Bank of America revamping debit card fees (Maybe they are getting the point?)

finance.yahoo.com...

Well, I can't say if this is truly a result of the OWS movement, or merely a case of the bank losing more money, but one thing is for sure, and that is this -the people have spoken and perhaps the banks are starting to listen. Either way, I think this is good news. Maybe, just maybe, they will start to change some of their other policies as well. I realize this may be something small to some people, but sometimes you have to take small steps in order to bring about a change...

Bank of America Corp, after receiving heavy public criticism for a planned $5-per-month debit card fee, is likely to give customers more ways to avoid the fee, a person familiar with the bank's plans said Friday. The second-biggest U.S. bank is reworking its plans as rivals Wells Fargo & Co and JPMorgan Chase & Co have decided not to charge monthly fees, ending test programs in certain states.

Bank of America set off a firestorm of criticism from customers, consumer advocates and politicians last month when it disclosed plans to charge customers $5 per month for using their debit cards, starting sometime next year. The goal was to make up revenue lost to a law that slashes the fees banks charge retailers when consumers swipe their cards. While some banks have disclosed plans to apply similar fees, many banks and credit unions decided not to institute the charge and have encouraged customers to switch banks.

Among other banks, Wells Fargo & Co said late Friday that in response to customer feedback it has canceled a five-state pilot program that would have charged customers $3 per month to use their cards

Norma Garcia, manager of Consumers Union's financial services program, applauded JPMorgan's decision, but said that, without more details, it was unclear if Bank of America's changes would be better for customers. "Clearly, there is overwhelming public support to drop the fee," she added.

reply to post by Veritas1


well, their unofficial reply :

Bank of America Corp, after receiving heavy public criticism for a planned $5-per-month debit card fee, is likely to give customers more ways to avoid the fee...

the phrase: ...Is Likely.... to give customers more ways to Avoid the Fee...
is nothing more than baiting the public


i am still going to the area's main branch office here in Zip 29577 on Monday the 31st and speaking with the customer service rep. and try to get a clear, forthright answer on the BAC attempt to milk the accounts of
those who need their SS and VA automatic deposits sent to a qualified, certified, deposit bank account.

sounds like a trap to me which would reduce the 3.5% COLA i've waited 2 years to get...

A debit card fee would have to universally applied to not be unfair,

just wait til the 5th of November, then, and only then, will they get it.

Well if people had any sense, they would simply start to use cash which is what everyone needs to do. Withdraw the money you need, and pay with cash. Simple.

Using credit cards and debit cards does nothing but line the pockets of banks.

TPTB are trying to replace cash altogether. Not only do they want to track every penny we spend, but the domestic terror squad aka the IRS, wants to make sure they're squeezing us for every penny.

Not to mention that once cash is outlawed, banks will be making money ON EVERY TRANSACTION.

Their response is a little to late, and a few bucks short.

What they propose by way of avoiding fees is an unlrealistic balance kept in an account for the average Joe.

Nice try!

It's Official ---- >>> Bank of America retracts debit card fee...



bottomline.msnbc.msn.com...
online.wsj.com...

Bank of America will formally announce the decision today, (Tuesday 1 Nov)...

The announcements follow decisions last week by Wells Fargo & Co. and J.P. Morgan Chase & Co. to drop customer tests of the new fees.

The about-face represents a rare concession to customer sensitivities over fees. Hit hard by a soft economy and tightening regulations, banks have been adding fees on services, charging for instance for many checking accounts that used to be free

i just have a feeling that BoA will sneak in some fees, penalties to get around the suddenly missing revenue stream