Bank of America Changes the Rules During the Game

Discussion in 'Current Events' started by UpstateNYUPSer, Sep 30, 2011.

  1. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    Bank of America announced today that they will begin charging $5/month to their customers who use their debit cards for non-PIN based transactions. Debit cards were introduced as an alternative to credit cards ("same as cash") with the lure of no charge for their use (other than at ATM's of other banks) so now that we are all hooked they have decided to start charging a monthly fee for their use. Bank revenues have declined sharply since Congress reduced the amount they could charge on existing fees so they are now looking for new sources of revenue.
  2. ajblakejr

    ajblakejr Age quod agis

    Take your ball and play with a different bank.
  3. over9five

    over9five Moderator Staff Member

    Without a doubt. Don't even play at all with the big banks. Find a local bank with no fees.
  4. curiousbrain

    curiousbrain Well-Known Member

    Set a weekly and monthly budget; withdraw cash from your account on Monday. Do not exceed that amount on whatever your arbitrary time table is; don't need a debit card. The history books I read in college spoke of this thing called a "budget".
  5. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    I am not nor would I ever be a BOA customer.

    BB, thanks for the lecture---Dad.
  6. curiousbrain

    curiousbrain Well-Known Member

    I believe you mistook my comments as a lecture, when in fact they were meant more as a rhetorical "call to arms" to all people to avoid using any device that enables any bank to tax you with fees. I understand, though - it did come across as a little preachy and all that.
  7. ajblakejr

    ajblakejr Age quod agis

    Interestingly, if we, as a collective, take the time to "turn back the clock" and begin to fight the banks by behaving in an "old fashion way" with cash transactions...we stop leaving financial footprints all over...we could start to control the controller..
  8. cheryl

    cheryl I started this. Staff Member

    You might want to look into joining a credit union. We were happy with our free accounts at Washington Mutual. When Chase swallowed up Washington Mutual and we wound up with accounts at Chase and started noticing we were paying lots of junk fees from their ever increasing fee schedule.

    A few months ago we switched everything from Chase to a credit union. Much lower fees, much better service.

    Credit unions offer the nearest thing to a free lunch

    6 ways to find a credit union (and why you should look)
  9. moreluck

    moreluck golden ticket member

    Way back when, they introduced ATM cards and debit cards I just cut them up and threw them away. Everything was free back then and I knew they would get you used to them and then start charging.

    My bank always asks me for my ATM or debit card and I hand them my driver's license. I tell them if that's not good enough, I'll put my money elsewhere. That seems to work. I still get free checking and free checks. (fingers crossed)
  10. curiousbrain

    curiousbrain Well-Known Member

    Which explains why they never give you the free lollipops they have behind the counter.
  11. trplnkl

    trplnkl 555

    My bank is small in comparison to BOA and chase, branches in four Texas cities and two Colorado cities. We pay no fees (yet) for ATM/debit cards or any other fees except interest on loans, in fact our checking accounts draw interest (LOL). I generally only use my debit card for purchases of $40 or less if I don't want to use available cash. Everything over $40 goes on the CC and is payed off every month, I like the FF miles I get from that card. If they start charging a fee for the debit card I will just stop using it.
  12. faded jeans

    faded jeans just a member

    Never had a debit card, never will.
  13. trplnkl

    trplnkl 555

    I really like the debit card, same as cash and just about everyone accepts it. It's the traditional checks I won't use unless circumstances call for it.
  14. scratch

    scratch Least Best Moderator Staff Member

    I very seldom write checks anymore, I use debit cards and do online banking. I am a Bank of America customer, they bought out the bank I started using thirty years ago. I have been thinking about changing for a while to Suntrust, but they are thinking about doing the same thing. I just may switch to a local small town bank or take another look at a credit union.
  15. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    I think credit unions will be the big winners when all is said and done.
  16. klein

    klein Für Meno :)

    I onced belonged to a credit union, was quite happy with them. But, then I moved to Edmonton (from Calgary), and that credit union has no branches here.
    Besides that, they do charge you a 1 time mebership fee too (but that's ok - you do get that money back if you ever leave, plus interest/dividends).

    However, if you plan to travel lots or just be out of the city lots.... feel yourself lucky if you find one of their ATM machines ! - Or pay the price.
    So, they do have their disadvantages, too.
  17. brett636

    brett636 Well-Known Member

    There is an easy solution to this, and that is to drop BofA as there are lots of good alternatives who don't charge that fee. If there was ever a bank that didn't deserve to use the word America in it BofA is it. Offering loans to illegals is not a bank I consider very American.
  18. Baba gounj

    Baba gounj pensioner

    credit cards are only used for emergencies.
    my teamster's credit union did give me an ATM, which I only use for cash with drawls.
    I use cash every day, mostly ones.
    and I joined Where's George .com to track just where some of those marked bills go.
    Quite a few have shown up in Europe, Asia, The Middle East, South America, but very few from Canada.
  19. wkmac

    wkmac Well-Known Member

    With the talk of BofA fees, more and more people are rethinking big banks which I think is a good thing for a variety of reasons. The article linked below discusses the idea of State Banks and the benefits those smaller and more local institutions can bring to local communities and it's customers.

    How State Banks Bring the Money Home

    Another reason to look at the North Dakota model?

  20. moreluck

    moreluck golden ticket member

    Two words..................

    California Bank ?????