Bank of America to charge $5 monthly debit card fee

knight_shadow · #1 09-29-2011, 10:23 PM

From the article:

Quote:

Get ready for a new wave of bank fees. Bank of America will begin charging a $5 monthly fee at the beginning of next year for customers who make debit card purchases.

Whether you use your card for one purchase a month or 20, you will pay $5 per month starting in 2012. It doesn't matter if you select "debit" or "credit" at the point of sale.

If you don't use your card at all, you won't be assessed a fee, and you can still use ATMs as much as you want without getting hit with the new charge. Plus, customers with certain premium accounts will be exempt from the charge.

link

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

Xidelt · #2 09-29-2011, 10:29 PM

Hellooo credit union! I just need to find one with a location that is convenient to me because I occasionally need to hit the ATM for deposits or account transfers.

AXiDTrish · #3 09-29-2011, 10:37 PM

Regions is starting a $4 charge for the same thing. Sucks because the chapter accounts are there and they haven't budgeted for that.

33girl · #4 09-29-2011, 11:02 PM

That bank is so random. They have ATMs in several of the malls here, but as far as I can tell, no actual physical branch. I could understand at the airport but some of the places they have them make no sense. With ATMs for the local banks everywhere, I don't see how they make money.

NinjaPoodle · #5 09-30-2011, 02:40 AM

Quote:

Originally Posted by Xidelt

Hellooo credit union! I just need to find one with a location that is convenient to me because I occasionally need to hit the ATM for deposits or account transfers.

Got out of the banks YEARS ago. I was with my CU from 91' until they merged with another CU. I left the "new" CU because they weren't even based in San Francisco.They were in bankrupt-ass Vallejo of all places plus the associates were not friendly. THere were some other issues I had with them so I said See ya! I moved my $$ to another CU in the city with a good number of ATMS and locations. They have decent rates and good investment plans and they are right around the corner from school.

BofA is going down. Their stock closed yesterday at $6.40.

TonyB06 · #6 09-30-2011, 08:41 AM

Dear PNC,

Let Bank of America act a fool if they want to, but don't you get froggy. If you do, you will be a&& out with me.

If you think I'm playing, go ask your friends over at Capital One who still send me "please come back" letters every other month asking me to come back after some new "here's a slick way for me to gouge you some more" ignorant policy they instituted.

not.

DaffyKD · #7 09-30-2011, 11:13 AM

Quote:

Originally Posted by TonyB06

Dear PNC,

Let Bank of America act a fool if they want to, but don't you get froggy. If you do, you will be a&& out with me.

If you think I'm playing, go ask your friends over at Capital One who still send me "please come back" letters every other month asking me to come back after some new "here's a slick way for me to gouge you some more" ignorant policy they instituted.

not.

Capital One never learns. I left them about 6 years ago when they started to mess with me. I have since moved and I still get the "please come back. We are so wonderful that we will give you the best interest rate." Yeah, mess with me once, shame on you-- mess with me again, shame on me. So far they have had absolutely no change to screw me again.

DaffyKD

#8 09-30-2011, 11:29 AM

Looks like I'll be switching banks even though Bank of America is super convenient for me. Any national suggestions? Citizens Bank?

IrishLake · #9 09-30-2011, 11:34 AM

I left Fifth Third a little over a year ago and went to PNC. I have been so so SO happy with PNC. I will shit a brick and go to a CU in a heartbeat if they do something like this though.

Cen1aur 1963 · #10 09-30-2011, 12:22 PM

Quote:

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.

Mevara · #11 09-30-2011, 12:24 PM

Quote:

Originally Posted by Xidelt

Hellooo credit union! I just need to find one with a location that is convenient to me because I occasionally need to hit the ATM for deposits or account transfers.

Credit unions have agreements with other cu to allow use of their ATMs. As long as the ATM displays the COOP symbol you can use it with out a fee.

knight_shadow · #12 09-30-2011, 12:43 PM

Quote:

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? · #13 09-30-2011, 02:40 PM

Quote:

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 · #14 09-30-2011, 02:56 PM

Quote:

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.

DubaiSis · #15 09-30-2011, 03:00 PM

I am a travel agent and back in my "corporate travel" days I booked travel for BofA. Based on my experience working with them, I would NEVER bank with them. They are almost surreal money wasters. Douchy, rude, money wasters.
There are some great local/regional banks out there and credit unions who still have at least a smidge of a soul.

And I know people who are really happy with Discover Bank and other online-only banks. There is just no need to bank with an organization you think is despicable.