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FYI Bank of America users...Follow

#1 Sep 29 2011 at 12:11 PM Rating: Excellent
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http://money.cnn.com/2011/09/29/pf/bank_of_america_debit_fee/

Quote:
Get ready for a new wave of bank fees. Bank of America will begin charging a $5 monthly fee at the beginning of next year for customers who make debit card purchases.

Whether you use your card for one purchase a month or 20, you will pay $5 per month starting in 2012. If you don't use your card at all, you won't be assessed a fee. And you can still use ATMs as much as you want without getting hit with the new fee.


Other banks aren't much different:
Quote:
Last month, Wells Fargo (WFC, Fortune 500) said it will test a $3 monthly fee in Georgia, New Mexico, Nevada, Oregon and Washington beginning Oct. 14 for customers who use their debit card for purchases.

At the end of last year, JPMorgan Chase (JPM, Fortune 500) announced a similar test, in which it charged customers in northern Wisconsin a $3 fee for using their debit cards. A Chase spokesman said last month that the tests were still underway.


Won't really effect me at all, as I usually only use my debit card to withdraw money... but still. Heads up in case you start seeing a monthly fee and wonder why.
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#2 Sep 29 2011 at 1:00 PM Rating: Good
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Don't use my card for anything but withdrawals either, but thanks for the heads up. I'll keep an eye out for any accidental charges.
#3 Sep 29 2011 at 1:01 PM Rating: Excellent
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Well that's just wonderful. I've kind of been thinking about switching banks, but in the end it won't matter. All of them will end up doing this. I use my debit card a LOT. It's very rare for me to have cash on me at all.
#4 Sep 29 2011 at 1:11 PM Rating: Good
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I'll be ****** if TD does this--they already put in a fee for using any non-TD atm...

Well, if they do, I'll just be using my credit card for everything, and paying that off directly from my account.
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#5 Sep 29 2011 at 1:16 PM Rating: Good
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idiggory, King of Bards wrote:
Well, if they do, I'll just be using my credit card for everything, and paying that off directly from my account.


That's what I do. Get a good rewards card, and stay on top of your balance. Works just fine.
#6 Sep 29 2011 at 1:58 PM Rating: Excellent
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I don't have a credit card, I'm afraid I won't be able to control myself.
#7 Sep 29 2011 at 2:05 PM Rating: Decent
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Nadenu wrote:
I don't have a credit card, I'm afraid I won't be able to control myself.

This isn't a credit card, that I could at least understand. It's debit cards. They're charging you for spending your own money. I know it costs them a little bit to process debit card transactions, but as far as I was aware this was covered by the person selling you stuff. At least this is why in the UK you have to spend at least £5 in some shops before you can use your debit card to pay for stuff.
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#8 Sep 29 2011 at 2:29 PM Rating: Good
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Credit card fees are paid by the shop owners, but debit card fees are usually paid by the issuing bank.

I'm not sure if this is going to apply to my Wells Fargo account, even though I am in GA. I was a Wachovia customer and our accounts are different - we don't get all the perks of people who had their WF accounts natively (for example, no verified by visa, and can't cross-link our checking accounts.) And our fee schedule is also different.

If I do get hit with this fee, the suggestion is to cancel your account, tell them it's because they broke their promise about keeping your checking account free, and move to a local bank instead. The local banks are eating up all this business because free checking is something they are still capable of doing, unlike the big banks.



Edited, Sep 29th 2011 4:30pm by catwho
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#9 Sep 29 2011 at 2:29 PM Rating: Good
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Nilatai wrote:
Nadenu wrote:
I don't have a credit card, I'm afraid I won't be able to control myself.

This isn't a credit card, that I could at least understand. It's debit cards. They're charging you for spending your own money. I know it costs them a little bit to process debit card transactions, but as far as I was aware this was covered by the person selling you stuff. At least this is why in the UK you have to spend at least £5 in some shops before you can use your debit card to pay for stuff.


Correct. Debit cards != Credit Cards, but a lot of people don't understand that they are different because they are being used similarly. Usually the debit card will be set up with something like Mastercard or Visa so that you could use it like a credit card...but it's still a debit card.
#10 Sep 29 2011 at 2:34 PM Rating: Good
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The bank already makes money off of what you have in it at any time. If they charge me for usage of my debit card Ill find a bank that will not in a heartbeat. Banks rip us off enough with crappy interest and more charges than you can imagine these days.
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#11 Sep 29 2011 at 2:47 PM Rating: Good
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We already have this in Canada. Usually your monthly fee covers some of it, but most accounts have a limit (say, 20) and after you've used interac more than that, you start paying a fee.
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#12 Sep 29 2011 at 3:21 PM Rating: Excellent
How apropos. As soon as I finish my lunch I'm heading over to Chase to close my account. I've decided they can go **** themselves and I'm now banking with a local credit union.
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#13 Sep 29 2011 at 4:04 PM Rating: Decent
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Does anyone know the difference between using your card for "purchases" vs using it as an actual debit card (i.e. putting in a PIN code)? I don't have Bank of America, but I wonder how different charge types work on the same card re: the fee.

Also, did anyone NOT see this coming? Banks WILL get their fees somehow. The legislation that passed a year or two ago that limited some fees just forced the bank accountants to get more creative.

Edited, Sep 29th 2011 5:06pm by BrownDuck
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gbaji wrote:
You guys keep tossing facts out there like they mean something.


