BofA Calls Off Debit-Fee Plan

[Roland99]

Source: Wall St. Journal

Bank of America is dropping its plan to charge customers $5 a month for making purchases with their debit cards.

The move is a dramatic retreat following decisions by several rivals in recent days to drop customer tests of the new fees. SunTrust Banks and Regions Financial also said Monday that they will stop charging customers for debit-card transactions.

Read more: http://online.wsj.com/article/SB10001424052970204528204577011813902843218.html

[closeupready]

1. Haha!!!!!!

K&R

[WingDinger]

3. HAHA yes, but many should stay put, to encourage more buckling under

[dixiegrrrrl]

2. Wondering where new fee will pop up next.

Apparently they charge a fee for closing accounts, at some banks.

"Meanwhile, the fact that Bank of America charges a fee for closing an account prompted Rep. Brad Miller (D-North Carolina), who resides in Bank of America’s headquarters state, to introduce a bill to protect customers from such fees."

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=439x2219026

[Liberal Veteran]

8. BoFA will probably start charging $1.25 per week for access to balance information.

[WingDinger]

15. 5 for statement, four for online statement

[christx30]

41. Tomorrow's headline will say

"Bank of America to charge non-customers"
sub-head will say "Customers of other banks to be charged $5 per week for not banking with BoA. Freerepublic.com hails new fee as 'brilliant'"

[annabanana]

44. Well, weren't they forclosing on houses that had already been paid for?

So this isn't that much of a stretch...

[Hassin Bin Sober]

45. LOL. That should be an Onion headline. I wonder if they take suggestions.

[christx30]

47. There was a story

on the Onion a few years ago where airlines were doing this. There was the "storing luggage in the attic" fee.
Wouldn't be surprised if other businesses do it too.

[russspeakeasy]

9. You are as cynical as I am...They will find a way...

[onecent]

57. This might be a NEW fee popping up

I got a letter from Commerce Bank, Liberty, Mo saying AS of December 31, 2011 we will be discontinuing the Identity Protection benefit that we provided when you opened your checking account.
Because we understand the security..............is now available for a monthly fee of just $1.95. For less than the price of a cup of coffee........

I shit you not..that IS EXACTLY what it says...

[SixthSense]

4. pwn3d

fu bofa

[sarcasmo]

5. Chalk one up for the consumer. Problem is skank of america you were going to

charge the consumer five more dollars a month to access their money. You didn't expect this big a bitch slap and decided to change your mind.

[safeinOhio]

12. Bitch slap by that

invisible hand?

[Freddie Stubbs]

6. Another win for the free market

[Bjorn Against]

23. More like a win for those who have been in the streets demanding change

It certainly is not a win for the "free market", it couldn't be because there is no such thing as a free market. The unjust system they call a free market is anything but free, it has enormous social and economic costs.

[Kingofalldems]

36. Fail

[klook]

67. Another win postponed because of insufficient regulatory oversight (n/t)

[qanda]

7. My husband and I were just discussing our plan to move ALL of our accounts out of BOA

Today we found out that because my husband hadn't used his business card for over 30 days they charged him a $35 fee (which a lady at his branch reversed) but I am wondering where does it end?

[Mira]

10. Do it. I did it over a year ago, and have not looked back.

They need the lesson desperately, they are throwing crumbs, but we need the cookie.

[lark]

17. It doesn't end, that's why you need to walk

24 years ago I got f##d by bofa, withdrew every dime and opened new accounts at my local credit union. It was one of the best moves I've made in my entire life. One source of unnecessary stress eliminated - yes!! Truly, never one time for not even one moment have I ever considered going back to banks - they are a cancer to society as currently instituted and need to be radically reformed or eliminated.

[onehandle]

18. They bought our home loan and I have a car through them.

Nothing we could do about the house. The car was simply the best financing I could get (1.89%).

My goal is to pay off the car in 1 to 2 years, instead of the the full 5.

We do our regular banking elsewhere, because that's where they are the most irritating and frankly, criminal.

[Roland99]

19. quite a few credit unions out there with great rates on car refinancing

[styersc]

39. Love my Credit Union!!!

No fees. Small, personal service. And I am committed to making it through law school using only pens provided by my credit union. They have great pens, and you guessed it, they're free.

