We all know BAC is "circling the drain"....but this could be the final nail...at least for customers.

http://money.cnn.com/2011/09/29/pf/b...x.htm?iid=Lead

The blow-back from this is going to be huge.

 

the fuck? I guess I need a new bank! Damn they're my first bank and very conveniently located. they're building a chase bank right across the street though, are they any better? Chase is really new in this area, BoA is everywhere downhere like starbucks.

 

this is for the debit cards with the Visa logo on them? is there still a charge if we do it as credit instead of debit?

 

You're swiping it wrong.

 

My small car loan is with them

 

Wait.....you serious?

 

yeah, I was.

what's wrong with my question?

 

Time to change, not one problem using BoA since 1983 (within the banks that merged) and this changes it.


Other banks will catch on, Wells Fargo to start in Georgia, New Mexico, Nevada, Oregon and Washington in two weeks.

Chase has been doing it in Wisconsin for a awhile.

 

Debit? Whats that?


Seriously, why would you use debit instead of credit? There's perks with credit cards. The only reason I could think of is for people that use it to manage their finances better. I never used a debit card to buy anything before.

I haven't been with BOA for probably a decade. Then I went to Citi and I still do most of my banking with them. I just got a BOA CC though.

 

I use debit for day to day, only use cc for large purchases and online. With is where I do 80% or more of my shopping.

 

Whether you select debit or credit at the terminal, the end result is still a debit transaction to your account. Thus you will be charged the 5 bucks.

 

Only a matter of time before they start charging 50 cents a pop for online bill pay.

 

I wonder what backlash (if any) is going to be like. Will people switch banks or will people just stop using debit and switch to cash or credit?

Will this be worse than the NFLX fiasco?

So many people use debit.

At least they're waiting until after the holidays.

 

A lot of people don't like BoA, but we've never had any problem. We've been retail customers with them for ~14 years, but I don't like this idea.

We use our debit card (i.e. check card) for purchases ALL the time.

Maybe we'll go back to writing checks.

 

Lol I'm sure the check fees would go up then. I'm thinking its more labor intensive to clear checks then eletronic debit transactions.

I don't much bashing of BOA, more Chase.

 

Retail customer? If you have a business account with them, then I believe you're safe.

http://finance.yahoo.com/news/Bank-o...&asset=&ccode=

 

This isn't doing much to help promote the cashless society.....
Now Jesus is never going to come back.....

 

Thanks, I thought the charge would be caused by choosing debit and entering a PIN

 

I stopped using B of A over a decade ago when the banking industry was going thru a lot of buyouts and I'm glad because they have the worst customer service and the most fees as well. I use a large credit union that has vast network of ATM's all over the country and they charge little or no fees on their accounts also their customer service is great.

 

http://en.wikipedia.org/wiki/Retail_banking

 

Usaa ftw

 

Just another reason BoA sucks and is getting worse. the ONLY reason I still have an account open with them is because they have a small branch literally 200ft out my front door. But I use USAA for 95% of my banking needs.

I really hope BoA goes under, they are such a piss poor excuse for a company.

 

Debit card fees are nothing new. SunTrust and Wells Fargo have them already.

Humorously, at MidFlorida, where I moved my money to, they have a program that gives you rewards when you use your ATM card as credit. Basically, you screw the merchant and take part of the transaction fee.

 

Looks like it is time for me to find a new bank. I am the type that does not carry much cash on me and I use my debit card for most of my purchases.

 

I refuse to do this. Time for Vystar or Navy Federal Credit Union!

 

lol, back in the day they gobbled up Barnett & Nations banks in FL.

 

Well, since my entire Government paycheck of $7000 a month goes into this account via direct deposit, I will avoid the fee.

 

I use credit cards as much as possible, and only use the debit card when I am not carrying enough cash while getting gas at ARCO. That may occur once every three months, but I'll just stop using the debit card to avoid the monthly charge.
I think it's a pretty bad PR move by B of A. Otherwise, I have no complaints about its services overall, after having accounts there for over 35 years.
Actually, it's the other way around-- Charlotte-based NationsBank acquired all the other banks, including the California-based Bank of America, then took B of A's name (it had more brand equity than "NationsBank").
The debit card fee can be avoided by customers who keep a cumulative $20,000 minimum monthly balance in B of A accounts, and/or some Merrill Lynch accounts.

 

Or that have a minimum of $250 coming into the account each month from direct deposit. We do, so we don't have to worry about the fee.

 

LOL!!!

 

I bet a lot of people end up keeping their account and paying the fee. It's a major pain in the ass to change a bank account. It may not be worth the hassle over $60 a year.

 

I'm in the minority because I found that not having a debit card helped me manage my finances better. I'd rather use my credit card than use a debit card to spend $20 and then not have my mortgage payment clear. I didn't like worrying about what my daily checking account balance was. For purchases under $50 I carry cash. Not having a debit card also keeps my wife's spending down.

 

I hate being charged money to spend my own money

 

I just hope other banks won't follow it. I read somewhere it was some BS "federal regulation" crap...But from the looks of it BofA is following other banks so it's only a matter of time till other banks will start charging.

 

Good thing I have that direct deposit.

 

Sources?

 

it's called revenue streams and everyone thought it was cool when their company was doing it, now that everyone it doing it, people are seeing it for what it is....nickel and dime people to death......

 

My older brother and sister swear by BOA and also have been there for at least that long, lol. I remember when I worked at BankAtlantic. My boss used to go on and on about how hard it was to get people to switch banks and such. They (BankAtlantic) were in a rapid expansion phase (04-06) and were offering all kinds of incentives to bring people in to up their core deposits. Now, they have contracted, have been hit hard from the RE meltdown and their stock barely breaks $1 a share.

 

Internet.
Although I just called BoA and they said there was no direct deposit requirement to avoid the $5 fee. Time for USAA or Navy Federal Credit Union...

 

Want to hear something insane? My ex has a business account with Wells Fargo. They charge her to deposit money! If she makes a deposit and there's cash in the deposit, she is charged either $3 or $6 (can't remember) as a "cash handling fee".

That was one more reason I left WF and didn't look back.