Pull Your BAC Deposits: $5/mo Debit Card Use Fee? in [Market-Ticker]

Posted 2011-09-29 12:52
by Karl Denninger
in Flash

Pull Your BAC Deposits: $5/mo Debit Card Use Fee?

Time to pull your deposits and close your accounts folks.

Bank of America To Charge $5 Monthly Fee For Debit Card Usage $BAC @BofA_News - DJ

From CNBC Breaking Tweets.

Now why would you pay $5/month (that's $60/year!) just to use your debit card? Uh, no.

Credit union folks.

Better service, better price, kill the TBTF financial rapists.

Discussion below (registration required to post)

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User Info	Pull Your BAC Deposits: $5/mo Debit Card Use Fee? in forum [Market-Ticker]
Kleitusbpn Posts: 300 Incept: 2009-08-15 West Point, Nebraska	Wells Fargo just implemented a $5 monthly charge as well on "free checking". "Monthly Service Fee" 2011-09-29 12:56:16 Permalink
Capeman Posts: 3700 Incept: 2007-07-12 San Diego	People will accept this fee. It's a minor inconvenience to have their bank accounts tied to CC and mortgage accounts that are likely with the same bank. Boiling frogs... ---------- "I believe all God's creatures have a soul... except bears, bears are Godless killing machines!" - Steven Colbert 2011-09-29 12:59:04 Permalink
Corn1945 Posts: 4167 Incept: 2009-04-30	Banks have to make money somehow. Bernanke just ***ed them by driving down long term rates. They aren't going to lend because it doesn't make sense to at these low interest rates. What else are they going to do? Serious question. Running branches, paying employees, and running computers isn't free. Maybe the anger should be directed at Ben Bernanke instead, nevermind the fact BofA shouldn't exist in the first place. 2011-09-29 13:01:20 Permalink*
Dakine2004 Posts: 9229 Incept: 2007-10-23 MD.MI.NC.SD.	Here's your free crack --- now on -- $5.00 a month... 2011-09-29 13:01:49 Permalink
Curbyourrisk Posts: 3587 Incept: 2008-08-19 Farmingdale, NY	Can I get a collective...... ** BANK OF AMERICA???? ---------- Time is up.** I hate to burst your bubble, but there is no Santa Claus, the tooth fairy does not exist and American justice does not involve the courts. 2011-09-29 13:01:52 Permalink
Radcondive Posts: 172 Incept: 2010-09-16 Charleston, SC	Anyone who still banks with the TBTB has a frakken hole in their head and they absolutely DESERVE to be continuously raped for "fees". Screw 'em, I've been with credit unions for years. Last modified: 2011-09-29 13:04:03 by radcondive Reason: can't spell when****ed off! 2011-09-29 13:02:49 Permalink*
Fraudster Posts: 4173 Incept: 2011-05-10	Screw that Corn. BoA should burn. They should not be raising capital to pay for losses from THEIR imprudent behavior on the backs of the same taxpayers that have already had to bail them out. Period. ---------- *"Let China sleep, for when she wakes, she will shake the world."* - Napoleon Bonaparte *"Circulation ceases first at the outer edges [Europe and Japan]. It will take a while yet for the decay to reach the heart [America]."* - Foundation & Empire by Isaac Asimov 2011-09-29 13:04:14 Permalink
Crazymike Posts: 36 Incept: 2010-07-21 Denton, TX	Has the public heard of cash? Seriously unless it is for a good reason (large transaction, eletronoc recipt) why are people using these things? ---------- "The fall of people, groups and nations has not been from plague, famine, war, depression or any great calamity..their fall can be traced to one thing...they started to believe their own bull***."-Roland Mercier "A nobleman is simply a man who says one thing and does another." Don Diego de la Vega 2011-09-29 13:04:48 Permalink*
Quillbill Posts: 1469 Incept: 2009-06-23 Northwest Illinois	Karl you are inciting a bank run..... Oh wait a minute ....BOA is inciting the bank run.... My bad ---------- It is a new day....DO SOMETHING WITH IT! 2011-09-29 13:05:45 From PDA Permalink
Sparticlebrane Posts: 287 Incept: 2009-08-25 Banned	Quote: Has the public heard of cash? Seriously unless it is for a good reason (large transaction, eletronoc recipt) why are people using these things? 1: Convenience 2: Some people don't like to carry cash 3: Easier to track expenses for budgeting purposes Last modified: 2011-09-29 13:10:25 by sparticlebrane 2011-09-29 13:07:42 Permalink
Starvingartist Posts: 3430 Incept: 2011-01-03 Puff The Magic Dragon	My gas station doesn't even TAKE cash. ---------- "The only solution that is mathematically sound is politically impossible. All the should's in the world ain't gonna change that." 2011-09-29 13:09:50 Permalink
Mpilar Posts: 5577 Incept: 2009-01-05 Nashville, TN	Quote: (large transaction, eletronoc recipt) why are people using these things? I even use cash for larger transactions...although they wouldn't let me buy the house with cash and insisted I get something other than a suitcase of money. The logger that just cleared 8 acres for us was quite happy to hear he would be getting paid in cash, and in fact, went beyond what we discussed after finding out this fact. Regions just changed as well "CheckCard fee of $4 in any statement cycle when you use your card to make non-ATM transactions", additionally, they started charging $8 for their 50+ accounts if you don't have direct deposit (which must be over $500 per statement cycle) or over $1500 in your account. ---------- Every normal man must be tempted at times to spit on his hands, hoist the black flag, and begin to slit throats. H. L. Mencken Last modified: 2011-09-29 13:15:21 by mpilar 2011-09-29 13:11:37 Permalink
