Posted on 09/29/2011 5:36:53 PM PDT by rabscuttle385
Bank of America Corp plans to charge customers who use their debit cards to make purchases a $5 monthly fee beginning early next year, joining other banks scrambling for new sources of revenue.
U.S. banks have been looking for ways to increase revenue as regulations introduced since the financial crisis limited the use of overdraft and other fees.
(Excerpt) Read more at reuters.com ...
My wife and I spoke about it earlier. Once I figure out how to change all my automatic monthly payments, we are going to our local bank.
Congress does it over and over and over again. Can’t help themselves. And never seem to quite figure out when they try to punish big bad bans or big bad corporations, the cost of that punishment ends up being paid by us.
Wells Fargo is going in the same direction - and all banks are going to follow -
AND - they will charge for checking accounts, too! WF is already charging it’s customers $5/month in some areas!
And - you want to fly overseas? If your baggage is more than allowed - it will cost you $400! You want a pillow on the plane? $10. You want extra onions on your plate at a restaurant? Expect to pay up to a dollar. And Raspberry Iced tea is now up to $3/glass in most restaurants.
Face it. We are going to be nickled and dimed at every turn from here on out - and we all know who to blame!
Yup that guy with the gun at your back forcing you to use a debit card has got to go.
there is.....become a member of a Credit Union.
Is there ANY government fee/tax/charge/whatever that ANYone pays that costs less than $60/year?
ML/NJ
You are correct. congress and obama did this to the consumer.
You can pull you money from banks and move it to a local credit union. Also pay everything you can in cash.
Try to write a check somewhere.. IF they are willing to accept it (I won’t take a check from anyone that is not a contract client) you’ll need to pass the computer check to make sure the check is good.
I hate checks, don’t like to take them but when you have a contracted customer who pays a month in advance even if it bounces you know it before the paid for month is used up.
Sure is something we can do about it. Stop using them. I use my debit card in lieu of cash because it is convenient. If the bank starts to charge a monthly fee, it will no longer be convenient. I’ll move to a bank closer to my home, and go back to cash.
Welp,
I am going back to cash.
Eff em.
Mark
BTW, credit cards charge shop owners a 3% charge on transactions.
Many shop owners will take 3% off of a purchase if you use cash and ask for the reduction.
They NEVER advertise that they are willing to take 3% off for cash.
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That doesn't matter to them. They just don't like that good behavior (being a good banking customer) is rewarded and that bad behavior is punished with fees. "It's just not fair!" "Fairness" is important to them, but they don't believe in giving people incentives to improve, but would rather punish people who do the right thing, aka "are winners in the lottery of life."
Mark
Of course there is. I pay $52/year to the city in which I work, supposedly to help pay for emergency services.
It used to be $10/year.
When you spend cash you realize how much something really costs and you tend to not be so impulsive.
my cc charged me appx $2.50 this past month, as an interest charge rate for appx. a $300-400 balance that was carried over for the month.
Compare that versus $5 a month for using your own money via a debit card and with less much protection against fraud and theft than a CC offers.
BofA was one of the first banks to aid and abet illegal aliens, as these invaders send tens of millions of American dollars out of the country, back to Mexico.
I also have banks send me their ATM card only, no visa or mastercard logo on them. Using debit/ATM cards as CC’s is for losers.
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