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Bank Of America Wants People To Pay $5 For A Currently Free Service

dmcowen674

No Lifer
Oct 13, 1999
54,908
44
91
www.alienbabeltech.com
3-7-2014

http://www.huffingtonpost.com/2014/03/07/bank-of-america-fee_n_4921148.html?ncid=txtlnkusaolp00000592

Bank Of America Wants People To Pay $5 For A Currently Free Service



According to the Federal Reserve's website, the 2010 rules targeting overdraft fees don't apply to transactions made by check or automatic bill-payment plans. In other words, if you've set up your bank account so that your phone bill is withdrawn from your account every month, then you could still incur an overdraft fee even under the new rules.

Unfortunately, it turns out a lot of people don't totally understand what overdraft protection is in the first place. According to a 2011 survey by the Center for Responsible Lending, nearly two-thirds of people who opted for overdraft protection under the new rules did so in order to avoid paying overdraft fees, when in fact charging overdraft fees is precisely what "overdraft protection" does.

This confusion is probably why some of the poorest Americans continue to shell out billions of dollars every year in overdraft fees, despite the Fed's attempt to prevent banks from overcharging their most vulnerable clients.

This is not the first time Bank of America has tried to launch an unusual fee plan. It tried charging debit-card customers $5 a month back in 2011, which pretty much blew up in the bank's face. Just months after announcing the change, Bank of America abandoned the plan amid widespread critical backlash.
 

dmcowen674

No Lifer
Oct 13, 1999
54,908
44
91
www.alienbabeltech.com
Here they go again. First BoA and then the rest will follow.

This is clearly to get around the law put in place to stop them a couple of years ago.

So will anything be done to stop them again?
 

Spungo

Diamond Member
Jul 22, 2012
3,217
2
81
I'm outraged because America only has 1 bank and we're all forced to use it.
 

Moonbeam

Elite Member
Nov 24, 1999
66,510
3,264
126
I'm not angry, really, I'm not. I'm not going to push you for better banking service, I'm going to take my ball and go home and hope your fucking lousy God Damn business fails, that's how not angry at all I am.
 

Oldgamer

Diamond Member
Jan 15, 2013
3,280
1
0
Step 1: join a credit union
There is no step 2.
This is what I did years ago. I told BOA to go f*** themselves and went to a small local credit union, and I have saved tons in fees, in addition to getting some of the lowest interest rates one can get.
 

Jimzz

Diamond Member
Oct 23, 2012
4,354
149
106
Step 1: join a credit union
There is no step 2.
:thumbsup:


Yep dumped WF and joined PenFed.


Stop giving big banks your money and things like this will not happen, they will have to compete again for your business.
 

TerryMathews

Lifer
Oct 9, 1999
11,474
2
0
So this also protects against ACH items & guarantees no overdrafts even in situations where your balance cannot be known like pay-at-the-pump.

Outrage not found. Try again McOwned.
 

Anarchist420

Diamond Member
Feb 13, 2010
8,649
0
76
www.facebook.com
the problem is legal tender. if ron paul had become president, then BoA would've failed or would've been sharply reduced in size and would've quit being a hairy dick.
 

Exterous

Super Moderator
Jun 20, 2006
18,898
1,804
126
Unfortunately, it turns out a lot of people don't totally understand what overdraft protection is in the first place. According to a 2011 survey by the Center for Responsible Lending, nearly two-thirds of people who opted for overdraft protection under the new rules did so in order to avoid paying overdraft fees, when in fact charging overdraft fees is precisely what "overdraft protection" does.
I know it might sound odd but perhaps they should read what they are actually paying for.

This confusion is probably why some of the poorest Americans continue to shell out billions of dollars every year in overdraft fees, despite the Fed's attempt to prevent banks from overcharging their most vulnerable clients.
I don't think anyone but the government was suprised that when the Feds limited fees in only certain areas the fees in other areas went up and\or perks were removed. As if the banks would just choose to make less money :rolleyes:

This is not the first time Bank of America has tried to launch an unusual fee plan. It tried charging debit-card customers $5 a month back in 2011, which pretty much blew up in the bank's face. Just months after announcing the change, Bank of America abandoned the plan amid widespread critical backlash.
Good! Thats the only way this works - if we have people who voice their objections although I don't know why anyone would choose to bank with Bank of America in the first place
 

spacejamz

Lifer
Mar 31, 2003
10,261
556
126
Poor mcwoned...he only drinks keurig coffee and banks at BOFA...someone should teach him the concept of 'freedom of choice'...
 

cubby1223

Lifer
May 24, 2004
13,525
42
86
Would you say there is nothing to get angered over?
A fee for a previously free service? Yea they can do that and if you don't like it have your account elsewhere.

Prices go up. Inflation goes up. That's the way the world usually works. I have absolutely no expectation that the price I pay for goods and services today should and will always be the price I pay for the remainder of my lifetime.

You can make the choice to be angry, or you can make the choice not to be angry.
 
Last edited:

DrPizza

Administrator Elite Member Goat Whisperer
Administrator
Mar 5, 2001
49,619
160
111
www.slatebrookfarm.com
Is it amazing that no where in the OP does he actually say what this $4.95 fee is for? Not a very good job quoting the article, since you left that out.
 

TerryMathews

Lifer
Oct 9, 1999
11,474
2
0
Is it amazing that no where in the OP does he actually say what this $4.95 fee is for? Not a very good job quoting the article, since you left that out.
Amazing? Really? You must be new here.

McOwned skips over anything that doesn't go along with his preconceived notions, whether its the price of gas, an important fact from a story, or the acceptable use policy at work.
 

rudder

Lifer
Nov 9, 2000
19,431
82
91
Would you say there is nothing to get angered over?
If Bank of America was the only bank in America... Yeh I could get angry. See as I live in a smaller town and have the choice of 6 banks and 2 credit unions.... No not much to get angry over.
 

TreVader

Platinum Member
Oct 28, 2013
2,058
2
0
I won $7.92 from BofA in a class action lawsuit over overdraft fees. I dumped them for WF about 2 years ago.



WF is better than BofA, but not by much.
 

Moonbeam

Elite Member
Nov 24, 1999
66,510
3,264
126
I won $7.92 from BofA in a class action lawsuit over overdraft fees. I dumped them for WF about 2 years ago.



WF is better than BofA, but not by much.
It probably depends on who you are. When I go into my local WF they greet me by name.
 

LunarRay

Diamond Member
Mar 2, 2003
9,993
1
76
It probably depends on who you are. When I go into my local WF they greet me by name.
They know your name but more importantly they know your bank balance.... ;)

I haven't changed banks in forever... I was with Home Savings and Loan which was bought out by WF and been with them ever since... L has been with BofA since forever and they know her name too... Well.. sort of... They call her "Will" ... it is short for Will that monster dog bite?
 

KentState

Diamond Member
Oct 19, 2001
7,956
237
106
Also dumped WF when they started going fee crazy after buying Wachovia. Could not have been happier with my credit union and how they treat us.
 

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