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Banks backing away from recent user fees.

MomentsofSanity

MomentsofSanity

Lifer
http://money.cnn.com/2011/10/28/news/companies/bofa_debit_card_fees/index.htm?iid=HP_LN

It appears as though so far BAC and Wells Fargo understand how unpopular this decision was. I'd be curious to learn if their decision was in any way based on the apparent volume of people indicating they had or intended to remove their accounts from these banks.

We have been getting screwed with fees in Canada for years and don't see that ending any time soon... which blows.

Bank of America is considering softening its controversial policy of charging some customers for making purchases with their debit cards, according to a person familiar with the bank's plans.

Wells Fargo (WFC, Fortune 500) also announced late Friday that it is canceling the debit card fee tests it was planning to introduce in five states. Customers in Georgia, Nevada, New Mexico, Washington and Oregon will no longer see a $3 debit card fee that was scheduled for statements beginning on Nov. 15.
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I will never understand why consumers use banks. My credit-union is a non-profit organization (owned by its members) and I can use other credit unions (for free) in the same network (which is huge) anywhere in the country. My account also has similar protections from insolvency thanks to NCUA.
 
I wonder how many in here still with BoA and would stay with them even when they instituted the fees, after all money is no object for them.
 
Next time, BoA will know not to announce such things. A simple statement insert was all that was required.
 
It would appear that when the market place speaks, without governmental interference, the businesses pay attention. This is a good thing.

The wife and I are moving our accounts from national commercial banks to our credit union. We should have done this years ago.
 
a777pilot said:
It would appear that when the market place speaks, without governmental interference, the businesses pay attention. This is a good thing.

The wife and I are moving our accounts from national commercial banks to our credit union. We should have done this years ago.
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The bad part is, all of this was generated by congress. And those swipe fee that got regulated were pushed by the retailers association(walmart and other large stores).
 
charrison said:
The bad part is, all of this was generated by congress. And those swipe fee that got regulated were pushed by the retailers association(walmart and other large stores).
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What started it was the over draft order and outrageous fees.

Don't know how it got onto the swipe fee.

The over draft situation was a direct attack on the people.

They used that as an excuse to go after the swipe fee.
 
charrison said:
The bad part is, all of this was generated by congress. And those swipe fee that got regulated were pushed by the retailers association(walmart and other large stores).
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I agree. If the government had just stayed out of the banking business this would never have happened. The government seems to be the root cause of most of our troubles.

We need a smaller government that follows the Constitution.
(I'm not going to hold my breath.)
 
a777pilot said:
I agree. If the government had just stayed out of the banking business this would never have happened. The government seems to be the root cause of most of our troubles.

We need a smaller government that follows the Constitution.
(I'm not going to hold my breath.)
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Good luck with that. I think the collective tards in Washington use the Constitution to wipe their butts with.
 
My bank didn't take part in any of the bailout crap and hasn't attempted any stupid fees either. If they had, I would have switched from them a long time ago.
 
A better place for banks to make money is by making proper and prudent business and real estate loans. Too bad they destroyed those two by making and selling bad loans and crashing the economy. Bankers must hate themselves about now. It's always harder to swindle people when you become a fabulously well known swine.
 
charrison said:
The bad part is, all of this was generated by congress. And those swipe fee that got regulated were pushed by the retailers association(walmart and other large stores).
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Bingo...nothing to do with saving consumers money. Everything to do with Walmart wanting to push the fees back to the banks or directly onto the consumers. I doubt that Walmart will lower any price because of this....simply padding the profits.
 
My main savings accounts are still fee free at Chase, Ive got a business account at a regional bank thats got some fees but very nice service, and a mortgage with BofA. Kinda hoping BofA goes under and accidentally loses my mortgage.
 
Engineer said:
Bingo...nothing to do with saving consumers money. Everything to do with Walmart wanting to push the fees back to the banks or directly onto the consumers. I doubt that Walmart will lower any price because of this....simply padding the profits.
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I am not so sure about that. The swipe fees were one of the reasons they wanted to get into banking. Walmart if nothing else is very good about passing savings to its customers.
 
dmcowen674 said:
What started it was the over draft order and outrageous fees.

Don't know how it got onto the swipe fee.

The over draft situation was a direct attack on the people.

They used that as an excuse to go after the swipe fee.
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My take is that Walmart whined. Congress obeyed.
 
charrison said:
I am not so sure about that. The swipe fees were one of the reasons they wanted to get into banking. Walmart if nothing else is very good about passing savings to its customers.
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I usually don't shop at Walmart but was astonished when I did a few weeks ago. Could not believe how high prices had risen since I had been there before and could easily shop cheaper (and closer) at Kroger simply buy buying Kroger Brand and on sale products.

On a side note, that's not saying that Kroger isn't raising prices too...they are and it's getting out of hand in my opinion.
 
I wouldn't directly blame walmart, Kroger, etc for all that.

The dollar value is going down, so it takes more to buy the same thing. Guess who we have to blame for that? Washington, the idiots on both sides who print money like no tomorrow.
 
yeah manufacturers finally gave up on whole saleing to walmart it seems. that store is just a shitty target now.

Kroger brand products are AWESOME btw
 
SparkyJJO said:
I wouldn't directly blame walmart, Kroger, etc for all that.

The dollar value is going down, so it takes more to buy the same thing. Guess who we have to blame for that? Washington, the idiots on both sides who print money like no tomorrow.
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I can understand the "money printing thing" but if that were the case, wouldn't the economy be overheating right now from all of the "free flowing money"? Seems to me that the money is collecting at the top with a 404-trickle down not found right now.
 
Engineer said:
I usually don't shop at Walmart but was astonished when I did a few weeks ago. Could not believe how high prices had risen since I had been there before and could easily shop cheaper (and closer) at Kroger simply buy buying Kroger Brand and on sale products.

On a side note, that's not saying that Kroger isn't raising prices too...they are and it's getting out of hand in my opinion.
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It may not be that walmart is getting more expensive, it is just that everyone else supply chain is catching up with walmart.
 
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