CNN / BoA

[47of74]

I wonder if the powers that be at BoA got on the line to CNN and had them put out this little article.

But while angry consumers are threatening to leave, it's the bank that could have the last laugh.

Across social media sites like Twitter, consumers directed a flood of negativity toward the bank. "Dear Bank of America, I am not going to stick around for the $5 a month, I want a divorce!" wrote one customer. "If you charge me $5 a month just to have a debit card. I'm closing my accounts," declared another.

"Savvy consumers are not going to take this sitting down," said Greg McBride, senior financial analyst at Bankrate.com. Most will either switch to using credit cards or find another financial institution that doesn't charge a fee, he said. In fact, 64% of Americans said they would consider switching banks if their fees increased, according to a recent Bankrate survey.

However, changing banks is no easy task, noted Bill Hardekopf, CEO of LowCards.com. There's the hassle of going down to the bank, having checks printed, not to mention switching all of your automatic payments, he said.

[Shagbark Hickory]

1. For the umpteenth time, THAT IS NOT A HASSLE!!!

God those that think withdrawing all your money and ordering new checks is a hassle, you should never ever try to run a business.

HASSLE is what happens when you have a problem with your BofA account that you can't get resolved.

[rustydog]

5. If they tell you it is a hassle, you might just listen and put off changing banks!

I'm going with BECU and BOA can kiss my ass. I have three bills I pay throgh BOA transfers. I can do the same with BECU...no hassle at all.

[YellowRubberDuckie]

2. That's easy. I only have one automatic draft.

And that is World of Warcraft. So, I'm thinking it's not going to be that hard. That being said, I work for the bank, so my fees are waved. When I leave, my money is going to the credit union where my husband's dad is on the board and his stepmom is the bank manager. :evilgrin:
Duckie

[ProudToBeBlueInRhody]

3. It's a propaganda line, but there ARE a lot of lazy people

Myself included who procrastinate about things like that. I still think BoA is in for a huge backlash.

[abelenkpe]

4. I thought that when they recieved tax payer bailouts

then laid of thousands of workers and raised interest and fees on existing customers. Yet somehow that never happened. Must be good to be BoA.

I honestly have no idea why anyone does business with them or any TBTF bank.

[ProudToBeBlueInRhody]

6. People are sheep

I work in a building with BoA offices in it. Because there is a BOA ATM in the lobby, all my co-workers think it's smart to have them as their primary bank. Today they were all bitching about the new fee. I told them what I have for years......credit union.

BoA is probably convienient if you travel a lot (I don't). Maybe if I did, I'd have an account with a small amount on hand for cash withdrawals, but I've always used credit cards when I do travel, carry a small amount of cash just in case, and quickly pay off my travel bills when I get back home through my CU.

[47of74]

7. There's always Privileged Status

That's a group of banks and credit unions that have it so that when their members use the ATMs of another institution that's on the Privileged Status network there are no fees of any kind. I take advantage of that all the time because I do a bit of traveling for work so I know who's on the network so I can use their ATMs if I have to.

[dixiegrrrrl]

9. People here have used the term "too much of a hassle" as a reason

keep patronizing the TBTF banks.

I think of the folks around the globe who are turning out for protests for days and weeks and months, doing what I cannot physically do anymore.
How can changing banks be a "hassle" compared to that?

[FarCenter]

8. What's weird is that BofA seems to offer debit cards as an "option" on checking accounts

Most banks provide a debit card as a standard feature of their checking accounts.

Typically, banks and credit unions offer a selection of 3 to 5 different types of checking accounts, with various features and fees that are waived if minimum direct deposits or minimum balance levels are met during the month.

Hardly any accounts are actually free these days.

Banks want customers who either use a lot of loans and credit, or who have large deposits and invest in CDs, etc. Customers who only do a small amount of payment transactions each month tend to be unprofitable, even with the fees.

[Supersedeas]

10. give me convenience or give me death....it's the American way