Bank of America Plans $5/month Fee for Using Debit Cards .

• OneBuckeye

  

  http://online.wsj.com/article/SB10001424052970204138204576600800330404330.html
  
  Doh. This is almost as bad as paying $12 a year for a minor league website. Justin, start a bank now!
• OneBuckeye

  

  Oh and for those that don't read the article. Chase and Wells Fargo aren't far behind...
• ts1227

  

  OneBuckeye;916772 wrote:Oh and for those that don't read the article. Chase and Wells Fargo aren't far behind...

  
  I have Chase, and will move to Huntington if it happens. Huntington seems to be reeling in customers by holding off on this stuff (see them reintroducing a completely free account earlier this year).
• justincredible

  

  Absurd. I hope they lose every customer.
• THE4RINGZ

  

  justincredible;916784 wrote:Absurd. I hope they lose every customer.

  
  
  
  +1
• WebFire

  ts1227;916775 wrote:I have Chase, and will move to Huntington if it happens. Huntington seems to be reeling in customers by holding off on this stuff (see them reintroducing a completely free account earlier this year).

  Yep, reel them in and then start charging.
• Manhattan Buckeye

  Not to take this to the politics forum, but this is fallout from the Dodd-Frank provision that capped bank fees on merchants for debt card transactions. That was a colossal form of revenue so instead of collecting from the merchants these cash-strapped banks now are aiming directly at the consumer. I can imagine cardholders being angry.
• gorocks99

  

  Joke's on them, I'll just pay in cash or CC
• OneBuckeye

  

  If they charge me I will make make as many small purchases with my debit card as possbile. Hooray for .50 mcdonalds cones.
• I Wear Pants

  Manhattan Buckeye;916803 wrote:Not to take this to the politics forum, but this is fallout from the Dodd-Frank provision that capped bank fees on merchants for debt card transactions. That was a colossal form of revenue so instead of collecting from the merchants these cash-strapped banks now are aiming directly at the consumer. I can imagine cardholders being angry.

  Oh no, the poor cash-strapped banks!
• dlazz

  I use a Credit Union.
• LJ

  

  OneBuckeye;916750 wrote:http://online.wsj.com/article/SB10001424052970204138204576600800330404330.html
  
  Doh. This is almost as bad as paying $12 a year for a minor league website. Justin, start a bank now!

  Thanks for posting a link that you have to subscribe to read
  
  http://finance.yahoo.com/news/Bank-of-America-plans-to-cnnm-3257381726.html?x=0
• Pick6

  

  Glad I have Huntington. Stupid move.
• Manhattan Buckeye

  I Wear Pants;916818 wrote:Oh no, the poor cash-strapped banks!

  If it makes you feel better they are all too big to fail. Assuming you can read a balance sheet I'll be happy to post their quarterly results and cash position. These banks are in big trouble. They haven't recovered from the '07 credit crunch and '08 crash and they are sucking wind.
  
  This whole thing about the economy being in terrible shape isn't a figment of imagination. There are actually real numbers behind the mess. Some fortune 100 companies are doing well be slimming down and selling off inventory - banks aren't among this group. The entire industry is a disaster, having record low interest rates isn't helping their bottom line.
• thavoice

  but if you only use it to take out cash then they wont charge you!
  
  How nice of them.
  
  
  I would bolt if I was a customer. The use of debit cards has replaced checks for most people. Banks want to talk about the costs and what another poster said on on here, but what about the savings they should be seeing from the less checks they have to handle, process, scan, etc?
• Scarlet_Buckeye

  

  If Charter One ever starts this kind of crap, I'm out.
• Nate

  LJ;916836 wrote:Thanks for posting a link that you have to subscribe to read
  
  http://finance.yahoo.com/news/Bank-of-America-plans-to-cnnm-3257381726.html?x=0

  You must be an idiot because the previous link worked perfect for me.
• Nate

  Also, this is great news for the business I work for!
• Iliketurtles

  

  Yeah the WSJ link worked for me as well.
  
  As for them doing this Im not surprised I'm actually surprised this hasn't already happened.
• Nate

  We got an article at work the other day that stated that CitiBank I believe it was is going to start charging people $20/mo if they don't hold more than $1,500 in their account & if they don't have a checking account w/ direct deposit.
• Commander of Awesome

  

  justincredible;916784 wrote:Absurd. I hope they lose every customer.

  I know my coworker is already switching banks because of this. I think he's switching to navy credit union.
• justincredible

  

  Commander of Awesome;916900 wrote:I know my coworker is already switching banks because of this. I think he's switching to navy credit union.

  Good. I would've switched the day they announced this bullshit.
• thavoice

  Ive been with a local bank since 1991 and I like it. Sometimes they are slower on the technology and such but for the most part they dont have alot of this BS.
  
  I think all I need is 100 in the bank to get free checking and savings.
  
  Chase wanted alot more when I opened an acct there, but since my mortgage is there that was sufficient enough to get free accounts.
• QuakerOats

  You can thank Barney Frank and Chris Dodd, liberal hacks and sponsors of the Dodd-Frank financial 'reform' (NOT) bill. This is just another piece of massive and wreckless regulation that does nothing to address too-big-to-fail, but burdens all banks, including community banks, and will lead to all types of other fee enhancements in order for the banks to survive. Once again, liberalism generates the exact opposite of its stated intent.
  
  Change we can believe in ........
• ts1227

  

  ^^ this fucking guy...