Eff you, Bank of America!

  • Posted by a hidden member.
    Log in to view his profile

    Sep 30, 2011 1:53 PM GMT
    Beginning in January, they're going to start charging $5 per month to use your debit card to make purchases. That's some bullshit right there!

    http://money.cnn.com/2011/09/29/pf/bank_of_america_debit_fee/index.htm?hpt=hp_c2
  • Posted by a hidden member.
    Log in to view his profile

    Sep 30, 2011 2:13 PM GMT
    All of the banks will probably start doing that.
  • Posted by a hidden member.
    Log in to view his profile

    Sep 30, 2011 2:24 PM GMT
    that's ridiculous-- it's bad enough i have to pay a $12.00 matinence account fee.
  • Posted by a hidden member.
    Log in to view his profile

    Sep 30, 2011 2:24 PM GMT
    I saw that. The way I read it it doesnt effect me. w00t free debit card transactions ftw.
  • Posted by a hidden member.
    Log in to view his profile

    Sep 30, 2011 2:25 PM GMT
    I just use my Chase Visa United Mileage card for everything and pay it with one bill pay transaction/transfer a month with Chase.

    I travel a lot for work and it's mostly all expenses. I have the debit card only when I need to get a few dollars for taxi's while in NYC. Their credit card system seems to be slow or non working a lot of the times.
  • Posted by a hidden member.
    Log in to view his profile

    Sep 30, 2011 2:40 PM GMT
    I think credit cards are generally safer to use than debit cards. If you google credit safer than debit, a number of links are found.
  • Posted by a hidden member.
    Log in to view his profile

    Sep 30, 2011 2:44 PM GMT
    BofA reigns supreme as one of the top 10 most disliked companies in America and works hard to stay there. And yes, others banks will see this as an excuse to do the same.
  • Posted by a hidden member.
    Log in to view his profile

    Sep 30, 2011 2:48 PM GMT
    Three words:

    Local credit union.

  • davidnta

    Posts: 86

    Sep 30, 2011 2:53 PM GMT
    It sounds like the major banks are doing this, but the smaller, community banks are still the same.
  • Bigolbear

    Posts: 528

    Sep 30, 2011 2:54 PM GMT
    Inostrankan saidThree words:

    Local credit union.



    Agreed! I've always been a credit union member.
  • Posted by a hidden member.
    Log in to view his profile

    Sep 30, 2011 2:55 PM GMT
    A lot of banks are doing that icon_sad.gif
  • gymfunu

    Posts: 28

    Sep 30, 2011 2:56 PM GMT
    They will continue to do this sort of thing until we, as consumers and citizens, protest.....massively.
  • Posted by a hidden member.
    Log in to view his profile

    Sep 30, 2011 3:14 PM GMT
    Bigolbear said
    Inostrankan saidThree words:

    Local credit union.



    Agreed! I've always been a credit union member.


    This morning on the way to work I heard ads for three credit unions and an "interview" with a CU president about their free services. Somehow I don't think it was a coincidence.
  • Posted by a hidden member.
    Log in to view his profile

    Sep 30, 2011 3:22 PM GMT
    I'm about to sound like a dreaded Republican here, but here goes.

    Guys, this is a DIRECT result of the Durbin Amendment, one of the provisions in the massive Dodd-Frank financial reform law. The Durbin Amendment permitted the Fed to regulate "interchange fees," the fees charged by banks to businesses to process debit card transactions, limiting them by what is "reasonable and proportional." The Fed, when it adopted regulations implementing this law, took a very narrow view of the expenses and costs of providing these services and that did not really capture all of those costs that are incurred by banks. As a result, it adopted a cap that reduced the average fee charged by about 70%.

    If a bank can't cover its costs and make a reasonable profit by charging the business, then it has to come from somewhere else. In this case, a direct fee to the consumer. This is the same reason that banks have recently eliminated debit cards that give frequent flyer miles and other benefits - there is no source of revenue to pay for those benefits anymore.

    This one is (ducking) well and truly the Democrats' fault.
  • hebrewman

    Posts: 1367

    Sep 30, 2011 3:37 PM GMT
    i've been a credit union member for 26 years. try going to local banks too. b of a are shits. they do it because they can get away with it.
  • Posted by a hidden member.
    Log in to view his profile

    Sep 30, 2011 4:02 PM GMT
    So when people stop using their debit cards due to increased fees, the bank profits will drop even further as they will not have monthly or transaction fees coming in.
    Smart move.
  • Posted by a hidden member.
    Log in to view his profile

    Sep 30, 2011 4:04 PM GMT
    Another good reason for me to finally switch away from BoA. They really are the Senator Palpitine of banks and not just in annoying consumer practice ways.