[kestrel91316]

11. BofA to institute $100 "account opening" fee soon, followed by

$200 "account closing" fee.

Just watch.

[Iliyah]

13. BOA will find

another means to gauge its customers. Greed is a sickness and a drug.

[kestrel91316]

14. "gouge"

[Aaria]

68. BofA's new fee, $25 if you don't have several thousand in the account.

[edbermac]

16. Gee I wonder why?

Seemed like a good idea at the time.

[elleng]

20. PEOPLE ACTION!!!

WORKS!!!

[Red State Prisoner]

40. Welcome to the Big XII!

Sorry, I know it's off topic. Just couldn't resist.

[Bjorn Against]

21. This may be Occupy Wallstreet's biggest victory so far

Make no mistake about it, the Occupy movement did play a role in getting BOA to back down.

[lumpy]

22. Agree

nt

[ixion]

26. Absolutely

let's keep those wins a coming! :toast:

[tawadi]

24. Only because they had no choice. eom

[qb]

25. The damage is done. This whole fee fiasco illustrates how clueless the 1% really are.

[ProfessorGAC]

43. Those Fees Aren't Set By 1%'ers

I was on a BoD of a sizeable credit union for a very long time. People assigned revenue, income and liquidity goals will do what they have to draw that extra money.

The people who proposed the new fee structure (voted down by the board, including your's truly) were not 1%'ers. As a member of the executive committee, i knew EXACTLY what each and every officer and manager made. I made more than any one of them. So, they weren't 1%-ers.

They were just people trying to hit business objectives who came up with a bad idea to do it. We were interested in branching and attracting more customers/assets, not levying fees on the people who already were our members.

Boards of directors in giant financial institutions don't decide on fees. Trust me on this.
GAC

[hyphenate]

27. A moment where the old saw

"power to the people" actually means something! I wonder if Warren Buffett had any influence?

[Marazinia]

28. I ditched these guys years ago

They're the worst bank I ever dealt with.

[EnviroBat]

29. When I refinanced my home the first time the mortgage broker immediately sold it to BOA.

I refinanced the loan after three months to get it away from BOA as I REFUSE to do business of any kind with those assholes. I told the new mortgage holder that I would not sign the papers until they drew up a contractual document stating that they would NOT sell the mortgage to BOA. I had an attorney review the terms of the new mortgage, and I can sue the mortgage broker if my loan ends up at BOA this time. You'd be surprised what power you actually have over your life if you'd only exercise some leverage.

[Gormy Cuss]

38. BofA had good service of their home loans before they bought Countrywide.

These days though I wouldn't let them near my mortgage again.

[HillWilliam]

30. Wish it were a win

word is they'll institute minimum ADB's of $1500. Who can keep $1500 ADB these days? More to the point, who can *get* and keep $1500?

Those esso bees will strongarm their nice upper-echelon bonuses out of us one way or another.

[Enrique]

31. Democrats might deserve some credit here

I agree with people saying they'll find some way of gouging us in a different way, and that we should keep the pressure on, but it also could be true that this is an example of Democrats exerting some power outside of just legislating.

here's what I said here about a month ago:

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=433&topic_id=790091&mesg_id=790788

Durbin is telling people to close their accounts, which is a very strong move imo. it reminds me of one of the best things Obama has done, also involving Bank of America, right after he got elected he took a stand against Bank of America in the Republic Windows case. He didn't do anything official, he just took the side of the workers and called out Bank of America, and BOA ended up giving the protesters what they wanted. I think that's how it could end up this time, with BOA dropping their new fee.

[DLnyc]

32. Same news, another source:

http://finance.yahoo.com/news/Bank-of-America-drops-5-debit-rb-2224200831.html;_ylt=ArMWjXceqSyqtkllYv9AY8e7YWsA;_ylu=X3oDMTE1cHUyaDBsBHBvcwM1BHNlYwN0b3BTdG9yaWVzBHNsawNiYW5rb2ZhbWVyaWM-?x=0&sec=topStories&pos=2&asset=&ccode=

(Reuters) - Bank of America Corp is dropping plans to charge a $5 monthly fee for debit card use, the bank said in a statement on Tuesday.

The second-biggest U.S. bank said the move was in response to customer feedback and competition. Bank of America was under pressure to make the change as rivals backtracked from plans to charge customers for using their debit cards.

