Bank of America to charge $5 monthly fee for debit card purchases

Discussion in 'Business & Economics' started by KilljoyKlown, Sep 29, 2011.

  1. Gustav Banned Banned

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    Bank of America has bowed to public pressure and will scrap plans to impose new usage fees on customers who use their debit cards to make purchases.

    The move follows a backlash from consumers, investors and lawmakers who were quick to voice their displeasure with the possibility of new fees. At the time of the original announcement, other major banks were expected to follow BoA's lead when it came to the new fees. But most major U.S. banks thought better of it after watching the reaction to Bank of America's announcement​


    http://slatest.slate.com/posts/2011/09/29/bank_of_america_announces_5_debit_card_fee.html.html
     
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  3. KilljoyKlown Whatever Valued Senior Member

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    Who would have guessed? Anyway I don't trust BofA and just know they will come up with a less public way to stick it to it's customers. Despite what Arthur thinks and says, BofA is always looking for a way to make an extra buck and if they can get away with it, they'll take take from their customer base. How many times has your bank told you that deal is only for our new customers? In my book any company that offers a better deal just to get new customers but won't offer it to their good loyal customers has got real problems.
     
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  5. Gustav Banned Banned

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    yeah
    bait and switch
     
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  7. adoucette Caca Occurs Valued Senior Member

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    And yet amazingly 63 million BofA customers disagree with you.
     
  8. Rhaedas Valued Senior Member

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    It's probably more of the same philosophy talked about in the Declaration of Independence. People suffer so long as the suffering is minimal. It takes a lot to get people motivated to change. They'll bitch about stuff, because that's easy to do, but as tangled as stuff is with bank accounts these days, it's a huge hassle to make a complete move to someone else, who will likely do the same to you later on.

    So those millions of customers aren't saying yes, they like all these nice fees and charges. They're just apathetic about trying to go somewhere else.

    If people actually stuck to their guns about how they were treated and the services and product they got, McDonalds would go out of business. But that's not human nature. We tend to lean to the easy, and just vocalize our displeasure a lot.
     
  9. adoucette Caca Occurs Valued Senior Member

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    I'm sure there's some of that.
    People went to big banks even though they didn't need their services.

    But I think most people who have one at a big bank do need what they offer.

    My prediction has been that the number of people that switch accounts won't hurt the big banks at all, and indeed, many of those who do switch will, because of low balances, be a better deal for both the customer AND the big bank.

    http://finance.yahoo.com/banking-bu...dit-unions-poach-clients-wsj?mod=bb-budgeting

    Arthur
     
  10. adoucette Caca Occurs Valued Senior Member

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    So they simply raised the fee on ALL accounts.

    So because people protested being charged a small monthly fee for a service they used, everyone will pay more regardless of the services they use.

    http://www.nytimes.com/2011/11/14/business/banks-quietly-ramp-up-consumer-fees.html

    There is no such thing as a free lunch.
     
  11. The Esotericist Getting the message to Garcia Valued Senior Member

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    Yeah?

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    I'm no expert, so explain it to me, how come my banking costs me nothing at my CU?
     
  12. The Esotericist Getting the message to Garcia Valued Senior Member

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    :bravo:
    I'm glad you both can keep up with the jovial banter. Apparently, you don't get where the intent of the sarcasm is targeted though.

    If you understand what QE1 and QE2 actually are, you wouldn't make such asinine comments. Perhaps you'd be shitting yourself?

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  13. adoucette Caca Occurs Valued Senior Member

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    In 1937 Congress granted credit unions with a federal tax-exempt status based upon their cooperative structure.
    Gives them a huge cost advantage.

    And you can still get a free checking account at banks like BofA, just keep a relatively small average balance and that monthly fee is waived.
     
  14. The Esotericist Getting the message to Garcia Valued Senior Member

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    tax-exempt status huh?

    Gee, sounds like all banking would be lots less expensive if we just got rid of government. Yeah, lets try that. Exchange rates can be based on the most readily available local commodities in the different localities. Local currencies, local banking. Sounds good. Sounds a lot more honest and productive than the bullshit we are engaged in now. . .

    Oh, but wait, then the banks wouldn't have a monopoly over currency manipulation, would they? Then they couldn't produce debt based currency and seize the value of people's land and labor with the violent coercive use of the government's guns, huh? Their industry probably wouldn't be near as profitable that way, and they'd probably have to do some honest business, huh?

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  15. adoucette Caca Occurs Valued Senior Member

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    Right and while we are at it just remember that gets rid of Medicare, Social Security, the US Interstate system, the Coast Guard, Federal Courts, the CDC, the EPA, the EIA, FEMA & NASA.