    However, I'm wondering if the lower fees on the debit receivers will ease up the number of small businesses that charge me to use debit. SF is still very cash based and a number of restaurants tack on a charge for using any card. This mostly shows up in coffee shops and I probably pay $5 a month in these charges. Cash seems outdated to me. Can't wait for the chip in my hand to buy things.
  • Posted by a hidden member.
    Log in to view his profile

    Sep 30, 2011 4:04 PM GMT
    I'm hearing a lot of people talk about credit unions. If you're a credit union member, don't you get hit with ATM fees every time you use another bank's machine?
  • Posted by a hidden member.
    Log in to view his profile

    Sep 30, 2011 4:07 PM GMT
    showme saidI'm about to sound like a dreaded Republican here, but here goes.

    Guys, this is a DIRECT result of the Durbin Amendment, one of the provisions in the massive Dodd-Frank financial reform law. The Durbin Amendment permitted the Fed to regulate "interchange fees," the fees charged by banks to businesses to process debit card transactions, limiting them by what is "reasonable and proportional." The Fed, when it adopted regulations implementing this law, took a very narrow view of the expenses and costs of providing these services and that did not really capture all of those costs that are incurred by banks. As a result, it adopted a cap that reduced the average fee charged by about 70%.

    If a bank can't cover its costs and make a reasonable profit by charging the business, then it has to come from somewhere else. In this case, a direct fee to the consumer. This is the same reason that banks have recently eliminated debit cards that give frequent flyer miles and other benefits - there is no source of revenue to pay for those benefits anymore.

    This one is (ducking) well and truly the Democrats' fault.


    Could you provide a link explaining who has determined that the costs of debit swipes have not been captured in the implementation of the law?
  • Posted by a hidden member.
    Log in to view his profile

    Sep 30, 2011 4:09 PM GMT
    RedheadedRy said

    Could you provide a link explaining who has determined that the costs of debit swipes have not been captured in the implementation of the law?


    With some work I could probably link you to industry pieces or comment letters on the proposed regs - I know I've read some stuff that's come through my work inbox. But I got my info directly from a friend who runs the ATM network for a major bank.

    I'm sure the Fed thinks they captured all the relevant costs. Industry disagrees.
  • Posted by a hidden member.
    Log in to view his profile

    Sep 30, 2011 4:12 PM GMT
    HaightLifting said

    However, I'm wondering if the lower fees on the debit receivers will ease up the number of small businesses that charge me to use debit. SF is still very cash based and a number of restaurants tack on a charge for using any card. This mostly shows up in coffee shops and I probably pay $5 a month in these charges. Cash seems outdated to me. Can't wait for the chip in my hand to buy things.


    The debit card processors (Visa, etc.) don't allow merchants to charge you a direct fee for using a debit card. You could probably dispute those charges and win. Previously merchants couldn't even have a minimum debit charge, but under the Durbin amendment they can impose a minimum of up to $10. They can also give you a discount for using cash or using a PIN transaction.
  • Posted by a hidden member.
    Log in to view his profile

    Sep 30, 2011 4:18 PM GMT
    showme said
    RedheadedRy said

    Could you provide a link explaining who has determined that the costs of debit swipes have not been captured in the implementation of the law?


    With some work I could probably link you to industry pieces or comment letters on the proposed regs - I know I've read some stuff that's come through my work inbox. But I got my info directly from a friend who runs the ATM network for a major bank.

    I'm sure the Fed thinks they captured all the relevant costs. Industry disagrees.


    I hope you don't hold it against me for taking industry expertise with a grain of salt.
  • Posted by a hidden member.
    Log in to view his profile

    Sep 30, 2011 4:27 PM GMT
    RedheadedRy said
    showme said
    RedheadedRy said

    Could you provide a link explaining who has determined that the costs of debit swipes have not been captured in the implementation of the law?


    With some work I could probably link you to industry pieces or comment letters on the proposed regs - I know I've read some stuff that's come through my work inbox. But I got my info directly from a friend who runs the ATM network for a major bank.

    I'm sure the Fed thinks they captured all the relevant costs. Industry disagrees.


    I hope you don't hold it against me for taking industry expertise with a grain of salt.


    Well, kinda. We appear to live in a world where if you actually know something about something, that's held against you.
  • Posted by a hidden member.
    Log in to view his profile

    Sep 30, 2011 4:35 PM GMT
    Sp3shul_Offycer_Dufy said

    BELIEVERING ME!!!! cuz i know a whole lotta something's!


    Clever. Very clever. icon_lol.gificon_lol.gificon_lol.gif
  • Bigolbear

    Posts: 528

    Sep 30, 2011 4:42 PM GMT
    endo saidI'm hearing a lot of people talk about credit unions. If you're a credit union member, don't you get hit with ATM fees every time you use another bank's machine?


    Most of the credit unions around here are part of a network that have worked out fee free ATM'ing. Also, the credit unions allow you to use each other's ATMs without any fee. I have an app on my phone provided by my bank that allows me to find a fee free ATM by GPS or zipcode. I don't draw out cash much, but when I do have a need I just use one of those ATMs or I get cash back at a POS transaction.