"We have listened to our customers very closely over the last few weeks and recognize their concern with our proposed debit usage fee," David Darnell, the bank's co-chief operating officer, said in a statement.

Translation: "We choked."

I close out my BoA credit cards Nov. 5.

[TygrBright]

33. Don't worry, they'll figure out some other way to screw it out of us. n/t

[barbtries]

34. i think they're afraid

and it's no accident that they're doing this ahead of Nov 5.

my bank was one of them. i want to get out of it too, but to my knowledge i do not have access to a credit union.

[gateley]

73. Check around to be sure. I know years ago the local credit

unions were only for the employees, etc., but now they're open to every one. It's worth a shot. Good luck!

[Jello Biafra]

35. Their new fee will be "Attempted ATM Use Fee"

You set their networks in motion...you get charged.....

[SoapBox]

37. ...what a joke. AND, what will they be up to next?

What will be the next, Screw-the-Customer fee?

[BumRushDaShow]

42. Nov. 5 - Bank Transfer Day is coming up this Sat.

Hmmm.... Wonder if there is any connection? :think:

[Blue Owl]

46. It was as popular as Paul Ryan's vouchers

:eyes:

[2pooped2pop]

48. Oh Ok, Everything's fine now. Call off the Protest

There. That's all we were wanting. Everything is Hunky Doreen now.

[BadGimp]

49. smart move

too late I already closed my accounts

[shanti]

50. heh

they probably lost many customers over that shitty move...too little too late though!

[TrollBuster9090]

51. Thanks for supporting OWS, BoA! I'll take that turd you dropped in your pants as a vote of

I'll take that turd you dropped in your pants as a vote of confidence in the Occupy Wall Street movement, and what you fear it can accomplish!

[tavalon]

52. Day short and a dollar late.

[FunMe]

53. GREATsuccess for sure! But ...

what else do the BIG BANKS have in store to get OUR money?

I am still searching for a credit union so I can have ALL my money there!

NO to ANY fees!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

[Stardust]

54. Excessive Deposit Fee - I kid you not. Our company needed a bank

that was easily accessible for our employees to deposit their sales collections each day. And BofA began charging us for "excessive deposits." Unbelievable.

[ProfessionalLeftist]

55. Thank you OWS and the 99%. Just goes to show...

...when the MAJORITY rises up and makes their voices heard, they can change things. In fact, that's the *only* way they're going to change.

[harun]

63. If you don't make any noise you'll get stepped on. No doubt about it.

[Turbineguy]

56. All those people pulling out their FDIC insured deposits

must be crimping their CDS gambling operations.

[Aaria]

69. Hmm and credit unions aren't insured?

[Turbineguy]

70. Credit Unions

are not selling Derivatives.

[Dutchmaster]

58. Did they learn a lesson from Netflix?

Or are they legitimately frightened of the 99%? After all, they are kind of fucked without us.

[rasputin1952]

59. The "fee" was a red herring from the get-go...

Marketers had it on hold as a hedge against the rising complaints about foreclosures.

It was used to produce a "human" face for BoA. Objective was to introduce this when the fires started to grow, then rescind it showing a "concern" for customers. Most people knew this was bogus from the beginning, and it backfired as many people left BoA and they are still in trouble financially, (except for those at the top). BoA will ask for government funds to shore it up, but if capitalism is to be held to account, BoA should fail. If justice were to prevail, the clowns at the top should be prosecuted for various crimes, their assets seized, shareholders paid off and if anything is left, it should go to charity. Bankers have become banksters, some have criminal intent and have bilked customers and shareholders of hundreds of billions of dollars.

Worse yet, BoA is not the worst offender.

[w0nderer]

60. don't engage in a game of chicken

when the opposition has nothing to loose by hitting you

basic rule of chicken

[Reader Rabbit]

61. Too late, BofA. People still realize how much you suck.

Most of the people I know will still be switching over to credit unions on or by the 5th.

[harun]

62. Win

[DirkGently]

64. They'll just have to make do with less. Tighten their belts. Sacrifice.

[rhett o rick]

65. Move your money. Join Moveon.org and demonstrate at a big bank near you.

On Sat Nov 5.

[lovemydog]

66. Thanks to OWS

Keep up the good work.

[katty]

71. power concedes nothing without demand-Frederick Douglass

[sarcasmo]

72. Back to the top.