BOFA to charge $5 a month for check card use

[Sean88gt]

Here is a golden story, Congress writes up some new legislation that interferes with banking and then blames the banks when they have to charge customers rather than merchants to make their debit card service profitable. I wonder if Derbin even thought about "people voting with their feet" before participating in the crafting of the Dodd-Frank legislation? It is such a free market concept that I doubt he did, he was probably too busy trying to figure out a way to get votes.

Fucking moron.

R. Lee Ermey "Well...No shit"

Not sure what they expected...action, reaction, rinse wash repeat.

[Sgt Beavis]

It amazes me that anyone uses banks anymore. The vast majority of them are screwing their customers at every turn. USAA bank is the only one I know of that treats their people well.

I'm using InTouch CU (formerly EDS CU). My Credit Card rate is 5.75%. Their current auto loan rate is 2.24%.

[Binky]

If you are talking about paying through B of A's online bill pay I don't think it would since that wouldn't involve your Debit Card. If you are paying a bill on AT&T's website with your Debit Card, I would say you would be charged.

Just a guess from a fellow B of A customer, I have no direct knowledge.

Example - if I use bill pay to cut a check to someone, no charge.

If you use your card to buy online or have it set for an auto draft (like TollTag) then you would be charged.

If at anytime the card number is being used for anything other than an ATM charge, you get a monthly charge.

[slow06]

If anything it will help me. I will use my credit card for all purchases. This doesn't apply with bill pay though, or does it?

If you are talking about paying through B of A's online bill pay I don't think it would since that wouldn't involve your Debit Card. If you are paying a bill on AT&T's website with your Debit Card, I would say you would be charged.

Just a guess from a fellow B of A customer, I have no direct knowledge.

[Bassics]

You should all consider that a lot of predatory fees were completely shut down with the CCA.

Overall i think the consumer got a little protection. In the end, like all regulation, it will present its challenges and shifts in the corporate paradigm.

This particular issue is due to a part of the infrastructure that is being shifted to the consumer. That will change eventually as it becomes a new way of undercutting competition, by absorbing the infrastructure costs and reducing them simultaneously.

It will eventually lead to much more convenient use of unused technology. The ability to implant a microchip in someone, and immediately apply their government ration of grocery subsidies, unemployment and underemployment subsidies, inability to work because you are too lazy subsidies and everything else will be real-time, and when you go to get a pack of government smokes you will just wave your hand in front of the scanner and your account will be billed, no fees!

The future looks so bright we should all be wearing blindfolds...

[Broncojohnny]

Here is a golden story, Congress writes up some new legislation that interferes with banking and then blames the banks when they have to charge customers rather than merchants to make their debit card service profitable. I wonder if Derbin even thought about "people voting with their feet" before participating in the crafting of the Dodd-Frank legislation? It is such a free market concept that I doubt he did, he was probably too busy trying to figure out a way to get votes.

Fucking moron.



Sen. Durbin Blasts Bank Of America On $5 Debit-Card Fee >BAC

Oct 3, 2011 15:55:56 (ET)


By Alan Zibel
Of DOW JONES NEWSWIRES


WASHINGTON (Dow Jones)--A top Senate lawmaker on Monday sharply criticized Bank of America Corp. (BAC)'s decision to charge customers a $5 monthly fee for making debit-card purchases.

Sen. Richard Durbin (D., Ill.) took to the Senate floor to denounce the Charlotte, N.C.- based bank, which said last week it plans to start collecting the fees. Durbin urged Bank of America's customers to "vote with your feet. Get the heck out of that bank."

The fees, scheduled to start next year, are designed to make up revenue lost due to new federal limits on so-called "swipe fees." Those limits were mandated by a provision authored by Durbin that was incorporated in last year's Dodd-Frank financial overhaul law.

Bank of America customers should find "a bank or credit union that won't gouge for five dollars a month and still will give you a debit card that you can use every single day," Durbin said.

The new caps affect fees merchants pay when a customer uses a debit card at their stores. In June, the Federal Reserve Board finalized rules capping such fees at 24 cents a transaction, compared with a current average of 44 cents.

However, Sen. Bob Corker (R., Tenn.) called the debit-card fee "the first of many consequences" of new regulations imposed by the Dodd-Frank law. He decried the debit-card fee regulations as an unnecessary government intrusion into the market. "Unfortunately consumers across our country are going to be paying the price," Corker said.

The fee will apply to many customers during any month they use their debit card to make a purchase. It won't apply to customers who don't use their debit card to make a purchase or who use it only for ATM transactions.

Industrywide, the caps, which apply to banks with $10 billion and more in assets, could wipe out $6.6 billion in annual revenue for banks, according to an August report from Javelin Strategy and Research.

-By Alan Zibel, Dow Jones Newswires; 202-862-9263; alan.zibel@dowjones.com

[SlowLX]

Navy Fed CU here...way better than any major bank I've ever had dealings with.

[Denny]

just stating that the people who want everything for FREE arent gonna get it. dont be mad cause Gold crapped out on you. it happens

Crapped out on me? Shit, this is just setting up another opportunity to convert shit paper to real money. I know it's a hard concept to understand. LOL

I prefer to stay in sleeper mode. Old school truck hasnt been washed in years etc. Banks dont offer services for nothing. If your looking for free contact the White House for your debit card.

To be competitive, they better offer something for nothing. They already get their loans from the Fed for nothing, while taking that free loan and giving out interest-producing loans. (That's how banks work) Their "service fees" can't touch that. Might as well have competitive wars between them to get customers putting their money in their trust. Greed is a motherfucker.

[slow99]

And the close?

You don't know how to find a quote?

[Darren M]

My opinion is that if they were going to charge a fee, they should do it on checks. Checks are antiquated instruments and a holdover from the previous generation. Bofa WANTS people to move to credit cards because they make more money that way, so they are souring the milk as far as the debit/check cards.

I use my check card in lieu of checks as i hate carrying cash and am not going to move to a credit card and complicate my finances with additional steps/paperwork. I'm glad it works for some people, but not for me. I'll move to a institution that fits the way i want to operate and leverage my power of choice as a consumer.

My thoughts as well.

[Binky]

My opinion is that if they were going to charge a fee, they should do it on checks. Checks are antiquated instruments and a holdover from the previous generation. Bofa WANTS people to move to credit cards because they make more money that way, so they are souring the milk as far as the debit/check cards.

I use my check card in lieu of checks as i hate carrying cash and am not going to move to a credit card and complicate my finances with additional steps/paperwork. I'm glad it works for some people, but not for me. I'll move to a institution that fits the way i want to operate and leverage my power of choice as a consumer.

[Sean88gt]

I have had Wells Fargo since 94. They annoy me about once every two years, but I guess they are pretty decent. Can't be worse than any of the other banks out there.

Not sure if it has been mentioned or not, but WF was the first to pilot this program in the PAC NW.

[Captain Crawfish]

Paying monthly bank fees without a sweat, with the top down, hollarin' out money ain't a thang.

I prefer to stay in sleeper mode. Old school truck hasnt been washed in years etc. Banks dont offer services for nothing. If your looking for free contact the White House for your debit card.

[Captain Crawfish]

Solid barg

just stating that the people who want everything for FREE arent gonna get it. dont be mad cause Gold crapped out on you. it happens

[Darren M]

Thanks. Will be removing my meager funds from this bull shit institution tomorrow.... Looking for a Texas Bank/Union.