elsewhere.

[Hoofbite]

Banks are just finding ways to charge the hell out of people. They were told they had to limit the overdraft charges a year ago and are now just looking to recover ALL the lost money from that and the new 20 cent per transaction reduction.

I think 44 cents is what merchants used to pay per transaction, now it's down to 24 cents.

[Hoofbite]

It's pretty smart marketing. I'm confident it'll be on my MacroEconomics test next week. Half of it is current events.

The point being, will you really stop using your debit card because of a $5 fee? I tend to doubt it, it's simply not enough money to cause you to take the inconvience of going to the ATM. Infact the money you'd probably spend on gas going out of your way negates the $5 fee

How so?

[Hoofbite]

Just an FYI, these fees are now in place due to the regulations that was put on banks that forced them to limit what they could charge merchants for swiping the cards. All they did was shift the money, except now, the consumer is paying directly.

It was bad law.

I'd bet a guy with a business that runs a few hundred transaction per day would disagree.

[Romo 2 Austin]

You have a lot to learn. I thought exactly the same way you do a few years ago. Experience has taught me otherwise.

"Oh it's just $5." is actually a lot to some people that struggle to make ends meet.

I'm not saying that's how it is, i'm saying that's how it will be perceived. I wouldn't pay $5 a month to use a debit card, but i'm not used to using debit cards. People that do will say well it sucks, but every other bank is doing it too, so will most likely just pay it.

[Hostile]

Good bye. Debit cards are pretty much what I use all the time.

Looks like I'll be closing my accounts.

http://finance.yahoo.com/news/Bank-of-America-to-charge-5-apf-1381425092.html?x=0Yep, and I will be telling them this is exactly why.

[vta]

True but BOA is just the 1st others will follow suite since these new regulations are costing the banking industry over 13 billion dollars.

Well, like I'd said earlier I hope people have the presence of mind to not allow themselves to be charged for accessing their own money and calling it convenience.

[junk]

Well, like I'd said earlier I hope people have the presence of mind to not allow themselves to be charged for accessing their own money and calling it convenience.

Agreed. I'll never let a bank charge me to hold my money or access it.

$5 a month to access my own money? No way.

[Cajuncowboy]

I'd bet a guy with a business that runs a few hundred transaction per day would disagree.

He might, but that doesn't change the fact that it is bad law. Anytime you do something like this there is always a direct end result to the consumer. And now people are complaining about it.

The direct result of the bad law is increased costs to the consumer.

[arglebargle]

IF you let bankers rule, you get a world good for bankers....

[CowboyMcCoy]

Why isn't Bank of America already dead? I used to use them, then they started trying to hose me. I had a house mortgage though them and even a line of credit. I refinanced my house and closed the credit account. They suck something fierce.

People see the name and say, "Oh, Bank of America". Same with other credit unions like "University Credit Union"...Oh, what a great name. It must be a great bank. The general pop doesn't care about stuff like this. A few who stand up to it, won't change their greed. But I don't think losing customers over this helps the bank at all.

I'd split too. But that's not my bank.

[Kangaroo]

I have them for my home mortgage after they bought out Countrywide and I have a credit card through them...which has a good rate and so far hasn't raised my interest rate like all the rest have...so I'll give them that.

I don't have a BOA Debit card...but I use my Chase Debit card for everything and it would piss me off to get a fee like this.

But since we basically let these ****ers have carte blanche to screw people over...it's just one in a long list of things that doesn't surprise me.

Well Chase and Wells Fargo are following suit and testing it already

http://www.creditcards.com/credit-card-news/debit-card-monthly-use-activity-fee-charge-own-money-1271.php


I been wanting to drop BOA for a while the tarp stuff then the other stuff and realize I was not a BOA originally I was NCNB which became Nations Bank then the merged with BOA. I think I am going to look at a credit union after this crap from all the big banks

[Eskimo]

You should never use a debit card. Open up a credit card with a points system. It's free money.

This is the best way to do thing - many rewards cards are free, too. Credit cards also afford much better protection against fraud then debit cards.