Bank of America down to 5.53 per share

[dank69]

It doesn't help much that Obama is an idiot when it comes to business...

http://dailycaller.com/2011/10/03/obama-speaks-shareholders-weep/

Fucking garbage. Let me shed one fucking tear for banks having to accept lower profits. These fees were hurting merchants, especially small businesses that republicans are supposed to support. But, no, it got passed under the devil Obama's watch, so it must be evil. Spin spin spin. See how much support you can gather from anyone with half a brain for the fucking banks not making record profits this quarter.

 

[Doppel]

It's fun to watch Buffet fvck up some times. Although he's in it for the long haul but quite recently bought a bunch of bac stock.

I don't think it's a good idea to buy anything in the stock market at the moment... Unless you are day-trading I'd think you're crazy to go long on anything right now. The trend is clearly down right now, and if Greece defaults, it's going to be 2008 all over again.

I think so. And day trading is just gambling by any other name anyway.

 

[Bignate603]

The system has to be paid for, and if you limit the fees in one place, they have to shift elsewhere...

Personally, I think it's better if the consumer sees the cost rather than having it hidden away in a way they can't see. If the banks charge the consumer directly they can shop around if they don't like the fee. If the consumer doesn't see the cost directly they don't care how much the bank is charging. If they see the cost on their statement each month then they'll have motivation to shop around for the lowest fee so the banks will actually have to compete.

 

[LTC8K6]

Fucking garbage. Let me shed one fucking tear for banks having to accept lower profits. These fees were hurting merchants, especially small businesses that republicans are supposed to support. But, no, it got passed under the devil Obama's watch, so it must be evil. Spin spin spin. See how much support you can gather from anyone with half a brain for the fucking banks not making record profits this quarter.

The fees were hurting Wal-mart?

Stockholders might shed a tear over profits.

Who is supposed to pay for the service? It isn't free. This has far less to do with profits than with who is paying for the debit interchange system and how fees are controlled.

I suspect this is the end of debit cards...apparently banks are expected to process the transactions for free, which won't work, so it's probably just a matter of time now.

 

[lothar]

Fucking garbage. Let me shed one fucking tear for banks having to accept lower profits. These fees were hurting merchants, especially small businesses that republicans are supposed to support. But, no, it got passed under the devil Obama's watch, so it must be evil. Spin spin spin. See how much support you can gather from anyone with half a brain for the fucking banks not making record profits this quarter.

You really believe that banks would accept lower profits?
If you own a checking or debit account, you'll pay for it one way or another.

Do you believe that small businesses and Wal-Mart would reduce prices when the bill goes into effect? If so, I have an ocean front property to sell you in Arizona.

 

[LTC8K6]

The very idea of Durbin and Obama expressing outrage over bank profits is hilarious.

http://michellemalkin.com/2011/10/03/obama-durbin-bash-bank-of-americas-new-debit-card-fee/

 

[lothar]

Is BoA's trouble the legacy of Countrywide and Merrill Lynch, or did BoA itself engage in bad mortgage and investment practices itself?

The legacy of Countrywide.

 

[manly]

Lol so many people defending BofA against the big, bad federal government.

The fees were hurting Wal-mart?

Stockholders might shed a tear over profits.

Who is supposed to pay for the service? It isn't free. This has far less to do with profits than with who is paying for the debit interchange system and how fees are controlled.

I suspect this is the end of debit cards...apparently banks are expected to process the transactions for free, which won't work, so it's probably just a matter of time now.

who said anything about free? The Durbin Rule sets a ceiling, and IIRC smaller banks are exempted. I won't disagree with your point about the unintended consequence of shifting the fee to a different payer.

Dodd-Frank is considered to have been watered down in the face of Wall Street pressure. I haven't read anything about Dodd-Frank 2.0 to further clamp down on banks the way the UK is working on. If anything, the CFPB can barely get off the ground.

 

[gevorg]

Thinking about buying 10 of these for easy money:

BAC120519C00005000

 

[Cal166]

Citibank is charging $15 a month on checking accounts below $6K.

The bill kicks in Saturday, I believe.

I opened my letter from Citibank today and found out they are trying to automatically convert my EZ Checking ($1500 minimum in account) to The Citibank Account Package ($15,000 minimum). Also, if I stay with EZ Checking, they raised up to $6,000 Minimum.


For all of you guys who has a Citibank account, please check your account, make sure you have $6,000 in your account or else be charged with $15 fee.

 

[LTC8K6]

I opened my letter from Citibank today and found out they are trying to automatically convert my EZ Checking ($1500 minimum in account) to The Citibank Account Package ($15,000 minimum). Also, if I stay with EZ Checking, they raised up to $6,000 Minimum.


For all of you guys who has a Citibank account, please check your account, make sure you have $6,000 in your account or else be charged with $15 fee.

Quiet! BoA is the bad guy, not all the other banks doing the same thing...and Dodd/Frank/Durbin had nothing to do with it...

 

[Doppel]

I opened my letter from Citibank today and found out they are trying to automatically convert my EZ Checking ($1500 minimum in account) to The Citibank Account Package ($15,000 minimum). Also, if I stay with EZ Checking, they raised up to $6,000 Minimum.


For all of you guys who has a Citibank account, please check your account, make sure you have $6,000 in your account or else be charged with $15 fee.

