Bank of America considers checking account fee revamp

[sarcasmo]

Source: Reuters

Snip< Bank of America Corp is planning to introduce a monthly fee for its customers holding checking accounts unless they agree to bank online, buy more products or maintain certain balances, the Wall Street Journal said.


Snip< The options being tested include monthly charges of $9, $12, $15 and $25 but give customers opportunities to avoid the payments by maintaining minimum balances, using a credit card or taking a mortgage with the bank, the Journal said, citing a memo distributed to employees.

Read more: http://finance.yahoo.com/news/bank-america-considers-checking-account-062154199.html

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I think this might be the ending of this Greedy corporation. 9, 12, 15 and 25, Really?

[unblock]

1. didn't they JUST get burned for obnoxious fees? they forget quickly, don't they?

[sarcasmo]

3. One more coporation with no soul.

[Harmony Blue]

4. They naively believe that

the outrage has passed, so they are trying to pass another one in the dark of the night. Too bad the age of the internet makes this nigh impossible to do so.

[Rosa Luxemburg]

37. B of A is going to lose a lot more customers!!!!

Twits

[w0nderer]

40. but we bribed more politicians since then! n/t

[CountAllVotes]

2. Bank of America deserves to go belly up

Damn greedy pigs never learn do they.

[Sarah Ibarruri]

5. My prob is I can't figure out which giant corporation is the biggest douche. nt

[hobbit709]

7. 6 of one, half a dozen of the other.

[RKP5637]

10. I would pick the multiple choice answer that says, "All of the above."

[Sarah Ibarruri]

25. I think I'll have to do that. nt

[Harmony Blue]

11. They all are bad.

Local regional banks are better but if they gone down this same path credit unions are the way to go.

[Sarah Ibarruri]

26. They seem to be the only way. nt

[FailureToCommunicate]

18. Try here for a credit union near you:

http://www.culookup.com/

or maybe

http://www.facebook.com/Nov.Fifth

[Sarah Ibarruri]

27. Good one here: FSU Credit Union. nt

[hobbit709]

6. I guess they want to lose even MORE customers.

[Juneboarder]

8. I Heart My Credit Union!!!

And I tell them every time I go in

[zipplewrath]

21. Which is why I found this so surprising

http://www.orlandosentinel.com/features/consumer/sfl-most-criticized-bank-20120228,0,1814463.story

When it comes to complaints against banks in Florida, Space Coast Credit Union and JPMorgan Chase rank among the most criticized, receiving a greater share of complaints than their relative size. SunTrust in contrast gets among the least complaints for it size, a new study shows.

Independent banking analyst Ken Thomas of Miami prepared the study by analyzing complaints lodged in 2011 at the Florida Division of Financial Institutions.

His 2010 report also had found Space Coast and Chase generating high complaint levels and SunTrust among the most consumer-friendly.

“The really surprising result is Space Coast,” said Thomas. “Many people think of credit unions for good customer service. I could understand high complaints against Space Coast last year after they bought Eastern Financial, but two years in a row? They have a long way to go to improve their customer service.”

[AnneD]

29. Same here....Love my Credit Union

They treat me like I am their biggest account. All the tellers that have been there for a while know me by name and all of the loan officers at the main branch and most of the other branches know me (they all start out as tellers).

[sarcasmo]

36. Our Credit Union is the best. Easy loans and when you call them

a human answers the phone, not a recording.

[RKP5637]

9. I really can't see why anyone does business with BOA unless locked into them somehow. n/t

[Proud Public Servant]

12. Maybe they WANT to lose customers

I'm starting to get the feeling that Bank of America actually doesn't want to be in the business of servicing small consumers. Can a bank turn down customers/close accounts? I don't know the law here; is theer anything prevnting them from saying, say, "if you don't have $10,000 in deposits, we just don't want your money; you're more trouble than you're worth"? Because that's what seems to be going on.

[subterranean]

15. That appears to be the case.

If you're not sufficiently profitable for them, they don't want your business.

[Proud Public Servant]

17. That's what I mean

And I don't think that's an unreasonable position, per se; banks are a business, not a public utility (though it would be nice if there was a public banking utility, like European post office banks). That's why I wonder if there's some law that prevents them from discriminating against low-balance customers, thus leading them to try this kind of end-run.