#14gbaji, Posted: Sep 29 2011 at 4:20 PM, Rating: Sub-Default, (Expand Post) Yup. Thank god Obama saved us from paying high fees for borrowing money on a credit card! So now everyone who *didn't* spend more money than they have get to pay the difference. He's just equalizing the wealth, right?
#15 Sep 29 2011 at 4:24 PM Rating: Excellent
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gbaji wrote:
BrownDuck wrote:
Also, did anyone NOT see this coming? Banks WILL get their fees somehow. The legislation that passed a year or two ago that limited some fees just forced the bank accountants to get more creative.


Yup. Thank god Obama saved us from paying high fees for borrowing money on a credit card! So now everyone who *didn't* spend more money than they have get to pay the difference. He's just equalizing the wealth, right?


This has nothing to do with Obama and everything to do with banks. Personal crusades are silly, Gbaji.
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gbaji wrote:
You guys keep tossing facts out there like they mean something.


#16 Sep 29 2011 at 4:30 PM Rating: Default
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BrownDuck wrote:
gbaji wrote:
BrownDuck wrote:
Also, did anyone NOT see this coming? Banks WILL get their fees somehow. The legislation that passed a year or two ago that limited some fees just forced the bank accountants to get more creative.


Yup. Thank god Obama saved us from paying high fees for borrowing money on a credit card! So now everyone who *didn't* spend more money than they have get to pay the difference. He's just equalizing the wealth, right?


This has nothing to do with Obama and everything to do with banks. Personal crusades are silly, Gbaji.


Obama is directly responsible for championing the very legislation which you agree is to blame for this. WTF?
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#17 Sep 29 2011 at 4:34 PM Rating: Excellent
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gbaji wrote:
Obama is directly responsible for championing the very legislation which you agree is to blame for this. WTF?


If a parent tells a child "Don't bite!" and the child decides to pinch instead, do you blame the parent or the child?
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gbaji wrote:
You guys keep tossing facts out there like they mean something.


#18 Sep 29 2011 at 4:35 PM Rating: Excellent
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gbaji wrote:
BrownDuck wrote:
gbaji wrote:
Obama is directly responsible for championing the very legislation which you agree is to blame for this. WTF?
If a parent tells a child "Don't bite!" and the child decides to pinch instead, do you blame the parent or the child?
Obama!
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#19 Sep 29 2011 at 6:05 PM Rating: Default
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BrownDuck wrote:
gbaji wrote:
Obama is directly responsible for championing the very legislation which you agree is to blame for this. WTF?


If a parent tells a child "Don't bite!" and the child decides to pinch instead, do you blame the parent or the child?


That's a terrible analogy though. You already stated that the legislation "forced" the banking industry to find other areas of their business to make money in by limiting how much they could charge people who owed them money. Your analogy fails because the child has a choice to not pinch, but the banks don't. They must make up that lost revenue somewhere.


Yet another example of Obama proposing some idea, conservatives saying "don't do that, or X negative result will occur", Obama doing it anyway, and then... wait for it... the exact bad thing that conservatives predicted happens. It's almost like we know what the **** we're talking about or something.
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#20 Sep 29 2011 at 6:07 PM Rating: Decent
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gbaji wrote:
BrownDuck wrote:
gbaji wrote:
Obama is directly responsible for championing the very legislation which you agree is to blame for this. WTF?


If a parent tells a child "Don't bite!" and the child decides to pinch instead, do you blame the parent or the child?


That's a terrible analogy though. You already stated that the legislation "forced" the banking industry to find other areas of their business to make money in by limiting how much they could charge people who owed them money. Your analogy fails because the child has a choice to not pinch, but the banks don't. They must make up that lost revenue somewhere.


Yeah, no. The fees limited by the legislation were just a way for the bank to exploit their customers, and not a necessary revenue stream. I'm not surprised that you'd go there though.
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gbaji wrote:
You guys keep tossing facts out there like they mean something.


#22 Sep 29 2011 at 6:26 PM Rating: Default
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BrownDuck wrote:
Yeah, no. The fees limited by the legislation were just a way for the bank to exploit their customers, and not a necessary revenue stream.


And yet, you use the word "forced", didn't you? It's like you understood that the legislation was responsible for this, right up until it was pointed out to you that the legislation was proposed by Obama. Then you went into defense mode.

And when did you become the arbiter of what was a "necessary revenue stream"?


Quote:
I'm not surprised that you'd go there though.


All I did was point out who was responsible for the legislation you yourself said was to blame for these increased fees. If that revelation resulted in massive backpedaling on your part, that says more about your own need to spin things than mine.
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#23 Sep 29 2011 at 6:28 PM Rating: Excellent
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**** you Wells Fargo, I use my debit card for EVERYTHING. I used it five times today alone! **** carrying around cash.
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#24 Sep 29 2011 at 6:34 PM Rating: Excellent
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gbaji wrote:
And when did you become the arbiter of what was a "necessary revenue stream"?
A necessary revenue stream is any one a company can successfully pull off. I'd deem this one necessary.
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#25 Sep 29 2011 at 6:58 PM Rating: Excellent
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@#%^ you Wells Fargo, I use my debit card for EVERYTHING. I used it five times today alone! @#%^ carrying around cash.


Do yourself a favor and go get a free credit card (I use Discover) that offers cash back. Use that for everything and pay it off every month. Not only will you get "free" money via the cash back, you may be better protected than you would be by using a debit card.
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#26 Sep 29 2011 at 7:38 PM Rating: Good
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gbaji wrote:
blah blah blah


A) I don't think you know what backpedaling is.
B) This isn't the Asylum and I'm not an Asylumite. I have no time or patience for your incessant ********* Consider this me bowing out of the conversation.


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gbaji wrote:
You guys keep tossing facts out there like they mean something.


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