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Bank of America to charge debit card use fee (Big Business™ rapes taxpayers who bailed it out)
Reuters ^ | 2011-09-29 | Joe Rauch

Posted on 09/29/2011 5:36:53 PM PDT by rabscuttle385

Bank of America Corp plans to charge customers who use their debit cards to make purchases a $5 monthly fee beginning early next year, joining other banks scrambling for new sources of revenue.

U.S. banks have been looking for ways to increase revenue as regulations introduced since the financial crisis limited the use of overdraft and other fees.

(Excerpt) Read more at reuters.com ...


TOPICS: Business/Economy; News/Current Events
KEYWORDS: bailouts; bankofamerica; boa; debitcards; frankturek; tarp; turek
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To: rabscuttle385

So my Eeevil bank is going to soak me for $60 per year ? ... in the same year that my beloved state of Illinois lovingly permitted me to contribute an extra 3% of my gross income for the good of Illinoisan humanity ?

I only regret that that’s $60 dollars less that I can contribute to the mother state. Smash the banks.


61 posted on 09/29/2011 8:37:01 PM PDT by dr_lew
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To: rabscuttle385

Suntrust, too.

I see this as one of those unintended consequences of government action.

Businesses got tired of paying fees for using cards to make sales - forgetting the fact that many of them might not have been made otherwise, and lobbied for reform.
Now the account holder has to pay, and pay more, too, it seems.


62 posted on 09/29/2011 8:43:15 PM PDT by Apogee
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To: poindexters brother
Yeah, today's announcement was the last straw. BoA started adding little charges here and there, like the $3/check charge for sending a facsimile of a canceled check in the monthly statement, so Mrs. VanShuyten and I decided to change banks, too.

BoA is getting free money from their interest off Treasury bonds given to them as TARP money. That's getting free money twice - money my wife and I pay as taxes.

Screw'em

63 posted on 09/29/2011 10:18:52 PM PDT by VanShuyten ("a shadow...draped nobly in the folds of a gorgeous eloquence.")
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To: yorkie
and all banks are going to follow

Not all of them. Citigroup says it won't impose debit card fees because it would be "a huge source of irritation for customers." We'll see how long they hold out.

64 posted on 09/29/2011 10:22:03 PM PDT by Schatze (It's better to keep your mouth shut and appear stupid than to open it and remove all doubt.)
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To: rabscuttle385

You can blame congress for this. They forced banks to lower the fees they charge merchants, so now banks recoup the lost fees from consumers.


65 posted on 09/29/2011 10:22:47 PM PDT by Truthsearcher
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To: mylife
credit cards charge shop owners a 3% charge on transactions.

I aways try to pay local merchants and tradesmen by check or cash because I'd rather they get the money than the credit card company.

66 posted on 09/30/2011 3:56:06 AM PDT by Lonesome in Massachussets (Ceterum autem censeo, Obama delenda est.)
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To: Red in Blue PA

One word: USAA. Even non-military folks are eligible for many of their banking products.


67 posted on 09/30/2011 6:15:14 AM PDT by Conscience of a Conservative
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To: Conscience of a Conservative
One word: USAA

Agreed, I put all my purchases on their credit card and I get 1.25% cash back at the end of the year. Last year, I made over $1000. It is better than the 0.0001% interest that I am drawing in my other accounts but of course, I have to spend money to make money.

68 posted on 09/30/2011 7:05:53 AM PDT by crusty old prospector
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To: poindexters brother
We are in the final phase of closing out all of our business with BofA.

They developed a habit of charging us for our formerly free checking account and for savings accounts too! We would go in and they would apologize and reverse the charges and then several months later they would do it again.
Sounds familar. Our (former) bank, a subsidiary of RBS named "Citizens Bank," pulled the same thing. We had a promotional type account they issued years ago. Recently, they just "threw them out" so to speak; made them standard fee encumbered accounts (lots of fees!).

Not only had they neglected to inform their customers, they hadn't bothered to tell their staff at the branches. A friendly teller told be they were hammered with pi**ed-off customers for almost a week before the main office told them what had happened. Almost three weeks after the change, the main office faxed them a list of accounts/clients they may want to contact and inform of the changes. Friendly teller told me by that time almost all of the folks had been in to the branch to yell at them.

We moved over to the small local savings bank.

We use credit cards with rewards and pay them off every month. I got a good deal on my CC through the NRA - they have some nice benefits for members. My wife's card rewards different purchases, so we use it for food and travel. YMMV...
69 posted on 09/30/2011 7:14:13 AM PDT by Peet (Cogito ergo dubito.)
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To: mylife

The geniuses who came up with the restrictive banking laws that led to BoA enacting this charge are unwittingly creating a ‘black market’ where folks are going to go ‘all cash all the time’ soon, which has the added benefit of no tracking of expenditures. We can all act like drug lords and miscellaneous crooks!


70 posted on 09/30/2011 7:52:16 AM PDT by EDINVA ( Jimmy McMillan '12: because RENT'S, TOO DAMN HIGH)
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To: dragnet2

I closed out my BOA account for that very reason - and I told the bank manager why: “I do not want my money in a bank that is giving unsecured loans, mortgages and credit cards to illegal aliens.”


71 posted on 09/30/2011 10:05:29 AM PDT by yorkie (Looks like it's CAIN vs. UNable!)
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To: rabscuttle385
Obama.....

"banks should accept a lower profit so their customers won't have to pay for debit cards."

"Banks can make money--they can succeed the old-fashioned way--by earning it by lending to small business and by lending to consumers, by making sure we are building the economy together," said Obama.'

How can it be that there is no one in the White House adult enough to sit the president down and explain the basics of an economy to him? How can he still, at his age, be unaware that one of the ways the banks earn their keep is by providing services to the public, and that one of these services is the ability to transact purchases without carrying around large wads of cash? Given the number of people in the America who seem to use their debit card for every purchase, no matter how small, $5 a month seems like a screaming deal to me. However, If the people living from their debit cards are unwilling to pay for the convenience, they can avoid the fees by not taking advantage of the opportunity to exercise the convenience.

And please note that Mr. Obama's response is not to simply complain, he wants banks to waive these fees and make their money via loans, which will result in higher interest rates as banks, with the president's encouragement, seek to recoup the fees he has decreed unconscionable.

On the other hand, why should we expect anything else from a man who led sit-ins at banks as a Chicago community organizer? He's simply using his bully pulpit to foment discord as he has always done. He knows no other way.

72 posted on 10/05/2011 11:31:57 AM PDT by existentialist
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