Bank of America to charge $5 monthly debit card fee

[Cen1aur 1963]

Originally Posted by knight_shadow

From the article:



link

This makes me glad I got out of the banking industry. These bastards are getting greedier by the day.

I feel you. My bank charges me $2.00 every time I use my debit card. If I run it as a credit they don't charge me. I don't know the difference as of why they charge if it's a debit, and not credit.

[knight_shadow]

Originally Posted by Cen1aur 1963

I feel you. My bank charges me $2.00 every time I use my debit card. If I run it as a credit they don't charge me. I don't know the difference as of why they charge if it's a debit, and not credit.

$2 per transaction? Wow. That's ridiculous.

I used to know the difference between using debit vs credit, but I can't remember. It's been several years since I've worked for a bank. I know that MERCHANTS have different fees for using one vs the other, but I wasn't aware that the BANKS did.

Interesting.

[amIblue?]

Originally Posted by knight_shadow

$2 per transaction? Wow. That's ridiculous.

I used to know the difference between using debit vs credit, but I can't remember. It's been several years since I've worked for a bank. I know that MERCHANTS have different fees for using one vs the other, but I wasn't aware that the BANKS did.

Interesting.

I think that because merchants pay more to accept credit cards than they do for debit cards, your bank is making up the difference in their fee income if you choose to use your debit card.

This move by BofA is completely boneheaded. I had heard about Regions making this move, but hoped that BofA wouldn't follow suit. I'm shopping for a new bank. I have an account at INGDirect that I've been happy with, but I've never been able to completely let go of being able to visit a brick and mortar branch.

[PiKA2001]

Originally Posted by amIblue?

I think that because merchants pay more to accept credit cards than they do for debit cards, your bank is making up the difference in their fee income if you choose to use your debit card.

This move by BofA is completely boneheaded. I had heard about Regions making this move, but hoped that BofA wouldn't follow suit. I'm shopping for a new bank. I have an account at INGDirect that I've been happy with, but I've never been able to completely let go of being able to visit a brick and mortar branch.

From what I've been hearing about this.. as goes BofA, so does all the other national banks. An industry expert was saying that all banks will probably be doing this within the next year or so, they are just waiting to see it plays out with BofA.

[Cen1aur 1963]

Originally Posted by knight_shadow

$2 per transaction? Wow. That's ridiculous.

I used to know the difference between using debit vs credit, but I can't remember. It's been several years since I've worked for a bank. I know that MERCHANTS have different fees for using one vs the other, but I wasn't aware that the BANKS did.

Interesting.

I noticed it, but not so much until they showed up consecutively. So I asked my bank about them, and that's when they told me. Yeah, it is ridiculous.

This is just kind of random in regards to the banks, but has anyone ever heard of those catalog shopping scams through the bank? They send you a $10-$20 check in the mail telling you that it can be cashed at your bank. Once you cash it, it automatically enrolls you in some 3 month free trial shopping membership program. Once the free 3 months are over, it charges your credit card/debit card/bank account $49.95. It happened to me. I canceled it when I saw the charge on my bank statement. If you call before the month is over, they'll refund the money back on your account. Then they go through the "save a customer" line. I'm glad I caught it, because I know some folks who didn't catch it until the first month already processed. By the time they canceled it, they were already charged $49.95. It pays to read the fine print on everything with these banks.

[ThetaPrincess24]

Originally Posted by Cen1aur 1963

I noticed it, but not so much until they showed up consecutively. So I asked my bank about them, and that's when they told me. Yeah, it is ridiculous.

This is just kind of random in regards to the banks, but has anyone ever heard of those catalog shopping scams through the bank? They send you a $10-$20 check in the mail telling you that it can be cashed at your bank. Once you cash it, it automatically enrolls you in some 3 month free trial shopping membership program. Once the free 3 months are over, it charges your credit card/debit card/bank account $49.95. It happened to me. I canceled it when I saw the charge on my bank statement. If you call before the month is over, they'll refund the money back on your account. Then they go through the "save a customer" line. I'm glad I caught it, because I know some folks who didn't catch it until the first month already processed. By the time they canceled it, they were already charged $49.95. It pays to read the fine print on everything with these banks.

I've never heard of that. The only catalog I've seen even at any of my bank's branches are for checks. Thankfully I have a great local bank that I've used since 1998 that has never given me a single problem or tried to get me to have certain accounts I dont need. They have ATM's & branches all over the city and a few of the smaller cities outside of Lexington here too. I have free checking with no minimum balance. I think I pay something small like $5-10 per year for unlimited debit card use. They dont send me junk in the mail asking me to take out a new credit card every other day either--like Chase, Capital One, & Bank of America.

[PeppyGPhiB]

Originally Posted by Cen1aur 1963

I feel you. My bank charges me $2.00 every time I use my debit card. If I run it as a credit they don't charge me. I don't know the difference as of why they charge if it's a debit, and not credit.

I'm sorry, but you're crazy/stupid if you stay with a bank that charges you ANY transaction fee for using your debit card...at least in the U.S. My CU doesn't even charge me a transaction fee that high when I'm overseas!!!