Bank of America to Start Chargeing $5 Debit Card Fees

[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. :

 

[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 paying

You 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.

 

[Cowboy Brian]

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=0

Yep, 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.