Oldno7 Posts: 2138 Incept: 2008-11-14 RECALL STATE USA	Free trips to Maui. Air miles. ---------- IT'S THE SPENDING STUPID The US must become less a government of men, and more a government of LAW. When people lose everything and have nothing left to lose they lose it -Gerald Celente 2011-09-29 13:12:55 Permalink
Houstonstan Posts: 961 Incept: 2007-09-20 TX	This is having repercusions outside big banks. I'm wirh 2 CU's already but was considering open an account with IBC for convenience of having bank in same place as where I shop for groceries. http://kgnb.am/news/ibc-bank-close-14-br.... (San Antonio, TX) -- IBC Bank is planning to close 14 branches located inside of HEB stores in and around San Antonio by the end of the year. The Laredo-based institution made the decision based on a change in the amount banks can collect on debit-card transactions, which would not allow them to continue to offer free products and services. The closure will affect more than 130 employees, but the bank says most of those employees will be able to take jobs inside other branches that are not closing. The bank says they will be closing their branches inside HEBs in Schertz, New Braunfels, Kyle, Buda, Georgetown, several in San Antonio, several more in and around the Austin area, and a total of 55 locations throughout their network of banks. ---------- Hobbies: Masturbation and smoking. I'm a 40 day'er and I smoke a lot. 2011-09-29 13:13:10 Permalink
Cloudeleven Posts: 784 Incept: 2007-09-06 USA	I wouldn't say credit unions are any better than banks. Some are probably worse. Mine charges a $20 annual fee for no activity in 12 months in a savings account. A savings account, that pays 0.25% interest. **** that. I'm seriously thinking about closing my accounts with them. I was only keeping it open in case they had a CD deal (rare). And when I call them for help with something, the service is amateurish at best. Last modified: 2011-09-29 13:20:57 by cloudeleven 2011-09-29 13:13:44 Permalink
Free Posts: 3242 Incept: 2007-07-28 The world	Quote: 2: Some people don't like to carry cash Ha! No problems here with a preference for carrying cash! If more peeps would realize the advantages (no record) of going cash, the choice becomes more compelling. ---------- "Don't believe everything you hear and only half of what you see." Last modified: 2011-09-29 13:18:31 by free 2011-09-29 13:17:52 Permalink
Bagbalm Posts: 4251 Incept: 2009-03-19 Just North of Detroit	Desperate scrambling for pennies. They have troubles that gouging $5 a month will not cover. 2011-09-29 13:22:27 Permalink
Tz Posts: 785 Incept: 2007-09-18 varies Banned	Citi is doing the same kind of things http://consumerist.com/2011/09/citi-jack.... The time to get out was several years ago - it was*****back then, now it is something like the movie Hostel. ---------- "I am become debt, destroyer of worlds" 2011-09-29 13:29:20 Permalink*
Cloudeleven Posts: 784 Incept: 2007-09-06 USA	Quote: The time to get out was several years ago - it was*****back then, now it is something like the movie Hostel. You sure you don't mean Human Centipede? 2011-09-29 13:32:22 Permalink*
Mpilar Posts: 5577 Incept: 2009-01-05 Nashville, TN	Free, there's a definite advantage for going cash only...there's also 1 major disadvantage...mainly, the cops can steal any money you have on you and there's ***all you can do about it except "lawfully" defend yourself. ---------- Every normal man must be tempted at times to spit on his hands, hoist the black flag, and begin to slit throats. H. L. Mencken 2011-09-29 13:34:49 Permalink*
Indya Posts: 369 Incept: 2009-04-11	I closed my BofA checking/savings acct first week this month.They charged 14$ monthly maint fee which I didnt get any reasoning around. Now they cant suck $ from a closed acct. 2011-09-29 13:36:25 Permalink
Jpg Posts: 329 Incept: 2009-03-23 MI	Corn1945 wrote.. Banks have to make money somehow. They're already collecting a fee from the merchant on every transaction. 2011-09-29 13:36:55 Permalink
Dakine2004 Posts: 9229 Incept: 2007-10-23 MD.MI.NC.SD.	Quote: fee from the merchant Customer pays...indirectly... 2011-09-29 13:38:43 Permalink
Crow Posts: 193 Incept: 2008-02-25 Canada	This could be all you guys need. There has to be a consensus on something, its bloody frustrating when there is a good idea on how to get a major strike back/victory against the banks and we then get a hundred different ideas on why you/we shouldn't do it. The fact is the bank drove themselves out of ***ing business, they are the facts, and so they should be out of business. Stop splitting hairs and just do it, jesus. ---------- When does Keanu get here? 2011-09-29 13:41:45 Permalink*

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