Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Right, the accounts that actually keep some kind of a balance in the bank are the ones that generally have no fees attached. The banks can lend on those funds. But as anyone who has borrowed money (with good credit) recently knows, banks are making very little on loans these days. That is why the interest they are paying out on CD's etc. is so low. You can't get a mortgage for 4% for 30 years and expect to also get a great rate on your investments. It's a good time for those that need, and can qualify for loans these days; its not such a great time for savers.
The accounts people have where their paycheck or Social Security goes in and they come in that very day and withdraw all but $2.00 to keep the account open, and that's the only relationship they have with the bank - those are the accounts the banks don't need. Unless they are frequently overdrawn - then the bank makes money off of that customer in overdraft fees.
When I applied for the credit union there was a 15$ application fee but when I told them I had a large balance in BOFA and was going to move everything to the new account they waived the fee. I get everything free now. Problem solved and I probably saved myself hundreds.
From what I understand, YES. It's for the use of the card period, debit OR credit option.
Incorrect.
The fee's to make purchases and similar DEBIT services previously absorbed by the merchant
are now being shared with the BOA consumer's who do such by way of a flat fee
for the +/- 35cents per transaction it costs the Bank.
Credit card accounts are a whole other entity.
If you aren't living on the edge or otherwise aren't unable to maintain a reasonable account balance...
you won't be charged these debit transaction user fees.
Using the BOA ATM machine is NOT at issue.
No charges there at all.
---
OTHER banks will have other policies.
Chase (iirc) is proposing a $3 monthly fee
and having THAT apply to all accounts and all services *including* ATM use.
I'm not answering about credit cards, I'm answering about the DEBIT card. Whether you press the "debit" or "credit" button option, you are are charged if it is your DEBIT card. I am not home so I can't easily find where I read that, but I read it yesterday.
The fee's to make purchases and similar DEBIT services previously absorbed by the merchant
are now being shared with the BOA consumer's who do such by way of a flat fee
for the +/- 35cents per transaction it costs the Bank.
Credit card accounts are a whole other entity.
No. That is correct. We aren't talking about "credit card accounts". When you pay for something with your debit card you can choose debit (where you enter your pin) or credit (where you don't). No matter which you choose, BofA will hit you with this fee.
Quote:
If you aren't living on the edge or otherwise aren't unable to maintain a reasonable account balance...
you won't be charged these debit transaction user fees.
Really? I have not seen anything that specifies what hoops you need to jump through to avoid the fee. Just "certain premium accounts". That makes it sound like you need a lot more than "a reasonable account balance".
Gotcha. I missed that nuance. As I've never done that...
why would anyone use their atm card for credit instead of their credit card?
Some can't get get credit cards, or simply don't want one. With the debit card, your money has to be available. There is no "loan" like a credit card, where you are charged interest if you don't pay it off every month.
For me, it's more so that I can't get a credit card since my ex ruined my credit. I am still rebuilding it.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
