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 ...
- go back to counter withdrawals
- move to a different bank
We’re in the process of closing out 28 year account with these vermin. Well before this stunt. We use the debit card once every few months. THey are not getting MY money for using MY money.
This has to do with new Federal taxes on financial transactions that are part of Dodd-Frank and the Oxley bills, and the fact that they can’t pass these taxes on to consumers, as well as the new overdraft rules.
I took a check issues by a BOA account holder to a local BOA branch to cash. They wanted a $5 fee to cash their own customer’s check!
Instead, I deposited it to my own account and VOWED to NEVER deal with BOA.
Bye - bye, BOA!
Credit Unions forever!
“Bailing out” of BOA asap!
Apparently, the fee is only for point of purchase swipes of the card, not ATM. So BoA customers can just go take out $xx, then head to the stores.
Merchants used to have to pay some minor fee for cards used in their stores. The Congress in its finite wisdom wrote that out in its latest laws, so the bank(s) will compensate one way or another for that income.
There is no such tax. It was proposed, never became a bill or passed.
This is all about banks having to make up revenue (read that: profits) due to the so-called credit card reforms rammed through by the Obama Administration in 2010. The changes have been taking place over the last 15 months, the remaining changes are starting to go into effect.
Among those changes to billing or "grace" periods, limitations on how credit card companies can jack up rates, elimination of certain types of transaction charges, limits on ATM fees and more.
The biggest thing to remember is this: Anytime the Government says they're here to help you (or the consumer) hang onto your wallet. These "reforms" have cost us consumers PLENTY, Obama's to thank for that - not the banks.
The fine critters in Congress just put more financial burden on the consumers. Way to go, you idiots! How dumb can they be when they didn’t realize that the banks would pass this loss of revenue on to their customers? Maybe they did know.
Wells Fargo, too wants $5 to cash their own check.
Billions in bailouts, thousands of layoffs...still screwing us.
Best way to screw the banks. They'll catch on though and up checking account fee's to make it up.
Cash is the best way to go, period. Been doing that for YEARS. If I don't have it in my pocket, I don't spend it. Removes all that "impulse" buying and really makes one think long and hard before parting with one's hard earned income.
In all fairness, quite a few of these banks paid back the TARP money, with interest.
As far as these new debit card fees, you can blame the democrats for forcing banks to lower the transaction fees they collected from the merchants. Just more of all that hope and change people voted in 3 years ago.
Just use a credit card and pay it off every month.
It is not the bank’s faults. Its the Fed that won’t charge interest rates, the entire financial sector is barely holding on.
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