Skip to comments.Democrats Try to Kill Bank of America Over $5 Fee
Posted on 10/05/2011 10:12:05 AM PDT by Kaslin
Senator Richard Durbin of Illinois is telling Americans to "Get the heck out of that bank", right on the Senate Floor. His comments are in response to Bank of America hiking fees on debit cards.
Please consider BofA Customers Urged by Lawmakers to Quit Lender Over Debit Fee
Congressional Democrats are pushing customers to quit doing business with Bank of America Corp. and one lawmaker is looking to make it easier for them to do so as the biggest U.S. lender announced plans for new debit-card fees.
U.S. Representative Brad Miller, a North Carolina Democrat, introduced a bill today that would bar banks from imposing fees on people who close accounts, calling the proposal a response to the Charlotte, North Carolina-based firms plan to charge some debit customers an additional $5 a month.
As megabanks flirt with menus of new fees, an increasing number of Americans will want to switch banks, Miller, a member of the Financial Services Committee, said in a statement. That is the way things work in a competitive, free market as unrepentant banks are still trying to rake in vulgar profits from their customers.
Millers criticisms echoed those of Senator Richard Durbin, the Illinois Democrat who successfully pushed for legislation restricting the amount banks could collect from retailers for debit transactions. The two lawmakers spoke out after President Barack Obama questioned whether Bank of America has an inherent right to charge the new fee, which the company said was aimed at making up revenue lost because of the new limits on so-called interchange.
Bank of America Website Down 4th Day, "Thanks for Your Patience" Says Website
The Register reports Bank of America website disrupted for 4th day in a row
By not commenting, Bank of America is making matters worse.Bank of America's website continued to suffer sporadic outages on Monday, marking the fourth day that some customers have been unable to use its online services to check balances and pay bills.
"We're sorry, but some of our pages are temporarily unavailable," a note posted to the homepage for the biggest US bank read. "Thanks for your patience." The advisory, and sporadic outages, have greeted many people trying to use bankofamerica.com since Friday.
Bank of America spokeswoman Tara Burke declined to discuss the underlying cause of the outages except to say it isn't related to hacking, denial-of-service attacks, or other incidents related to security.
Of course Buffett is not concerned about share price of Bank of America. He owns the debt. His primary concern is the debt is paid back, not the share price. It is extremely sloppy reporting to not point this out.Billionaire investor Warren Buffett is not concerned by the sharp drop in Bank of America Corp (BAC) shares in the last couple of days, despite his $5 billion investment in the company last month, he told Reuters on Tuesday.
"We agreed to hold it for at least five years, so what I'm thinking about is where Bank of America will be in five years, and nothing in the last 24 hours or 48 hours has changed my views on that," the Berkshire Hathaway Inc (BRKa.N) chief executive told Reuters on the sidelines of Fortune magazine's Most Powerful Women Summit.
Buffett made his bet on Bank of America's survival in late August (though it closed in early September). The deal gave him preferred shares with a hefty dividend and warrants that represent 6.5 percent of Bank of America stock.
BofA MAde the HORRIBLE mistake of telling the Sheeple WHY they imposed the fee, and named NAMES, which makes them the enemy of our new Obamunist Fascist State.
THEY MUST NOW BE DESTROYED...
Will Dems now demand that CITI be destroyed, too?
What did these meatheads expect after “Dodd-Frank” was passed and signed into law?
Penned by two of the biggest knuckleheads in the Congress, what else could have happened?
Don't like the rules at these banks? Move your money to another institution.
BoA takes one for team jackass.
Costco just raised their annual membership $5.00.
I don’t understand why BOA is not yelling at the top of their lungs its the government causing this but -—
Costco is not all that cost effective for my family anymore... our Costco bill has shot up significantly this past year... we haven't gone regularly the last two months...
So BofA is some Conservative darling? Idiotic.
Oh. And as a BoA customer, it can't go under fast enough for me.
The Demoncrat Party is now actively inciting anarchism.
Terrorists, Bill Ayers and Bernadette Dohrn will endorse this action.
I've noticed that too. It's made our local stores a better alternative.
i was confusing FR with Facebook for a minute, and i wanted to hit the "like" button on your comment!
its gettin close to 'time' when these players start undercuttin each other...
create the crisis then ride to the rescue to punish the evildoers.
typical Dimrat SOP
Bingo. I work in the field and I’m telling ya, “Dodd-Frank” slipped through after all the Obamacare hype. Not saying Obamacare isn’t a complete disaster. Just saying that the public has no idea what is in store for them because of “Dodd-Frank”. If you take away the lenders ability to collect on the debt for profit. Why would anyone lend anyone anything?
