Bank of America to charge $5 monthly debit card fee

Bank of America to charge $5 monthly debit card fee

money.cnn.com

NEW YORK (CNNMoney) -- 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. It doesn't matter if you select "debit" or "credit" at the point of sale.

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Great, just great as if the bank don't have ENOUGH money with all there fees I even think there might be a fee for sneezing. now they want to charge for using a plastic card to pay for things UGHHH! Why! aren't we broke enough for you do you REALLY need more freaking money. SO you take ours and you deny us loans.HMMMMMMMMMM! something stinks around here and it aint me I showered. Give me one good reason as to the robbery that we are receiving and how its going to benefit us. please because i am just dying to know.

money.cnn.com
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lol read that this morning. BoA is pretty much dead now. this is an act of desperation, trying to take as much money as they can before they leave.

expect your bank to follow in their footsteps.

reply to post by MissCoyote

Give me one good reason as to the robbery that we are receiving and how its going to benefit us.

The banks will go easier on a Government which is in huge debt if it's people are still providing a large revenue inflow.

Originally posted by MissCoyote

It doesn't matter if you select "debit" or "credit" at the point of sale.

hmmm...

I'll select: Cash!

reply to post by vjr1113


its also wells flock you and chase your dreams. that have instilled crap too they are FEDERALLY insured NICE the fed gets richer and i get the honey bucket stick

This is why I switched to a credit union! They treat me better and give me better interest rates, too!

reply to post by MissCoyote


Hah wow, I'm glad I use Wells Fargo!

I just hope my bank doesn't do this.

Btw $5 seems kind of silly. I mean why not make it $50? Why just 5$?

I can buy a sandwich for that much.

I guess its time to start using safe deposit boxes instead of bank accounts. First they make it to where every business almost needs debit cards to function properly, then they charge the consumer. I have a prediction though. People will start using cash. There will be longer lines everywhere. Businesses to compensate will mandate credit card/debit card purchases only. Businesses will refuse to adjust to changing circumstances even though they could use it as an opportunity to hire more people.

reply to post by freedish


they do its in a link

reply to post by MissCoyote


Just saying...........this was discussed a few years ago.

It waw too early then

Not now.

reply to post by pianopraze


Explanation: Uhmmm? That won't help because the banks own the loans on the shops and therefor the colateral if the the loans go sour!

They will just increase the variable interest rate on the repayments on the commercial store loans and screw the store owners over and the store owners in turn will just jack up the prices on everything in there store by a little bit per item over the whole stores load of present and available stock to cover that financial increase!

Personal Disclosure: Here watch as I devalue almost everything ...

Most members on ATS would most likely have a $1 form of currency [I could of used 5c as the example but I'll go with $1]... now since it is not rare it is worthless.

Now since all other bigger denominations of currency are based on the smaller ones .. they to are also worthless.

This is because currency is fungible i.e. fully exchangable with each other for equal amounts [of percieved usually face value]. $50 + $50 = $100 [example only]

And just you wait until TPTB start declaring that going bankrupt is a clear case of pure fraud and that they aint going to let anyone get away with it anymore.

reply to post by kyred


they need to just stop. fiancially we can't squeeze out anymore money without being homeless. I mean there not just talks banks like wells fargo chase and boa have started we can't take anymore our lincolns lincoln's are screamming in mercy while they enjoy their caviar and dom. looking at us and laughing at our stupidity.

reply to post by ExPostFacto

First they make it to where every business almost needs debit cards to function properly, then they charge the consumer. I have a prediction though. People will start using cash.

There are many instances where you will be unable to use cash (eg most online purchases will require PayPal or Credit Card). That's why I like Bitcoin. It's works much like a "digital cash" because you can send Bitcoins directly to other people. There is no middleman (aka bank) which can place rapidly changing fees on all your transfers because they force all money to go through them. Instead the whole thing operates on a decentralized P2P network and the transfer fees are extremely small and also adjustable depending on how fast you need the transaction to be processed. So if you don't particularly care how long the transfer takes you don't necessarily need to pay a fee at all. Check the link in my sig if you want to learn more.

yeah but its bs it wouldnt be so much bs if we were economically able to handle a charge we wouldnt blink about it but right now when peoples pocketbooks are bleeding it hurts it really hurts.

Originally posted by ChaoticOrder
reply to post by ExPostFacto

 

First they make it to where every business almost needs debit cards to function properly, then they charge the consumer. I have a prediction though. People will start using cash.

There are many instances where you will be unable to use cash (eg most online purchases will require PayPal or Credit Card). That's why I like Bitcoin. It's works much like a "digital cash" because you can send Bitcoins directly to other people. There is no middleman (aka bank) which can place rapidly changing fees on all your transfers because they force all money to go through them. Instead the whole thing operates on a decentralized P2P network and the transfer fees are extremely small and also adjustable depending on how fast you need the transaction to be processed. So if you don't particularly care how long the transfer takes you don't necessarily need to pay a fee at all. Check the link in my sig if you want to learn more.

edit on 30-9-2011 by ChaoticOrder because: (no reason given)

So you put your faith in the benevolence of an offshore exchange house who's primary customers are drug dealers international arms traders and human slave traffickers???
WoW!!!

Let the Banks burn, crumble etc.

There are way too many Banks with too many people who do nothing but take a cut of the action while providing little if any service.

Die Boa.

OH wow ummmmmmmmmmmmm either way if i want to back out of my bank i gotta cough up the moolah to leave so im screwd lol I guess it will just go to my already crappy credit report and wait 7 to whatever years to get a new one

Originally posted by Butterbone
So you put your faith in the benevolence of an offshore exchange house who's primary customers are drug dealers international arms traders and human slave traffickers???
WoW!!!

Actually no. I use VirWoX if I need to exchange BTC, because it's trusted and I can also use PayPal to deposit funds into my account. And you can say all you want about Bitcoin being used for illegal purposes but your argument is completely invalid because regular cash has done the exact same thing for hundreds of years.

reply to post by MissCoyote


Well thats a mistaken idea as well. See things only roll off or your credit report after 7 years, if there is no dispute. If the company you owe the debt to, ignores the debt and never contacts the credit agencies again saying that you still owe the debt.
A company can buy your $5 debt at 20% interest every month and file a single electronic form every january, and that debt you thought would go away, is still there 9 years later. So after 9 years your $5 bank debit debt is now a $3,000.00 charge off.

Just so you know. Also what you can look forward to is that your Car insurance, Health insurance, Home insurance renters insurance Cable tv phone service Future Job interviews and even your ability to shop in certain stores will also be almost entirely dependent on your credit score.

Oh yes and the ever present lobby that would have the Debts of someone who dies, transferred to their Next of kin. So your credit score could also depend on how good your family members credit score was when they died and transferred their debts to you.