    Sounds a LOT more HARSH then the world we live in today.


    Said by someone totally ignorant of how the banking system works and the value it provides.

    I'm curious, how do you think normal people would buy cars and houses and start small businesses without banks?
    How would we buy things over the internet?
    How would we pay our bills?
    Who would handle the MASSIVE amount of currency needed to handle all our transactions if Debit Cards and Credit Cards weren't available? (about a Trillion electronic transactions a year)
    Etc etc

    Arthur
     
  16. The Esotericist Getting the message to Garcia Valued Senior Member

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    Good Morning Arthur.

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    Sounds like it, I assure you, we are a civilized people, we will make do and flourish even more. Government seeks to control more than it seeks to foster free association.

    I'm not saying it doesn't provide value. I don't think it needs to be a for profit enterprise protected by and in collusion with the state. That's unfair. You work for the establishment, so it is in your interest. Arguing with a wise guy about why the Mafia is immoral, is pointless. . . but sort of fun. Thanks Arthur.

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  17. adoucette Caca Occurs Valued Senior Member

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    Well that's your opinion, but indeed, in the world, the best places to live all provide those services/govt functions that I listed.

    In contrast, the harshest places to live, those with the lowest life expectancy and no concern for the environment, do not.

    So how is it that you can claim without them we would flourish?

    Without a profit motive we would still all be using cash for all our transactions and you couldn't buy anything electronically.

    No I work for a software company, if you saw us all together you certainly wouldn't think "the establishment", a blend of young geeks all the way to aging hippies.

    The point is though I'm not employed by a bank, I'm quite familiar with what it takes for our national payment system to operate smoothly, and the costs associated with making it do so, and the value it provides.

    Arthur
     
    Last edited: Nov 14, 2011
  18. The Esotericist Getting the message to Garcia Valued Senior Member

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    Sure, you're right. In the most educated and advantaged areas in the world there is the most bureaucracy, corporatocracy and graft. I don't understand why the assumption that the growth of these along with the advancement of society is necessarily a causation, rather than just a manifestation, or a correlation.

    If humans can co-operate within their families and communities, why can't they create bureaucracies that foster cooperation (rather than wasteful competition) that are efficient in providing goods and services?

    Which came first, advanced civilization, or bureaucracy?

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  19. adoucette Caca Occurs Valued Senior Member

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    Well simply find a country that has a high quality of life and little to no government.
    Got one?

    In the meantime consider this:

    Countries ranked by quality of life:
    1 Ireland 8.333
    2 Switzerland 8.068
    3 Norway 8.051
    4 Luxembourg 8.015
    5 Sweden 7.937
    6 Australia 7.925
    7 Iceland 7.911
    8 Italy 7.810
    9 Denmark 7.797
    10 Spain 7.727
    11 Singapore 7.719
    12 Finland 7.618
    13 United States 7.615
    14 Canada 7.599
    15 New Zealand 7.436

    Versus:

    107 Tajikistan 4.754
    108 Nigeria 4.505
    109 Tanzania 4.495
    110 Haiti 4.090
    111 Zimbabwe 3.892

    (and there are quite a few shit holes lower than this even)

    http://en.wikipedia.org/wiki/Quality-of-life_Index


    I'm curious, what do you think accounts for the longer life expectancy in the world today, the higher percent of educated people, the fewer hungry people etc etc?

    By ALL measures the average global inhabitant is better off today than in the past and if you go back a few decades they are DECIDEDLY better off today.

    Read this if you are actually interested in how we are improving the lives of the poeple of the world, starting with the children:

    http://www.unicef.org/publications/files/SOWC_Spec._Ed._CRC_Main_Report_EN_090409.pdf

    Both advanced together.
     
    Last edited: Nov 14, 2011
  20. The Esotericist Getting the message to Garcia Valued Senior Member

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  21. KilljoyKlown Whatever Valued Senior Member

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    We all knew BofA would think of someway to gouge it's customers, but at least they are being up front and public about it, and that is an improvement in their business practices.

     
  22. Rhaedas Valued Senior Member

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    I really need to finish the move to the credit union. thanks for reminding me, BoA.

    I was going to complain about how the fees would only hit those who don't have a large amount of income coming in or as a balance (those who live paycheck to paycheck), but that won't help anything. Better to take business elsewhere.
     
  23. Michael 歌舞伎 Valued Senior Member

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    Exactly.

    I moved to a small two branch local bank. They struggled to keep open. Offered a lot of services, which I tried to take them up on when I could. In the end they closed

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    But, the other branch is open so I kept my account with them.

    Screw Big Banks
     

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