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Old 09-30-2011, 04:55 PM
 
Location: Seattle
1,362 posts, read 2,849,154 times
Reputation: 1453

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In my view, the issue is not the fee, but the way this is handled.

Rather than simply charge new accounts a one time fee for issuing a debit card, or charge per transaction, they are choosing a ridiculously high flat fee, that is in no way related to how costs are assessed for this product.

When people see this, the first thing that comes to mind is, "why do I have to pay FIVE dollars for ONE debit card transaction?" They are not attempting to provide value to the customer, just assessing a fee that is close to usury for people who occasionally use debit cards and don't check their statements. Translation: they aren't trying to operate a value added business, they are trying to take advantage of people who don't pay attention. Not illegal, borderline unethical, and without question an unsustainable business practice.

They should spend more time figuring out how to add value to their customer base, not engage in continuous "low level cons."
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Old 09-30-2011, 05:05 PM
 
Location: DFW
6,719 posts, read 11,191,439 times
Reputation: 4986
If you don't like the fees, then vote with your feet and find a bank with no/less fees!

Better yet, keep your B of A account and use it for the convenience of ATM access, and use your other bank that doesn't have any debit card fees when you use your debit card.
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Old 09-30-2011, 10:12 PM
 
5,507 posts, read 9,015,282 times
Reputation: 2276
Quote:
Originally Posted by ragnarkar View Post
If you don't like the fees, then vote with your feet and find a bank with no/less fees!

Better yet, keep your B of A account and use it for the convenience of ATM access, and use your other bank that doesn't have any debit card fees when you use your debit card.
Well said.
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Old 09-30-2011, 10:42 PM
 
Location: Wicker Park, Chicago
4,791 posts, read 12,909,515 times
Reputation: 1933
Well, I use Chase Checking, and Debit card / checking is free if you have direct deposit or else you have to use your debit card at least 6 times a month to avoid a $6 fee.

Look at the video in this web page! California To Quit Foreclosure Settlement Talks
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Old 09-30-2011, 10:51 PM
 
Location: Apple Valley Calif
7,475 posts, read 19,592,750 times
Reputation: 5583
Citibank announced today they will start charging $15.00 a month, so all you who dropped BofA will have to go back...! All banks are doing it to the basic accounts. I think Citibank wants you to have $6000 + to get away from fees...
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Old 10-01-2011, 08:00 AM
Status: "I am in preparation mode!" (set 13 days ago)
 
5,515 posts, read 5,514,151 times
Reputation: 4212
Quote:
Originally Posted by Singlelady10 View Post
Bank of America continues to tack on fees to it's customers and will soon be BK. I came across this article today that said BOA will start charging $5 a month to use your debit card. Really? The only reason I even deal with this bank is that they have lots of branches and ATM around both states I visit and live. I am switching to a credit union because BOA is not looking out for their customers.
Can anyone else give a list of crazy fees BOA charges to access your OWN money?

Red Tape - Bank of America to charge $5 monthly fee for debit card purchases
Credit unions are the best. My bank does not charge any fees.
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Old 10-01-2011, 08:07 AM
 
20,979 posts, read 15,635,385 times
Reputation: 10270
The "fixing" of the banking by the government tends to have these effects.

Enjoy!
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Old 10-01-2011, 09:03 AM
 
823 posts, read 1,957,220 times
Reputation: 424
Quote:
Originally Posted by Donn2390 View Post
Citibank announced today they will start charging $15.00 a month, so all you who dropped BofA will have to go back...! All banks are doing it to the basic accounts. I think Citibank wants you to have $6000 + to get away from fees...
No, *all* banks are not doing it. Only the larger banks are. There are plenty of banks (and of course credit unions) who are still customer focused and do not charge any of these new fees

Quote:
The "fixing" of the banking by the government tends to have these effects.

Enjoy!
That is a total cop-out. These banks are for-profit enterprises. Blaming the government is just a convenient excuse. They are doing it because they can. . And of course the new regulations did very little to address the bigger problems. Bringing back Glass–Steagall would be a nice start there.

Vote with your feet folks. Banking is a hyper competitive industry. There are lots of options out there.
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Old 10-01-2011, 09:51 AM
 
Location: SoCal desert
8,095 posts, read 12,759,507 times
Reputation: 14842
Quote:
Originally Posted by Jesse69 View Post
Well, I use Chase Checking, and Debit card / checking is free if you have direct deposit or else you have to use your debit card at least 6 times a month to avoid a $6 fee.
Or if you keep a minimum balance of $1500.

I don't own a debit card or an ATM card.

I go to the bank and get cash when I run low. $200 usually lasts 3 to 4 months.

Use your no-fee credit card and pay it off every month if you don't want to give the bank any extra profit.

Disclaimer - I don't shop much
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Old 10-01-2011, 10:09 AM
 
12,850 posts, read 24,511,901 times
Reputation: 18860
I cancelled my Bank of America account (it swallowed up a former regional bank that swallowed up a local bank) and am now with a very nice local bank. No checking fees if you have direct deposit (or other things that I don't remember). The ATM isn't as good as the big banks, for transfers and stuff, but I am very happy with the bank and am glad to have a local alternative.
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