BOA $5 debit card fee does not apply if the cardholder is a premium customer

[deminks]

who maintains a high balance.

http://www.masslive.com/business-news/index.ssf/2011/10/boston_arrests_made_in_anti-foreclosure.html

(snip)

Bank of America says the fees will not apply if cards only are used to access ATMs, or if the cardholder is a premium customer who maintains a high balance. Rather, the fee only will be incurred when customers use debit cards for purchases in a certain month, according to bank officials.

(end snip)

BOA - Y U No Like non premium customers?

We are the 99%

#occupywallstreet, #ourwallstreet

[Vinnie From Indy]

1. the wealthy win again!

Cheers!

[SpiralHawk]

6. Some (R) are more equal than others

Only American Proles could possibly object to that.

[atreides1]

2. High Balance?

Notice the puppet for BoA doesn't indicate what the definiton of a "high balance" means.

[Turbineguy]

3. This sounds like a

dumb ass idea. It's bad enough that airlines pull this "premium customer" shit. But hey, there's always the bank across the street that might want your business.

BTW Chase charges almost triple what some European banks charge ordinary customers.

[KharmaTrain]

4. That's Always The Case...

Most people who hold checking accounts are paying monthly fees...while those with large assets get those fees waived. Pretty simple reason...if the bank makes far more than the monthly fee in the charges on their managed accounts and other services.

[Raven]

5. There are plenty of good community banks and credit unions out

there. They are the "little guys" and we should be flocking to them. I took my $ out of BoA 10 years ago and put it in a local bank up here in NH. No fees for my accounts and no fees for my debit card. Cash is also another good way to go because it helps keep you on budget. I have 2 credit cards and I pay off the balances every month. There are ways to avoid the big bank gouging...it may take a little trouble at first but it is definately worth it!

[dixiegrrrrl]

7. I don't get this part:

"when customers use debit cards for purchases in a certain month"

which month?

[maddezmom]

8. this explains it a bit better

~snip~Bank of America's announcement carries added weight because it is the largest U.S. bank by deposits.

The fee will apply to basic accounts, which are marketed toward those with modest balances, and will be in addition to any existing monthly service fees. For example, one such account charges a $12 monthly fee unless customers meet certain conditions, such as maintaining a minimum average balance of $1,500.

Customers will only be charged the fee if they use their debit cards for purchases in any given month, said Anne Pace, a Bank of America spokeswoman. Those who only use their cards at ATMs won't have to pay.
~snip~

http://www.kpho.com/story/15579709/bank-of-america-to-charge-5month-for-debit-cards