mjah Posted November 1, 2011 Share Posted November 1, 2011 http://www.washingtonpost.com/business/economy/bank-of-american-drops-debit-card-fee/2011/11/01/gIQADvugcM_story.html?hpid=z1 Bank of America abandons plan to charge $5 monthly debit fee In a rare reversal, Bank of America announced Tuesday that it will drop a highly criticized fee for customers who swipe their debit cards.The bank had intended to begin charging the $5 fee next year, citing new federal regulations that it says have hurt its bottom line. But the debit charge drew a torrent of fury from customers, lawmakers and even President Obama. Faced with consumer backlash, Wells Fargo recently abandoned its own testing of a fee. Regions Bank and SunTrust have also dropped their charges. Link to comment Share on other sites More sharing options...
The Evil Genius Posted November 1, 2011 Share Posted November 1, 2011 Smart move - although I am sure they will find another way to recoup the charges via account fees. Link to comment Share on other sites More sharing options...
Duckus Posted November 1, 2011 Share Posted November 1, 2011 Big win for social media and the positive impacts it can have on society. I think Twitter/FB were critical in creating a backlash that actually worked. This wont fix their problem though - they still suck and have zero customer service. I got 5 friends to leave them this week and join my local credit union (I get $25 a head ). I am working on 3 more for next week. Link to comment Share on other sites More sharing options...
rictus58 Posted November 1, 2011 Share Posted November 1, 2011 Once they announced their plans for this, I began a transition to a credit union. By the end of this month, my relationship with Bank Of America will be done. Link to comment Share on other sites More sharing options...
Popeman38 Posted November 1, 2011 Share Posted November 1, 2011 Once they announced their plans for this, I began a transition to a credit union. By the end of this month, my relationship with Bank Of America will be done. Same here, but I went with USAA. BoA will be deleted from my financial dealings as soon as I can verify my home equity direct withdrawal has been transferred to USAA. Until ten, BoA will have only enough of my money to cover that debit. And this is after 10 years.As a side note, it is a pain in the ass to change banks. Link to comment Share on other sites More sharing options...
Ellis Posted November 1, 2011 Share Posted November 1, 2011 Bank Transfer Day... http://www.facebook.com/event.php?eid=281139538577206 Link to comment Share on other sites More sharing options...
mjah Posted November 1, 2011 Author Share Posted November 1, 2011 I was 100% BoA-free until they bought my mortgage (along with the rest of Countrywide, who bought it from someone else, who... etc.). Booooooooooo. Will be heading to the bank this week to refi and get a notably better rate, with the nice side effect of getting away from BoA 2 years after they bought my debt. I wonder what they paid for it. By repaying in full after just 24 months, might I be sticking it to those suckas? Link to comment Share on other sites More sharing options...
MattFancy Posted November 1, 2011 Share Posted November 1, 2011 I left BOA for PNC last year. Can't say I've missed them. Link to comment Share on other sites More sharing options...
Teller Posted November 1, 2011 Share Posted November 1, 2011 I expect a noticable lack of criticism of the free market in this thread. Link to comment Share on other sites More sharing options...
Bang Posted November 1, 2011 Share Posted November 1, 2011 in process of moving to PNC now ~Bang Link to comment Share on other sites More sharing options...
MattFancy Posted November 1, 2011 Share Posted November 1, 2011 in process of moving to PNC now~Bang I've loved PNC. Haven't had any problems at all. We love using their Virtual Wallet and use it to pay all of our bills online. It works great! Link to comment Share on other sites More sharing options...
visionary Posted November 1, 2011 Share Posted November 1, 2011 Looks like the occupy movement has it's first major success. Link to comment Share on other sites More sharing options...
rictus58 Posted November 1, 2011 Share Posted November 1, 2011 Looks like the occupy movement has it's first major success. A majority of the OWS people don't look like they even have a checking account. I think it's a matter of BOA seeing a dramatic upswing in closed accounts. As a side note, it is a pain in the ass to change banks. I think that's one thing BOA was counting on. People would tolerate it because it's "too hard" to change banks. Link to comment Share on other sites More sharing options...