Screw em. I'm still surprised citi hasn't dicked me around again on their card i have of theirs (was great when I got it, then they moved it to some nonsense benefits). I never use it because it's a piece of crap. The second they send me a letter about anything I cancel it.

Man I feel so damn bad for these big banks, though. i don't know how they'll survive. My local bank still PAYS me to use my debit card and yet these guys say we have to pay them instead. And people believe them, it's sad.

 

[LTC8K6]

If your bank is paying you to use the debit card, it's because someone else is paying the bank a high enough transaction fee when you use the card. Or the bank has made huge profits and can afford to extend a bit of it. Expect that to end. Debit card rewards have been disappearing rapidly, too iirc.

If your rewards are from bank profits...how ironic...

 

[Zebo]

regular national banks can't go bankrupt 11 USC 109(b)(2).

Can't is not in my vocabulary and about not to be in 11 USC 109(b)(2).

What are they going to do? Gin up more money for these fraudsters and failsters? The kind of money they'd have to print to fix these banks would destroy 80% of Americans who won't cope with paying $50 for a gallon of gas and $25 for milk.

 

[lothar]

Screw em. I'm still surprised citi hasn't dicked me around again on their card i have of theirs (was great when I got it, then they moved it to some nonsense benefits). I never use it because it's a piece of crap. The second they send me a letter about anything I cancel it.

Man I feel so damn bad for these big banks, though. i don't know how they'll survive. My local bank still PAYS me to use my debit card and yet these guys say we have to pay them instead. And people believe them, it's sad.

Your local bank was exempted from Durbin's amendment.
Let them remove the exception from the bill and affect all banks equally so you'll see how it would affect you.

It's like someone claiming "I got into Stanford with a 2.5-3.0GPA and all these white people say you need a 3.3GPA or more, while asians say you need 3.5+."
If GPAs and test scores are standardized, something like "affirmative action" isn't needed.
The same can be said about exemptions for your bank in the Durbin amendment.

If debit interchange fees are so bad for small business and consumers, why are many local banks exempt from it?
If the mini-med healthcare plans offered by McDonalds and other corporations are so bad, why is the Department of HHS signing waivers left and right exempting them from the new healthcare law?

 

[senseamp]

BAC bit the hand that feeds it. It's going down.

 

[Jaskalas]

BAC bit the hand that feeds it. It's going down.

Mission accomplished Democrats.

 

[novasatori]

Mission accomplished Democrats.

 

[OBLAMA2009]

bofa is a monster, its really hard not to use them for something here on the west coast. at some point their stock is gonna come roarin back like an mfer so anyone who has no social conscience should buy them now, youll make a fortune at some point. they cant fail, the gov wont let them

 

[Double Trouble]

I opened my letter from Citibank today and found out they are trying to automatically convert my EZ Checking ($1500 minimum in account) to The Citibank Account Package ($15,000 minimum). Also, if I stay with EZ Checking, they raised up to $6,000 Minimum.


For all of you guys who has a Citibank account, please check your account, make sure you have $6,000 in your account or else be charged with $15 fee.

Yep, I got a letter from Citi about this last week. I immediately transferred my money out from there to my account with the local credit union and told Citi to close my account. Are they fuggin' nuts, charging $15-$20 per month for a simple checking account?

 

[matt0611]

“This is exactly why we need this [CFPB],” the president said. “We need somebody whose sole job it is to prevent stuff like this.”

WTF? We need a person to tell companies what kind of fees they can start charging customers now? Are you fucking kidding me?

I have no love for any of the banks, but that is just fucked up.
Obama needs to get the fuck out of the white house in 2012, had enough of his BS a long time ago.

 

[Doppel]

If your bank is paying you to use the debit card, it's because someone else is paying the bank a high enough transaction fee when you use the card. Or the bank has made huge profits and can afford to extend a bit of it. Expect that to end. Debit card rewards have been disappearing rapidly, too iirc.

If your rewards are from bank profits...how ironic...

I do expect them to end. Surprised they are still going with them this long to be honest. However, you really think my local bank is making MORE on debit transactions than BoA? I rather doubt that, they're likely just keeping less of those profits for themselves; operating on a thinner margin, to my benefit.

Your local bank was exempted from Durbin's amendment.

Doh! I should have remembered that :\

 

[OBLAMA2009]

i have four bofa accounts and two of their credit cards. when they start charging to do debits im going to wait two months and see if the outcry is great enough that they stop and if they dont im closing my personal accounts.

 

[piasabird]

Buy 1,000 shares now if you can.

 

[GotIssues]

It's fun to watch Buffet fvck up some times. Although he's in it for the long haul but quite recently bought a bunch of bac stock.I think so. And day trading is just gambling by any other name anyway.

Buffett bought preferred stock. Preferred does not work the same way as regular stock.

He will receive a 6% dividend per year, with warrants to buy 700 Million shares at $7.14, good anytime for the next 10 years. Assuming BoA doesn't fold, his investment WILL pay off. It's pretty much a no-brainer if you are confident the company won't go bankrupt.

Basically, over the next 10 years, he'll get $3B in dividends, and there is only a very small chance that the stock price will stay below 7.14 for the entire time. To be perfectly honest, I see the worst possible outcome of this deal as him just breaking even.

Moral of the Story: Warren Buffett is much smarter than you think he is, and he has the financial clout to get sweetheart deals like this.