Bank of America: "We have a right to make a profit"

[umbrella39]

Is it so difficult not to bank with Bank of America?

Nope, a few people at work were clamoring about how they were going in today and closing out their accounts. Money where mouth is.

 

[irishScott]

actually yes when they buy up my mortgage and buy out smaller banks all the time.

You're in New Haven. You're telling me BoA owns all of these?
http://maps.google.com/maps?q=banks...hnear=New+Haven,+Connecticut&t=h&z=15&vpsrc=0

 

[Jaskalas]

If you want a bank that is not subject to the provision, find a bank with under $10B in assets. That is the cut off.

A case study of crony capitalism. The government used the financial reform bill to pick winners and losers in the banking industry.

 

[umbrella39]

Citibank is next, perhaps you idiots will figure out it's not the bank it's the libs and the dudd frank bill.

Stockholm Syndrome deflection FTMFW!!!

 

[IceBergSLiM]

You're in New Haven. You're telling me BoA owns all of these?
http://maps.google.com/maps?q=banks...hnear=New+Haven,+Connecticut&t=h&z=15&vpsrc=0

I have 2 bank accounts outside of BOA. My BOA would be gone now if they hadn't bought out my mortgage. As soon as it makes sense to refi or I move I'll be done with them for good.

 

[CPA]

http://money.cnn.com/2011/10/05/news/economy/bank_of_america_moynihan/index.htm?hpt=hp_t2

Yup. You have a right to make a profit. You also have the right to get screwed with a dick big enough for an elephant and I hope you exercise that one as well. What a sense of entitlement.

You place your entitlement angst on the wrong party. It should be placed directly on the consumer.

 

[Illusio]

And the customer has the right to go someplace else.

Americans just can't think sometimes. Look at Netflix; they could demand your 1st born and you would still give it to them. Switch the mother fucking cash flow OFF. Take your business elsewhere.

Netflix is not a good example. Since their change, they have lost millions of subscribers and their stock has dropped from a 1 year high of 299 to 122, all in the course of a month.

They had to adjust their 3q projections of adding 1 million subscribers to loosing 1 million.

 

[CPA]

I would seriously prefer to bank with the fucking mafia than with Bank of America. The Mafia is more ethical.

If BoA gets away with this, then yes Citi and all the other banks will follow. Citi is already trying another fee. It's time we tell them to shove their billions up their asses.

Get away with what? Charging you for using a service?

What friggin world do you live in?

 

[Darwin333]

If $5 a month is too much, the market will force them to reduce it.

That was true for the merchant fees as well. Seemed the market was just fine with them until Congress got involved.

 

[Darwin333]

That is really nitpicking.

Normally I would agree but since we are talking about the same assholes that stuck us with the bill for their bad bets/losses I think it is an important addition.

 

[drebo]

No they won't. You see, they're "entitled" to free stuff from banks because...well because banks are greedy! OK?!!

Banks are supposed to make money off of deposits and loans, not directly from customers.

Perhaps we, as a country, have forgotten what banking really is supposed to be about. We have gotten credit happy, after all.

 

[QuantumPion]

Is it so difficult not to bank with Bank of America?

When the government bails them out with my tax money for giving government mandated sub-prime mortgages, yes. Yes, it is difficult to not bank with Bank of America.

 

[Darwin333]

You're in New Haven. You're telling me BoA owns all of these?
http://maps.google.com/maps?q=banks...hnear=New+Haven,+Connecticut&t=h&z=15&vpsrc=0

I think he is telling you that he took out a loan from a bank that was not Bank of America and then, due to no fault of his own, either by buying the original bank or the loan itself he now must do business with BoA.

Not much an average person can do about.

 

[PokerGuy]

What a stupid statement by the CEO. They have a right to try to make a profit, they don't have a right to a profit. Customers have a right to tell them to get lost and do business with someone else.

 

[chihlidog]

Get away with what? Charging you for using a service?

What friggin world do you live in?

They're still charging the merchant a fee. That fee is now limited. My heart breaks for them so of course we the general public should step in and make up the difference so they dont have to lose any of their profit.

 

[PokerGuy]

I think he is telling you that he took out a loan from a bank that was not Bank of America and then, due to no fault of his own, either by buying the original bank or the loan itself he now must do business with BoA.

Not much an average person can do about.

If you have an existing loan and BoA buys that loan, it doesn't impact you at all. The terms of the loan are set and it doesn't matter to you at all.

 

[Gunslinger08]

Do they not teach kids the basics of economics, capitalism, and free markets in school anymore? Supply and demand, vote with your wallet, etc. It's really not that hard to understand - If you don't like what a company is doing, don't give them your money.

 

[PokerGuy]

Banks are supposed to make money off of deposits and loans, not directly from customers.

I agree with this, banks seem to have lost their way and forgotten how to actually make money off their core business. They got lured into the easy money to be made off all sorts of other stuff and ripoff fees etc, instead of earning money the right way. Now that some of those other avenues are getting closed, they're scrambling and whining.

 

[davmat787]

So it appears we are in agreement they have a right to make a profit and we have a right to not do business with them?

No we do not. They have the right to attempt to make a profit and with that the risk of loss. They have no inherent right to a profit though. Just like we have the "unalienable right" to the pursuit of happiness.

That is what Genx87 said, minus the "armchair lawyer in a basement" speak. I get your point Darwin333, I just think the overall point Genx87 made obviously includes that. The point stands regardless.

 

[Ausm]

Citibank is next, perhaps you idiots will figure out it's not the bank it's the libs and the dudd frank bill.

Are you as ignorant an ill informed as you sound or are you just kidding around?

 

[Ausm]

I agree with this, banks seem to have lost their way and forgotten how to actually make money off their core business. They got lured into the easy money to be made off all sorts of other stuff and ripoff fees etc, instead of earning money the right way. Now that some of those other avenues are getting closed, they're scrambling and whining.

They lost their way with the Repeal of the Glass-Stiegall act.

 

[Howard]

He has the right to attempt to make a profit. Nobody has the right to make a profit.

 

[davmat787]

And the customer has the right to go someplace else.

Americans just can't think sometimes. Look at Netflix; they could demand your 1st born and you would still give it to them. Switch the mother fucking cash flow OFF. Take your business elsewhere.

You might want to take a look at the customer defections and stock price after Netflix announced their policy changes. Of course, that would have prevented you from making your trademark "Americans are dumb fingermen swine comment".

 

[Doc Savage Fan]

Thank you Dodd-Frank...good job!

 

[Macamus Prime]

You might want to take a look at the customer defections and stock price after Netflix announced their policy changes. Of course, that would have prevented you from making your trademark "Americans are dumb fingermen swine comment".

Did it change Netflix' direction & policy - no, it did not.

Americans are sheep. They go where they are told.