Bank of America new fee (reports, income, principle, employee)

[NJBest]

Originally Posted by LuckyGem

I went inside BofA this evening to ask them about the fees.

They told me "it hasn't started yet". (Duh. I knew this)

She said, "IF it is initiated it will be in Jan 2012". (Duh. I knew that too)

I asked her if it had anything to do with the banks not being able to charge up the merchants because of the cap, and they're putting that charge back on the consumer.

She said "I don't know". I asked, "well if you don't know, who in this bank does?" She said, "nobody because we haven't been told anything yet".

I laughed walking back to my car.

I saw a report on the news this evening that the money BofA is missing from the merchant cap amounts to 2 billion. And if every customer in the BofA system used their debit card it would amount to an extra 3 billion per year for the bank. Meanwhile they made 71 billion in profit last year alone.

What's an extra 1 billion OF YOUR OWN MONEY going into the BANK'S POCKET for? That's b.s.!!

Did you really expect a teller or branch manager to know why their large market-cap management made a enterprise-wide decision?

[FlyerNation]

Originally Posted by Antlered Chamataka

Besides, Bank of America is the benchmark of the health of American economy.

Bank of America is a cancer to the American economy.

[LuckyGem]

Originally Posted by NJBest

Did you really expect a teller or branch manager to know why their large market-cap management made a enterprise-wide decision?

Hell yeah. I, the consumer had a question that affects my account, and should be easily answerable.

"Did your bank decide to stick it to the consumer when a cap was placed on the amount you can charge merchants for transactions?"

Simple question deserves a simple answer which is... Yes. or No.

[NJBest]

Originally Posted by LuckyGem

Hell yeah. I, the consumer had a question that affects my account, and should be easily answerable.

"Did your bank decide to stick it to the consumer when a cap was placed on the amount you can charge merchants for transactions?"

Simple question deserves a simple answer which is... Yes. or No.

Where did you get the figure of $71 billion? Something doesn't add up.

[Escort Rider]

Originally Posted by sweetchas

Im staying with BOA the locations are everywhere unlike Chase and TD Bank.

I have no quarrel with your choice, but I would like to point out that Wells Fargo is not far behind. Wells is huge west of the Mississippi, with a few exceptions such as Missouri, Arkansas, and Louisiana. With the aquisition of Wachovia two or three years ago, that now gives Wells a substantial presence east of the Mississippi as well.

Nationwide, you are right that no bank has quite the coverage of BofA. For those of us who are not constantly traveling, however, it may make little difference, as there are national networks of ATM's that we can use for free, and if one of those is not available it only cost me $3 to withdraw $400 from a non-Wells Fargo ATM in Arkansas last January. Ironically, it was a BofA ATM. So if I had been a BofA customer, I would be $3 richer today, assuming BofA fees are the same as Wells Fargo fees otherwise.

[HereOnMars]

Originally Posted by Escort Rider

The use, the security, and the desirability of debit versus credit cards have been argued ad nauseum in various threads in this forum previously, and I don't want to resurrect that argument, which will go on forever. I just want to respond the the sentence which I bolded above. When I use my credit card, there are no interest charges either because I pay off the balance in full every single month. That is something which is under the control of the consumer, providing that the consumer is an adult - i.e., is a person with some self-control.

That's what I do, too. One bill, line by line itemization. I know where every dollar goes. Plus, if you use a rewards card, you reap the benefit of a check or gift card when you acquire enough points.

B of A is still having some serious financial problems (as are many banks). Charging $5/mo for debit card usage doesn't amount to much for one account but multiply that by the number of customers they have and it's nice $$$.

For some, $5 might not seem like a lot but add that to the increased charges on your phone bill, water bill, electric bill, auto insurance, groceries, gasoline, etc. ... and it does make a difference. Not everyone has a boatload of money at the end of the month. I need that five bucks more than B of A does.

[NJBest]

Originally Posted by HereOnMars

For some, $5 might not seem like a lot but add that to the increased charges on your phone bill, water bill, electric bill, auto insurance, groceries, gasoline, etc. ... and it does make a difference. Not everyone has a boatload of money at the end of the month. I need that five bucks more than B of A does.

Just curious... how did you assess that? Bank of America is showing a loss in the billions, has 250,000+ employees depending on them, and thousands of others invested in them with their savings, 401ks, etc. What criteria of yours did you find comparable?

[HereOnMars]

Originally Posted by NJBest

Just curious... how did you assess that? Bank of America is showing a loss in the billions, has 250,000+ employees depending on them, and thousands of others invested in them with their savings, 401ks, etc. What criteria of yours did you find comparable?

Assess what? My comment was an answer in regards to a person's monthly budget and those who live with one.

[NJBest]

Originally Posted by HereOnMars

Assess what? My comment was an answer in regards to a person's monthly budget and those who live with one.

Assess that you (or another individual) needs the $5 more than Bank of America does. To make that type of statement, there must be some analysis and comparison between the two.

[HereOnMars]

Originally Posted by NJBest

Assess that you (or another individual) needs the $5 more than Bank of America does. To make that type of statement, there must be some analysis and comparison between the two.

No. There isn't any need for me, personally, to analyze or compare anything when it comes to banks. I won't give them any sympathy. They got themselves into the mess they're in by the garbage mortgages they made. They expect their customers to get them out of it. But that's a whole other topic for a new thread. I made my comment here and I'm done.