BofA debit card fee prompts animosity from coast to coast

[harvey007]

Source: LA Times

In the volatile political air ignited by the nation's economic struggles, $5 buys a lot more controversy than it used to.

The announcement by Bank of America Corp. last week that it would charge customers $5 a month to use their debit cards has rung up animosity from coast to coast.


Read more: http://www.latimes.com/business/la-fi-bofa-fees-20111008,0,198698.story

[ejpoeta]

1. how many of those people are going to do more than just get mad?

how many will take their money elsewhere?

[ixion]

2. I am, for one...

[tech5270]

3. BofA is just a distant memory to me.

Don't walk away! Run away as fast as you can. They will screw you any way they can. If need be, pay the stupid, unjustified fees to get away as quick as you can. If you don't, they will suck you dry for as long as they can.

Been there, done that! Just run away, run away as fast as you can.

[ixion]

12. I plan on it

they can take their fees and choke on'em or all I care.

[bpositive]

4. I will

Be changing banks soon.

[sarcasmo]

5. It's 5 bucks a month times a few million customers, and that equals a lot of coin.

[lifesbeautifulmagic]

6. this, in addition to the many merchants (such as

gas stations) that charge you to use debit.

We are getting squeezed to death.

[MicaelS]

7. Bank of America CEO - "We have a right to make a profit"

http://money.cnn.com/2011/10/05/news/economy/bank_of_america_moynihan/

But BofA's chief did say banks have an inherent right to make a profit in an interview Wednesday with CNBC's Larry Kudlow at the Washington Ideas Forum, sponsored by the Newseum, the Aspen Institute and the Atlantic magazine.

"I have an inherent duty as a CEO of a publicly owned company to get a return for my shareholders," Moynihan said.

Moynihan said that the bank will talk to its customers, teammates and shareholders and "they'll understand what we're doing -- understand we have a right to make a profit."

But he said the new charge was necessary because the "ability to be profitable" in retail banking has changed. He added that Wall Street reforms in the so-called Dodd-Frank Act will cost his bank "billions."

They also cutting 30,000 jobs in an effort to save "billions".

http://money.cnn.com/2011/09/12/news/companies/bank_of_america_job_cuts/index.htm?iid=EL

BofA has already disclosed plans to eliminate a total of 6,000 jobs this year. And it recently announced a management shakeup that effectively will split the bank into two units: one serving consumers and one serving commercial clients.

The bank said it expects a "significant portion" of the reduction in headcount to occur through attrition and the elimination of unfilled positions. BofA had a total of 287,000 employees as of June 30.

Awww, you poor wittle thing. So the big fucking banks screwed people over and stole billions. The Government did its job to try and prevent it from happening again.

But now BOA has to find some money from somewhere, right? :sarcasm: :puke: :nopity:

I sure am glad I belong to a Credit Union.

[The Backlash Cometh]

8. Has anyone looked into this to determine if this is a marketing

strategy to get their customers to use their new rewards card?

[jimlup]

9. Why don't people just ditch their stupid f'ing bank?

I mean really - why are we paying people so that we can use our money. WTF!

[Remember Me]

10. I'm so pissed about it

I'm almost tempted to OPEN an account just so I can close it.

Joking, but I'm really steamed, even though I don't bank with them.

[Lucky Luciano]

11. I never use my debit card (use the Amex nearly exclusively for the points).

If I did use the debit card, I would immediately move my money from BoA.

[Rose Siding]

13. $20,000 in your account = no fee. That's just adorable.

The rich get richer and everyone else pays. I know 20k isn't rich rich, but plenty of the 99% don't have it. It's a fee on the least of us.