Bank of America adds monthly $5 fee


Blacknbengal

Blacknbengal

Well-Known Member
Bank of America (BAC), drowning in financial problems, plans to add a $5 monthly fee for customers who make debit card purchases.

The Dow Jones news service uncovered the plans after seeing an internal memo sent to bank executives Thursday. It's safe to say that customers will be outraged if the new charges start early next year as planned.

The fee will kick in only during the months when customers use their debit cards to make a purchase, Dow Jones reports. If you use your debit card only at an ATM, you won't get charged.

http://money.msn.com/top-stocks/post.aspx?post=c8062c4c-8042-44b4-a118-0b82e1637105&gt1=33002
 
I was just about to post this. BofA made some changes to their accounts a few months ago. I am seriously looking at completely changing over to my credit union. I noticed they were charging a fee to my savings account over the last few months, and when I call to inquire about it they just credit it. It wasn't much but shoot it was mine. These banks are ridiculous.
 

Shamocha said:
I was just about to post this. BofA made some changes to their accounts a few months ago. I am seriously looking at completely changing over to my credit union. I noticed they were charging a fee to my savings account over the last few months, and when I call to inquire about it they just credit it. It wasn't much but shoot it was mine. These banks are ridiculous.
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I have BOA also. They have been charging the monthly service fee's for savings account for year. I like their bill-pay system, but their fees are too much.
 
BofA sucks royally...one of the worst banks out there. I hope they fail miserably....I was rooting for Chase to buy their azzes out! :tdown:
 
CREDIT UNIONS are the way to go. If you cant afford the balances that these out of control banks ask for - go to a credit union.

We as a society have to get smarter - stop paying all of these fees!!!
 
So Bank of America is pumping folks for $5 a month and getting $5 billion from Warren Buffet as well? Crap, I need to get in the banking business.
 
I work for Regions and we're starting new fees this upcoming week. The monthly fees is something that all banks will be doing in the near future. I keep my money in a credit union.
 
kendrick said:
So Bank of America is pumping folks for $5 a month and getting $5 billion from Warren Buffet as well? Crap, I need to get in the banking business.
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These fees impact the lower income and the middle income that dont pay attention to fees - mostly because they chose to live above their means.

We should all strive to live below our means.
 
Alot of people dont know that it cost a business $3 every time you use a debit card at their location... Thats why there are alot of placed that wont accept a debit card purchase under $5 (although that practice is illegal). Watch what I tell you... in the future businesses are going to start adding a debit card usage fee to your purchases.
 
Warndalyn said:
BofA sucks royally...one of the worst banks out there. I hope they fail miserably....I was rooting for Chase to buy their azzes out! :tdown:
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What the crap...All the BIG banks are horrible. Wells Fargo, Chase, Citibank...etc

The funny thing is that there was a national movement to goto small banks, but most clowns blew it off and are now complaining about this $3 fee. The movement, remember was celebrities asking you to move your funds out of big banks because you were being charged fees so that banks could use your money to grow THEIR bottom lines.
 

http://finance.yahoo.com/focus-reti...ldingwealth&cat=fidelity_2010_building_wealth

Robert read up on personal finance instead of hiring an adviser and looked at taxable accounts they could draw from before turning 60. During that period, Robin completed an accelerated nursing program to become a registered nurse. By age 43, they'd gone from $16.88 in their checkbook at age 28 to saving up enough money to leave both their jobs and live off the interest.

Now, years later, they travel the world, skydiving in New Zealand, hiking through India, sailing through the Chilean fjords, and documenting their adventures on their website, wherewebe.com. Although many people struggle to retire in their 50s or 60s, Robert believes it's possible for others to retire early as he and his wife did. "Really, we're very average people," he says, admitting that it's harder, though not impossible, for those with kids. "We never had power jobs. We just both took intelligent steps." Here are some of those steps.

3. Live below your means. Now that they've left the workforce, the Charltons live modestly by staying in hostels and focusing on less expensive travel destinations. They estimated needing between $30,000 and $40,000 annually, and they've managed to stay in that range, though they're averaging closer to $40,000. Earlier this year, they splurged on a trip to Italy and Switzerland for their 25th wedding anniversary. However, Robert says, "we typically have tried to travel places where the dollar goes further, like Argentina and Chile, where the exchange rate was in our favor." Destinations like India and Nepal have higher airfare but low day-to-day expenses so they stay for several months at a time to balance out the airfare costs.
 
[FONT=Arial, sans-serif]Three thousand Bostonians[/FONT][FONT=Arial, sans-serif] protested Bank of America’s predatory policies, resulting in two dozen arrests. “Two-thirds of Bank of America foreclosures have been in minority communities,†said Rachel LaForest, executive director of the Right to the City Alliance. “They targeted these communities from the outset with bad loans, and now they have more homes in foreclosure than any other bank in the city.†Grassroots activists’ analysis is “clearer and sharper†these days, said LaForest. “They are calling out who the enemy is.â€[/FONT]
 
http://www.usatoday.com/money/perfi.../small-banks-target-big-banks-fees/50681584/1

Small banks offer deals, capitalize on big banks' fees

Community banks and credit unions are moving quickly to take advantage of widespread hostility toward new fees charged by some of the nation's largest banks.

Co-op Services Credit Union of Livonia, Mich., will give $105 to new customers who shred their old debit cards and open new accounts with direct deposit. The credit union launched the campaign after Bank of America said it will charge customers $5 a month to use their debit cards for purchases.
Other efforts to capitalize on the backlash against big banks include:

•Renasant Bank of Tupelo, Miss., has been running ads in several Southern cities with the headline: "Does your bank charge for debit cards? We don't."
 
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