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Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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Eventually the banks will all charge, though some will wait and take advantage of the opportunity to advertise no fees for a while to hook new customers. First they started to encourage debit cards and online banking to save money and increase profits, by letting tellers go. Now that we are all used to that they start charging.
We have 4 checking accounts with debit cards, so if one bank starts charging we can simply deposit checks from that one into another that doesn't charge for debit transactions. Once they all start charging we'll go with the one having the lowest fees. Splitting it up has the advantage of not too much in one account if it gets hacked.
They already do; some itemize everything but most haven't been.
$1500 on deposit x the 2% they aren't paying = $30 per year.
How much "service" does anyone expect to get for that?
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We have 4 checking accounts with debit cards... we can simply deposit checks from that one into another that doesn't charge for debit transactions.
Whatever they charge and however they do that...
these sorts of regular ATM machine transactions done at YOUR bank's machine hasn't been
and isn't likely to be charged separately.
Similarly, most ATM transactions done at "in system" machines isn't likely to be charged separately.
Using your ATM card in lieu of credit cards to make purchases... is (becoming) another matter.
I never understand why anyone uses these megabanks when there are many local choices. It is every business's right to charge whatever it wants. It is every customer's right to go elsewhere.
We are all paying debit card (and credit card) "fees" , we just don't see them. The retailers are the ones who have to pay the fees and they pass them along with higher prices. Now that they are capped (and lowered) will the retailers pass along the savings? Probably not but that would be the theory. We need to go back to the idea of "cash discount" Remember when gas stations had that option. (I know, I'm old) Love the Tip Top Cafe. CASH ONLY.
I'd be interested to learn what the average or typical balance is
for the people leaving the bigger banks because of these fees.
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The bit of whinge you linked to offers no new information or meaningful data.
I would suspect that the people leaving are those that live paycheck to paycheck and actually pay attention to what's going out each month, I know I don't need to be shelling out another $5 a month, I want to cut expenses, not add them.
I'd be interested to learn what the average or typical balance is
for the people leaving the bigger banks because of these fees.
---
The bit of whinge you linked to offers no new information or meaningful data.
It is great because customers are taking a stand against corporate corruption and we won't take being treated like a big number to these giant mega companies. We have choices and the ability to not take their greedy mentality .
MSNBC's article was a very well documented article on this eye opening situation. Dave Ramsey, President Obama, CEO's from different companies and senators have voiced their anger towards the mega banks but more strongly towards BOA. I don't believe the customers that have low average or daily balances are the only ones running from this bank. BOA will come out in a few months to change either their policy or fees to accommodate the outrage from customers. A perfect example is NetFlix. Netflix has lost 1 million subscribers and counting. Over 60% value in their stock and BOA is next. But their stock is under, way under water but the shareholders are left with the baggage.
The customers spoke but BOA probably won't listen until the high powered top ranking employees are locked up or lose their million dollar salaries. Yet, they completely disregard the retirees and other shareholders that have lost tens of thousands or even millions. But the CEO says" They have a right to make profits" Well BOA not with my money in your stock, bank or my mortgage you won't make it.
It is not about how much money you have, it is about the service you receive and BOA is the worst of the mega banks. The $5 fee is only half the issue. It's the "So what, I don't care, we have a right to make profits at the expense of our customers" attitude. This fee will lead the way for more fees to come for customers, even wealthy customers know that. I am in NC were BOA'S head quarters are located and some of us have had our accounts since before they were BOA. So we are aware of their pattern of increasing hikes over and over again. It has just gotten worse. I have worked for a company for many years that BOA outsources some of it's Defined Benefit, 401K's and Defined Contribution plans. I can say that most of these wealth building customers and employees are fleeing too.
There are plenty of wealthy people in the area where I live. The local credit union was packed to the wall with customers of wealth that elected to go to the credit union. I spoke to a rep who told me that BOA and Citi customers across the nation are opening accounts at their branches like crazy.
The people who are low and middle class are the majority of BOA customers and they matter just as much, if not more than the wealthy because there are more of them. This is where BOA gets customer referrals, mortgage business, credit cards and other services. Most wealthy people pay cash for everything. Not all, but most wealthy people are not carrying huge balances on credit cards or mortgages where BOA make huge profits from interest and fees.
So hopefully you are not suggesting that only people with low average or daily balances are the only ones fleeing this bank. The people that are fleeing are those that have common sense! You teach people how to treat you. Well, now we are teaching companies that we won't put up with it. Good for them too!
Last edited by KayAnn246; 10-11-2011 at 08:51 AM..
So hopefully you are not suggesting that only people with low average or daily balances are the only ones fleeing this bank.
Actually... that is almost exactly the point I'm making:
as there is very little business reasoning for others to leave.
But moreover... that these low balance customers who do leave?
They'll still be paying fees wherever they go whether they're told how they get itemized or not.
Or do you think these other institutions are operating some sort of charity?
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The people that are fleeing are those that have common sense!
You teach people how to treat you.
Well, now we are teaching companies that we won't put up with it.
Good for them too!
As said... I'm not seeing much beyond that sort of vitriol being reported.
But if you're aware of any actual data feel free to post the url.
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