Bank of America to charge $5/month for debit card swipes

Fuck them.

http://latimesblogs.latimes.com/mon...s-5-monthly-fee-for-debit-card-purchases.html

 

I've got some money parked at BofA so it won't affect me, but is this going to be the new industry norm? If people go back to writing checks I'll never shop again. The old ladies at the grocery store who take an hour to write a check and then enter it into their ledger still drive me nuts.

 

Really lame. You knew if they got regulated with new rules, they would just pass the cost onto us consumers. Might switch over to using my other accounts instead. it sucks because the ATMs are so convienient and check deposits. hopefully they'll get enough backlash to stop this.

 

but I imagine they won't exist in 5 years. Fuck them. I'll piss on their branches when they close.

 

The bailout money they were supposed to distribute, but kept, wasn't enough?

 

Glad to see those rules that congress passed last year to limit excessive debit card fees are working! :MARIS61:

 

As a banking analyst for one of the largest banks in the world, I have to say the fees are getting a little crazy. But every time I introduce a new fee I like to come up with a way to avoid the fee. These fees are necessary to allow people to bank. With the new merchant services regulations and people being able to "opt in and opt out" of overdraft fees banks have to get income from somewhere. On average, it costs $75.00 to the bank just to open a new account (paperwork, checks, debit card, paying the banker), and most people, who use their accounts appropriately, actually cost the bank money (if they have no other relationship, e.i. loans, credit cards).

These are all fees associated with our "Free Checking" account:
$10.95 monthly service charge (direct deposit of $300.00 or more waives the charge)
$5.00 a month statement fee (setting up online statements waives the charge)
$2.00 a month debit card fee (making ten transactions with the debit card waives the charge)

 

The bailout was offered and a lot of banks took it who didn't need it. Bank of America was one of those banks. BofA was a profit.

 

No, taxpayers aren't, BofA customers are, you have a choice to bank with them.

 

There will be a check writing fee, I'm sure. 50 cents per check processed or some stupidity. So tell me again why banking regulation is bad?

 

WTF. I use my BofA debit card for like everything.

 

Credit unions are where its at.

 

Chase started charging me for what was previously free checking. I closed my account soon after and moved to a credit union.

 

I would change all my shit, but I'm lazy. not worth the 60 dolla a year. I'll just take it up teh butt. I'll just piss on an ATM one night as revenge.

 

Banks are making money off the ability to have our money for years and years. The "costs" of holding onto our money should be taken out of that, not in additional fees passed onto the customers.

 

I read that the money was distributed to the large banking institutions and they were supposed to filter it down to the smaller ones, but that most just kept the money. I also understand that a bank is a business and has to raise money to stay in business, but it does seem like bad PR to do this now.

 

How does a bank make money off a checking account? Online services, check cards, customer service reps there 24/7, check printing, ACH services (direct deposit). The truth is just having an account for your pay check to be deposited into and run check card transactions does not generate any revenue for the bank. How come time deposits rates are shit right now? Because a bank can no longer make money off of just holding your money.