All banks are subject to the government rules.
“All banks are subject to the government rules.”
All everything is subject to government rules, except insofar as government hasn’t gotten around to it yet.
What does BoA charging 5 dollars for a customer to spend his own money have to do with another stiffing BoA on a debt?
Bank of America greased Dirty Turban Durbin’s palm in return for writing in the provision of the Frank/Dodd bill that allowed BoA to charge $5/month for debit card usage. Now Durbin stabs BoA in the back by telling their customers to leave if they don’t like it. I have to wonder what the top brass at BoA think being betrayed like that?
Dimocraps never think through the laws they pass for the unintended consequences....This is now known as the Dubin fee as far as I’m concerned.
I have to wonder what the top brass at BoA think being betrayed like that?
I can tell ya what they should be thinking.
The public is angry at banks. They want a perp walk. This country has had a populist backlash against bankers on a fairly regular cyclical basis throughout it’s history. Conditions are about ideal for it to happen again, and Durbin’s party is desperate for a campaign issue.
But I don’t think they are that smart.
If one was successful in completing the loan process, with the intent to defraud, then yes, “they’d be thieving scum too”.
Again. Nothing to do with a $5 fee to spend one’s own money.
1) BOA bought Countrywide from Dodd’s buddy.
2) BOA will probably go bankrupt so no contributions to democrats will be forthcoming so they attack BOA.
3) I hate BOA, too, but for the right reasons.
Wait... Frank/Dodd ALLOWED the $5 fee?? First I heard of that. My understanding is that F/D capped the interchange fee, and BoA imposed the debit card fee to make up for the lost revenue. In other words, there was nothing stopping them from imposing the fee before; they just never had a reason to do so until now.
...Miller said, as he filed a bill designed to further manipulate the market.
I only deal with credit unions. Haven't had a "bank" account in over 30 years.
BofA should have named names. Whenever you hear, "We're from the government and we're here to help" just know it is going to cost you bigtime.
It's not a fee to spend ones own money. It's a fee to use their service to do so.
Boortz did an excellent monologue on this during his show yesterday ...
Are banks limited regarding how much they can lend out? IOW, can they lend based on non-deposit assets? If so, "vulgar profits" = your mortgage.
“Dimocraps never think through the laws they pass for the unintended consequences....”
As we keep sliding into marxism, I am beginning to wonder if it is really unintended.
It’s all my fault. Ever since I bought it, five different companies have owned and/or serviced my mortgage, and four have gone broke. If Bank of America goes down the tubes, that’ll make five. I’m thinking about painting their corporate logos on the side of my house, like kills on a fighter plane.
Durbin wrote it in.
So, Durbin wrote in BOTH the interchange cap AND the $5 debit card fee?
I thought people were calling it the "Durbin Fee" simply because that was how the banks reacted to his interchange cap.
Nope. He wrote it into the bill. That’s why I find it so funny that he would do this for BoA and proceed to stab them in the back by telling their customers they can go eff themselves and go to other credit unions or banks if they didn’t like the fee. I’m sure the top BoA people are not happy.
With this fee and their attitude toward their customers in general and the website not working well I expect to see a percentage flee.
So signing the contract binds the borrower to some higher conditions not included in the contract? I fail to see how either parties "sacred word" is diminished by exercising contract provisos both agreed to.
And, again. That has nothing to do with BoA debit card fee. I supposed the bottom line is, all they're doing is upping the cost of a BoA checking account. If that makes them too expensive to do business with, people will walk away. I did years ago.
I’m still with BOA :(
I don’t understand all of the focus on BoA. My bank sent me a similar notice a month ago or so. My formerly free checking would charge a monthly fee if we didn’t keep a minimum balance or have a certain amount of direct deposited funds. We do, so no problem. In addition, they would add a monthly charge if we used our debit cards for any non-ATM transaction. We don’t, so no problem. However, their changes haven’t made front page news.
Where’s Andrew Jackson when we need him?
I’m with you on this. I love their bill pay! I can’t believe people can’t see what is happening. Also I wish people would stop harping about the web site. I got a letter in the mail saying they were updating and making improvements to the site. Come on, anyone knows that a web site can slow down or have some of it’s features have glitches during a revamp.
Let 'em die, and let any stupid enough to work for such an institution get a job doing something productive instead.
The same fee that Durbin himself was involved in creating? =.=
I'm gonna have a cry in my Stella. Bank of America we hardly knew ya. Time to set Zero Hedge as my second homepage.