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.
Yep, me too. It will be a pain because I've had my account for SO long and I've got so much automatic stuff coming out of it, but I won't pay this fee. Period.
I have had my account since 1999 and I still plan on closing my account. And I'm in the same situation I got direct deposit and my account linked up with a bunch of stuff. It will be a hassle but oh well. I'm not having bofa steal even more of my money.
Some banks are starting now others early next year. Who will be hit the hardest? Students who don't have a credit card, people who maxed out their credit card....
And all because the government is going hard after the banks and in the end the consumer is the one paying the fees!
Thanks Obama, Dodd, Frank! Another way of giving us a harder time.
And its up to the consumer to decide that its bull crap.
Its not "Thanks Obama.....", the market needed regulation, and it was done. Thanks to the banks for trying to milk their customers just a little more.
As I said, its up to the consumer to educate themselves, and decide not to pay those fees. Its easy to switch banks, and many smaller, local banks offer free check cards as well as many credit unions.
News flash: The big banks do not actually own the Senate. In a much-anticipated vote today on whether or not to delay the implementation of a law empowering the Federal Reserve to limit how much banks can charge merchants in "swipe fees" every time a customer uses a debit card, the banks actually lost. The banks needed 60 votes to end debate on an amendment proposed by Montana's Jon Tester but were able to muster only 54. For the banks, the defeat is not trivial. As reported by the Huffington Post's Ryan Grim and Zach Carter in their definitive treatment of the swipe-fee battle, debit card fees add up to "a $16 billion pool of money from which $8 billion flows to just 10 banks." And as we have learned over the last four years, those 10 banks have generally been able to convince Congress to do its bidding, on virtually every front.
Bank of America services ~ 57 million accounts. Let's just say 10 percent get this fee.
That's 5,700,000 X $5 X 12 = $342,000,000 a month. That's not too bad. Of course, that would mean 90 percent of its customers are businesses and people who maintain a high balance.
So what if it's 50 percent?
28,500,000 x $60= $1,710,000,000 a month.
That's interesting. I wonder what the percentage is that gets the new fee.
Interesting question. I bank with a credit union, so no worries here. We had Chase, and their customer service was so bad, we dumped them and ran. I haven't heard very good things about the other mega-banks, either, at least in the customer service realm.
Location: Georgia, on the Florida line, right above Tallahassee
10,471 posts, read 15,831,906 times
Reputation: 6438
Quote:
Originally Posted by plwhit
Actually what we are wondering about is the title includes the words "poor people"
Yet the post itself contains no references nor doesn't even allude to "poor people"
I see you read the link, good job. I could post the relevant part for you, but nah. I'd rather make head slapping emoticons.
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.
Bank of America; a new fee for poor people.
