Don't let Bank of America trick you with the reversal of the $5 fee.

[Devil_Fish]

For me, the $5 fee was the straw that broke the camel's back. Now that BofA has removed that straw, I am happy to announce that the camel's back is still broken, and I hope it remains that way for you as well, and this is why:

But that is not to say that BofA is all that stable financially. It turns out that BofA's holding company, BAC, is saddled with a moldering pile of "troubled financial derivatives" that it picked up when it acquired Countryside (an empire of fraudulent loans) and Merrill Lynch. BAC is in bad straits these days, with credit rating agencies downgrading its worth, due in large part to this mass of toxic financial assets.

BofA's solution to its looming problems is to arrange a "transfer" of its "bad derivatives" from its holding company to its public entity, the Bank of America. Why is this helpful? Because the Bank of America is federally insured and the holding company isn't. In essence, BofA hopes to transform its private debt into a public debt.

(From: http://www.berkeleydailyplanet.com/issue/2011-11-01/article/38716?headline=Debit-Fees-and-Deceit-Bank-of-America-s-Fake-Grassroots-Campaign-Exposed--By-Gar-Smith )

So you see, this is why the mass exodus must continue. BofA is attempting to give us a feel good moment with the reversal of the $5 fee. BofA is hoping that we, the customers, will feel like we have made our voices herd, and that we will leave our money with them.

I'm here to say that the ship has sailed. We need to get our money out. Not if, but when these derivatives crater, it will be the FDIC, and by extension the tax payers, holding the bag for all of BofA's customer deposits.

In short, Don't stop. Move your money now. I have herd that some people can't find a credit union. Try harder. are you a parent? are you a member of your local PTA? if so your eligible to join http://www.alliantcreditunion.org/ it does not matter that there is not a local branch in your town, Alliant partners with many other credit unions, and has ATM's available all over at gas stations and 7-11's and even some banks completely free of charge. Unlike other banks, Credit Union members are also owners. instead of interest on your savings you get dividends. Your savings is basically like owning stock in the credit union. since the credit union is non-profit, all profits go back to you, the share holder. You also get better rates on car, and home loans.

If the $5 fee was not the proverbial straw for you, then let this be. Tell your friends and family, and every one you meet. get out of BofA, and Chase, and all of them. They crashed our economy in 08 and they're about to do it again. The less they have in deposits when they crash, the less we the tax payers will be on the hook for.

Kind Regards,

D_F

[slackmaster]

1. I've never opened an account at B of A. They've had a terrible reputation for at least 40 years.

Well deserved.

:kick:

[gratuitous]

6. I didn't open a B of A account, either

It just got foisted on me when Bank of America swallowed up the bank that swallowed up my piddly little savings and loan, from the last time the financial industry had Congress do its deregulation bidding.

I went with Banko America for a little while, appreciating its near ubiquity for access to its ATMs. When Banko America announced that it was going to institute fees for non-account holders to use its ATM system ($1.50 a throw, if memory serves), I wrote to the Bank and told them that I thought it was a very bad idea. I recounted how bank branches had laid off so many tellers as the ATM had largely taken over teller functions, particularly for small depositors like me. So many people had been thrown out of work by the ATM, I thought that charging folks an additional fee to use an ATM was unconscionable. After all, Banko America had saved a lot of money not paying salaries and benefits to its former tellers. How much more money did they need to make off the ATM at the expense of (once again) small depositors?

It took about six weeks, but I got a response. My pleasant surprise turned into anger good enough to make me move my account out of Banko America. The letter, from some "vice president," was a recital of how swell the Banko America ATM system was, how accessible it was, and how many machines Banko America had everywhere. Not a peep about gouging small depositors a premium for accessing their money, no concession that a lot of tellers had lost their jobs to the ATMs, so I wrote back. I told the vice president in charge of soothing noises that his response was precisely why I didn't much care for Banko America. I was no longer dealing with local people, Banko America didn't care much about its own employees (or former employees), and the canned response I got weeks after first writing simply confirmed how out of touch Banko America was from the people who kept it in business, supplying it with the money they needed to lend to make a buck.

I moved my account the next week, and never heard from Banko America again, except for naggy little advertising solicitations.

[slackmaster]

9. The only account I have at B of A now is my mortgage, formerly owned by Countrywide.

And my ex-wife's delinquent credit card that B of A claims I am a co-borrower on but was unable to produce a document supporting that claim when I discovered the situation over two years ago.

They've reported derogatory credit against me, but strangely haven't billed me for anything.

(I have an attorney working the case.)

[SugarShack]

2. We have made the switch and we were never charged a fee for anything! the reason we left is because

it's much more than a 5.00 a month fee. it's about the bailouts, they got OUR money, and we got nothing! They are not loaning to business so they can hire, nor are they helping anyone through rewriting of their mortgages. They are stealing houses...as those who put nothing down had PMI insurance. So...the banks get full payout for house in foreclosure AND the house to sell...at their leisure because they don't give a shit cuz they already got the money. The bailout should have been done via a voucher system payable to your bank for housing, credit card, or student loan debt. Period. They were given their money...so why does it still have to be paid back? Talk about a ponzi scheme....everyone should leave the bank. THe banks backing down on their five dollar fee is not enough. We should make them beg...and offer once again...interest for keeing and using our money. This is why we left. They never charged us a dime! For anything! EVER. But they helped to ruin our economy. And...it was legal and congress still has yet to put any teeth into the laws...and Frank Dodd is so watered down I don't care if they repeal it. Until they really get it...I hope the people continue to leave!!! I had to wait yesterday in line! She called out..."everyone...I AM HERE ALONE! WE HAVE SEVERE GROWING PAINS!! EVERYONE CHEERED!!! We'll wait happily one guy called out. She was relieved! They will begin to hire....because we put the demand there. I love it!

[Devil_Fish]

4. very inspiering to here about your expierence in line. NT

[louis-t]

3. Talked to my credit union today, they are aware of Nov. 5

'change over day' or whatever they call it. Cancelling the fee will stop a few from getting away from BoA, but not all.

[Devil_Fish]

5. I hope it stops no one. NT

[Fire Walk With Me]

7. Fuh Kers.

(That's French.)

[Devil_Fish]

13. Wee Wee.

(also french)

[leftyohiolib]

8. NEED A CREDIT UNION? GOTO: http://www. findacreditunion. com/

http://www.findacreditunion.com/

[Wilms]

12. Good one.

:toast:

[Fire Walk With Me]

14. Kick.

:thumbsup:

[Whisp]

10. thanks for posting this. K&R

[Devil_Fish]

11. your welcome. NT