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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."
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.
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, 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.
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...
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?
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.
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.
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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