[durablend]

19. Actually you're mistaken

It's under $100,000 they don't want anything to do with (or so says Chase)

[Proud Public Servant]

22. Not surprised

What I know about banking, finance, and business couldn't fill a thimble.

[sarcasmo]

38. I was thinking the same thing on the loose the customer bit

but in order to get another nice fat bailout.

[unblock]

41. you're right, though it's $100,000. they build branches to attract high-net-worth individuals

and resent the little people coming in and chewing up human resources who could be extracting wealth from richer fools.

[JDPriestly]

13. Agreed.

[FailureToCommunicate]

14. The last straw for me was a recent "overdraft protection" notice saying

B of A will no longer let you access your balance from ATMs - thus making it much harder staying current for transfers to refill the overdraft "companion" account, so they can charge "late payment" fees. The branch manager (in her late 20's) told me "You'll just have to do banking on line" Then added "Don't you know how to use a computer?" Having been a customer at that branch (which became BoA a few years back) for longer than her age, I decided at that point to take my business and transfer it to a local credit union. And I told her that (nicely). Her expression seemed to indicate that she could care less.

It will be less convenient, but it's a move I should have made a long time ago.

[TBF]

16. This bank should have been nationalized long ago. nt

[Xolodno]

20. They can get away with it because they know...

...they can.

I work at an insurance company and one the things we know is that its much easier to change insurance companies than it is to change banks. That's one of the main reasons they give multi-policy discounts. If your house/apartment, car, life, etc. is with one company and going with another company on one of them causes the premium to go up enough to eat any "savings", then its incentive to stay....of course, you could just move all your policies. Then there are those who only buy auto and skoff at any renters insurance and they can change companies as they change socks. But not so for a bank....

Opening a new account and closing the old one has gotten easier, however, more and more places of employment have instituted direct deposit...so that can be a hassle to change, and if your bills are paid electronically...another hassle to change. And then most of the big banks charge some sort of fee's so, their customers kind of just live with it.

[truthisfreedom]

23. Didn't they just float that turd?

[dixiegrrrrl]

34. The previous turd was 5.00 debit card fee, I think.

[allan01]

24. re: Bank of America considers checking account fee revamp

The founder of bofa originaly the bank of italy started as a local neighborhood bank in san fransico ca. The founder would probably be turning in his grave . sad to see these big institutions basicly blackmail their coustomers with surcharges if they dont comply.

[Thav]

28. I sure am glad I left them last year

I was a 19 year customer, went to a local bank and have never looked back.

[99 Percent Sure]

30. According to Robin Meade's report this morniing, some customers may have already

been victimized by, as Bill Maher calls them, Skank of America's checking account fees.

People need to go credit union and leave these skank banks.

[allan01]

31. re: Bank of America considers checking account fee revamp

Sounds like another national switch to credit union day is needed , but many bofa coustomers are leaving

[virgdem]

32. I am so happy that I finally got away from these greedy bloodsuckers...

I just switched from BOA in December and I'm very happy with my choice. I get much better service at my credit union than I ever got from BOA. With this decision, they deserve to go the way of the dinosaurs.

[grahamhgreen]

33. Get your money into a credit union!

[DocMac]

35. Time for OWS to push another dagger in.

[steve2470]

39. soooooooooooooooo glad I left those greedy bastiges last year ! Hello credit union ! nt

[Devil_Fish]

42. Eat Shit BofA... Eat Shit and Die!!!

I closed all of my accounts with BofA, and I am glad that I did. I am now with a local credit union that has no fees. That's right, NO FEES. NONE. No minimum balance. Oh yea, I actually got a 64 cent dividen for maintaining an average balance of $600 IN MY CHECKING.

BofA may you rot in hell.

[pinniped]

43. Wells Fargo was ahead of its time in the bank outside not inside department.

I don't know about BofA, but back in the 90s, Wells Fargo was charging people with certain checking accounts that had the nerve to come inside and talk to a teller. If you talked to the 1-800 operator too many times in a month, you would also incur a fee.