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Bank Of America pulls 5$ debit card fee

D

doinwork83

Well-known member
Joined
Aug 4, 2011
Messages
331
Not sure if anyone cares, but I just seen Bank of America has decided not to go thru w/ their plan of charging their customers $5/mo for debit card usage. A couple centers in my area were getting picketed (mostly bc of the occupy wall street movement) but i did see some signs referring to the fee. It looks like all the bad press worked....
 
also, other major banks (Chase was one) decided not to go along with it. the cartel fell apart...
 
lol greedy mother fuckers! i'm taking my money and putting it in my mattress. And no...you can't have my address.
 
For a long time, I held my dad in silent contempt for keeping his money with a dorky credit union. I am starting to see the value in that.

I have accounts w/Chase and PNC, and both are still fee-free. While neither of them threatened to implement a monthly fee, I would probably yank my money if they did. The only real benefit of chase is the prevalence of their ATMs if I need cash for some reason.

It's funny, I have a savings account with PNC that I keep as my "emergency" fund. since I'm above their min. balance, I pay nothing to maintain the account. the amount of interest they pay on that thing has dropped from something like 1% or 2%/APR when I started it to literally next to nothing. Seriously... I calculated the interest rate at 0.012%. That's 0.00012.

What the hell? There is almost no reason to even bank with them.

I looked at their rates for CDs and MMAs too... the interest rates pay less than the fees for tying your money up for a 1yr or 5yr term. INSANE.
 
Some bank about 10yrs ago started charging to talk to a real person teller, vs using ATMs


I think that policy lasted about 2 days ....
 
MichChamp02 said:
For a long time, I held my dad in silent contempt for keeping his money with a dorky credit union. I am starting to see the value in that.

I have accounts w/Chase and PNC, and both are still fee-free. While neither of them threatened to implement a monthly fee, I would probably yank my money if they did. The only real benefit of chase is the prevalence of their ATMs if I need cash for some reason.

It's funny, I have a savings account with PNC that I keep as my "emergency" fund. since I'm above their min. balance, I pay nothing to maintain the account. the amount of interest they pay on that thing has dropped from something like 1% or 2%/APR when I started it to literally next to nothing. Seriously... I calculated the interest rate at 0.012%. That's 0.00012.

What the hell? There is almost no reason to even bank with them.

I looked at their rates for CDs and MMAs too... the interest rates pay less than the fees for tying your money up for a 1yr or 5yr term. INSANE.
Click to expand...

My wife recently brought that up about switching to a credit union. Has a point. Damn greedy banks. I use fifth third and they haven't pulled anything yet but man.
 
I belong to a credit union and love 'em. Better interest rates both on loans and deposit accounts (although still shitty on those deposit accounts), more lenient with lending decisions and my credit union refunds all ATM charges so I can essentially take out money anywhere. When the next month rolls around they redeposit any fees incurred. Pretty sweet...
 
They'll just find something else sneaky to charge people for. Bastards.

I'm amazed to see this crap, to be quite honest. They are charging people money to access their own funds that the bank is already making lots of free profits on from all the interest they charge. It's a direct result of deregulation of banks and the idea that this is a true large industry that should pay crazy salaries.
 
Since I know little about credit unions, do they use debit cards? I'm sure a silly question but I have no idea.

And the big problem I'd have going from my bank to anywhere else, payments deducted from accounts automatically and a ton of places online who have my info. It'd be a pain in the ass changing all that.
 
[color=#006400 said:
Mitch[/color]]Since I know little about credit unions, do they use debit cards? I'm sure a silly question but I have no idea.

And the big problem I'd have going from my bank to anywhere else, payments deducted from accounts automatically and a ton of places online who have my info. It'd be a pain in the ass changing all that.
Click to expand...

I've seen people mention that as being a reason why they don't switch. The way to do it (I think) is gradually. Open the new account, spend an hour week switching things over, and it shouldn't take too long to get there. If I tried to sit down and do it all at once, I think my brain would melt.
 
[color=#006400 said:
Mitch[/color]]Since I know little about credit unions, do they use debit cards? I'm sure a silly question but I have no idea.

And the big problem I'd have going from my bank to anywhere else, payments deducted from accounts automatically and a ton of places online who have my info. It'd be a pain in the ass changing all that.
Click to expand...
Yep. My wife is a CU member and has a standard debit/credit card like any bank would give you. I plan to open an account with her CU, but just haven't done it yet.
 
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