Ellis Posted November 1, 2011 Share Posted November 1, 2011 http://www.wbtv.com/story/15918524/bofa-insider-says-bank-is-losing-customers CHARLOTTE, NC (WBTV) - Reports that Bank of America will back off its debit card fee are surfacing, but a BofA insider who asked to remain anonymous says the real reason why has so far been missing from those stories."What is not being reported," the insider says, "is that this consideration is not due to the Occupy movements throughout the US, but rather a mass exodus of existing customers coupled with a significant drop in new account openings. A good amount of execs were sequestered into a conference room for a couple of days last week, and it resembled a war room preparing for a mini Armageddon." Charlotte Metro Credit Union says it has seen 1400 new checking accounts from September 30th through October 27th - a 373% increase - and that the majority of its new customers are flocking from Bank of America and Wells Fargo. Wells also planned to pilot a new debit card fee, but it's already bagged the idea, because it's been getting its share of negative input too. Wells placed in the bottom five of a 24-bank survey ranking customer satisfaction among small businesses. Bank of America ranked dead last. Link to comment Share on other sites More sharing options...
visionary Posted November 1, 2011 Share Posted November 1, 2011 A majority of the OWS people don't look like they even have a checking account. I think it's a matter of BOA seeing a dramatic upswing in closed accounts. I think this was an issue with them. I believe there was a call for people to turn in their bank cards and close their accounts over this. Link to comment Share on other sites More sharing options...
Duckus Posted November 1, 2011 Share Posted November 1, 2011 A majority of the OWS people don't look like they even have a checking account. I think it's a matter of BOA seeing a dramatic upswing in closed accounts. I think it is a combination. You are 100% correct that Bank of America is not reacting to the folks at OWS closing their accounts. It is everyday folks who are moving their accounts that has them scared to ****. But, I believe the conversation that OWS has spark is a factor in folks moving their bank accounts. Regardless, I couldn't be happier and hope this entire thing becomes a disaster for BofA. Link to comment Share on other sites More sharing options...
ixcuincle Posted November 1, 2011 Share Posted November 1, 2011 Good for them Was a bad idea for them to begin with, you make millions of dollars, no, make that billions Why would you want to add a fee Link to comment Share on other sites More sharing options...
rictus58 Posted November 1, 2011 Share Posted November 1, 2011 I think it is a combination.You are 100% correct that Bank of America is not reacting to the folks at OWS closing their accounts. It is everyday folks who are moving their accounts that has them scared to ****. But, I believe the conversation that OWS has spark is a factor in folks moving their bank accounts. Regardless, I couldn't be happier and hope this entire thing becomes a disaster for BofA. I think the people who did move their accounts, or didn't open new accounts with BoA, are a result more of fiscal prudence rather than paying attention to OWS protestors. People who are willing to go through the hassled of financial re-construction (IMO) are not the type to be sparked by an OWS protest. Link to comment Share on other sites More sharing options...
mjah Posted November 2, 2011 Author Share Posted November 2, 2011 I expect a noticable lack of criticism of the free market in this thread. People don't criticize things when they work. It's that whole "out-of-control and dangerous" part that tends to attract criticism. And this is not that. Link to comment Share on other sites More sharing options...
@DCGoldPants Posted November 2, 2011 Share Posted November 2, 2011 This is just to stop the bleeding. I don't think they believe it will bring back customers that already left. But they probably have the stats on how many customers have called to close their accounts and don't see it dropping. Link to comment Share on other sites More sharing options...
gbear Posted November 2, 2011 Share Posted November 2, 2011 I'm already in the process of moving my checking to https://www.myconsumers.org/en/Home.aspx. 4.09% on my checking...it has meant my interest on from the first month in that account has already surpassed the yearly interst from my vanguard money market. The no fee for ATMs anywhere is huge. With their paying the ATM charges, I don't care how many ATMs Bank of America has. I can still use them. the only down side is paperwork switching auto deposit at work and the time reentering accounts for bill pay. Still, $400 on a $10k checking account is a nice return for a net increase in my ability to use my checking account. Link to comment Share on other sites More sharing options...
GSF Posted November 2, 2011 Share Posted November 2, 2011 Bank of America is super shady. I have caught them at least 10 times trying to charge me bs fees that weren't legit. They always credit them back immediately, but imagine how many people don't catch the fees, or call in to complain. They manipulate the timing of debit charges to try to catch people with overdrafts. I have personal and business accounts with BoA, which I am in the process of moving elsewhere. I already decided I was going to move before the news of the debit card fees came out. They will find another way to try to stick it to their customers, and eventually they wlll bury themselves with their questionable business practices. Link to comment Share on other sites More sharing options...
Prosperity Posted November 2, 2011 Share Posted November 2, 2011 I wasn't w/ BOA, but I was w/ Wells Fargo, another group of **** wads switched over the San Francisco Federal Credit Union, they don't charge me ATM fees at other banks' atms , or a charge me Debit card fee Link to comment Share on other sites More sharing options...
Henry Posted November 2, 2011 Share Posted November 2, 2011 I expect a noticable lack of criticism of the free market in this thread. Though I'm sure that the 'corporations will just pass the costs on to the public if your regulate/tax them more' chorus will continue to rise to a glorious crescendo for years to come. Link to comment Share on other sites More sharing options...
kubstix Posted November 2, 2011 Share Posted November 2, 2011 I'm baffled why anyone would hold any kind of account with BOA. They are garbage. Link to comment Share on other sites More sharing options...
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