BoA not going to charge $5 debit card fee

[jlee]

Oh no! Profit! How dare a company be in business to make profit.

We bailed them out. THAT was the mistake. Now, they can act just like any other company, and I continue to use and support Bank of America. And I'm *not* a shareholder.

I'd stay with them even if they charged me $10/month instead of $5 for the debit card fee. Their national ATM network and same day posting of checks is well worth it to me.

They should have gone bankrupt. They didn't because taxpayers bailed them out. But they shouldn't have to play by special rules.

On the other hand, credit unions that refund other banks' ATM fees and don't charge you $10/mo for an account? Win. Same-day posting of checks doesn't matter so much if you're not running close to zero, and if you are running close to zero, that $10/mo should be important to you.

 

[dank69]

That's not your money.

My money is loaned out to other people, in the form of mortgages and credit cards. You know this.

 

[TallBill]

Yey for USAA. I never have to worry about this crap

 

[darkewaffle]

He's saying that if you have money deposited in his bank, he has the right to take some of it because he has the right to a profit. And he believes (rightfully so in your case, apparently) that we would totally understand and be ok with that.

Most of us see that for what it really is, a blatant and VERY much undeserved cash grab. So blatant that many people are understandably wanting to take their money out of BofA, and are being very public about it.

Yes, clearly it's all about getting their grubby little hands in your cookie jar, that's completely the extent of the situation. You act as though he's saying he owns some of your money just because you bank with them. He's not going to keep withdrawing $5 if you leave the bank, they don't own what's in your account.

And having a right to something doesn't mean everyone has to accept it/understand it, because you in turn have the right to react however you see fit.

It's got nothing to do with him taking the money you have in their bank. It's simply an organization in search new ways to create revenue when one of their most significant income sources has been slashed so arbitrarily and severely by powers completely beyond their control. They can charge whatever fees they want, and you as a customer can react however you want. Just like every other business on earth, and I don't understand why everyone gets so up in arms when a bank behaves like a business.

Turn it around, if they don't have a right to make a profit, do they have no right to make a profit then? Or if you really insist, if they only have the right to 'try' to make a profit, isn't creating a fee still well within the bounds of "trying" to make a profit? It's not like they're taking it just for giggles.

 

[mugs]

Not going to charge $5 fees... but going to get $75 TRILLION worth of bullshit derivatives FDIC insured.

How do you like that? Think your money in the bank is insured all you want... But if BOA needs to collect on 75 Trillion worth of made up wagers on the mysteries of the universe, you won't have anything to withdraw.

The FDIC insures the bank's deposits, not its investments. The FDIC won't be paying out "$75 trillion" or anything close to it to Bank of America no matter what happens.

 

[Sid59]

Left BofA in 1998 and never looked backed.

 

[manlymatt83]

On the other hand, credit unions that refund other banks' ATM fees and don't charge you $10/mo for an account? Win. Same-day posting of checks doesn't matter so much if you're not running close to zero, and if you are running close to zero, that $10/mo should be important to you.

I run a consulting company. My clients tend to pay me monthly, and I have a few sub-contractors who do work, so sometimes the invoices (and therefore checks) are quiet large... especially if a client decides to pay two months at once or something. Definitely not something I float to my sub-contractors, so it's nice to be able to cut them checks the day the check comes from my client.

 

[oogabooga]

...A company does have a right to make a profit in the same sense that you have a right to free speech. He's not saying the bank has a right to sneak into your account in middle of the night and take your money to put them in the black (and god help you if you actually got that out of it), he's saying the bank has a right to compete in the market and be treated just as any other business would. That's it.

Yea, there are plenty of dumb things to hate about BOA, but they are in it to make money. I don't think anyone could blame them for that.


We just hate them for how they choose to do it.