Bank of America, Wells Fargo and Chase have decided to roll back their new fees

[tavalon]

Day late and a dollar short but it just goes to show you, united, we scare the shit out of the oligarchs.

[Dover]

1. Maybe, however

for many it's just business as usual. And there are many ways to skin a cat (ie collect fees/create revenue).

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x5038652

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x5038919

[bluestate10]

2. Folks, keep moving your money and business to safe Credit Unions

that put member's needs first. Fuck big banks, let them go to China, Latin America, Africa, or Europe and let's see whether they will be allowed to pull the shit they have pulled on US consumers and taxpayers. If big banks perish, jobs WON'T be lost, the people leaving those banks will get jobs with the businesses that replace banks, businesses that actually fucking care about their country.

[lonestarnot]

3. Let them suck some Chinese ass. They are Chinese slaves anyway.

[WCGreen]

13. Got my money in a small local savings and loan...

[Tippy]

4. K&R......Throwing crumbs.....It's a start but a mighty little one

[tavalon]

15. And yet, that's how avalanches start..............

[The Backlash Cometh]

5. Perhaps. But I would hope that the OWS protests will accomplish

much more than saving us five dollars a month.

It's a start.

[L0oniX]

8. I don't see where OWS had all that much to do with it. It is/was a consumer backlash imo.

[The Backlash Cometh]

12. From my observations of life, things don't happen until people look around

and see what everyone else is doing around them.

[L0oniX]

14. All I had to do was look in my wallet and decide if I wanted to let go of $5 a month...

to use my own money.

[tavalon]

16. I think you are missing the point

Politicians are blinking, big banks are blinking, the 1% are at least noticing and blinking. No, this movement isn't about saving us five dollars, nor is it about protesting a street in New York. But I hope I'm preaching to the choir here.

[The Backlash Cometh]

18. Do you disagree that what's at the core of protest is the inequality

issue? Not just the money aspect, but everything that goes along with how some people get to skirt the law to acquire wealth? If we agree on that, that my position is, that it begins with $5.00 a month. Because you multiply that by millions and you give another CEO a big bonus at our expense.

[tavalon]

21. I thought your post was dissing the OWS because it was accomplishing too little

I guess I misread your post because with this post, it appears you and I are quite in agreement.

[The Backlash Cometh]

33. Yes, you misread my post.

I hope they have a greater impact. I pray they do.

[fascisthunter]

6. haha... they lost a lot of customers... too bad!

[mopinko]

7. my bank has a new one- $1 to use you debit card for purchases.

i have charterone/rbs and have a visa that is either debit or credit. they have taken to charging a fee when using it for a purchase. amazing.
i usually try to use it as a debit, especially at small places.
assholes.

[tpsbmam]

19. Wow, and my relatively small bank pays me a bonus if I run it as credit -- I make about $10/month

by doing that. It's free to use it as a debit card but I routinely choose credit for obvious reasons. The bonus goes automatically into my savings account, which I keep at no fee simply as a HANDS OFF way to save a little each month. The interest is usually a laughable amount like 30 cents but the bonus has been as much as $14. I won't be switching to a credit union because this bank treats it's customers right.

[mopinko]

32. we get "points" for using it as a credit.

you can get a gift card for your points. it is some couple pennies. it adds up to $100 or so a year.

[BrendaBrick]

34. This is news to me...

I use a regional bank and typically run my card as a debit. I didn't realize there was a difference! Is it because the merchant has to pay something when processing it as a credit instead of a debit?

[mopinko]

36. they pay either way, but debit is cheaper.

a small flat fee instead of percentage, iirc. credit runs as much as 2-3%, plus 25 cents or so.
not sure what they charge for a debit.

[L0oniX]

9. Fuck them anyway!

[Fire Walk With Me]

10. Too little, too late, but it's nice to see the giants blink. That means it's working!!

[DemocratAholic]

11. Dodd-Frank

It is unbelievable that Dodd-Frank didn't have the foresight to see that the banks were going to raise the rates of CONSUMERS after limiting the rate they could charge to merchants. What was the point of this law anyway? It certainly did nothing to help consumers, the only benefit was to businesses because they had previously been the ones to bear the cost of accepting debit cards.

This was a law that sounded good on the surface, unfortunately the people who wrote it didn't have a clue what they were talking about. I am a small business owner myself, and I have always had to pay a fee on every credit/debit card purchase...not the consumer, and merchants do not charge that to the consumer, it's just considered a part of doing business.

Either the people who wrote this law were complete morons totally out of touch with the real world and how debit/credit card fees work, or Dodd-Frank was really just a ruse to benefit businesses and shift the cost of debit cards to the consumer.

[Skittles]

45. they made the entire country see what asshole thieves big banks are

essentially, big banks said, "We are entitled to obscene profits and if we cannot get it from businesses we'll take it from the people."

[Zanzoobar]

17. In the meantime, they made a killing!

[pinboy3niner]

20. BofA is only considering 'softening' the fee; the others canceled it

They may end up having to kill it, but at the moment they're only considering making it easier to avoid the fee by having auto deposit, maintaining a minimum balance, or using their credit card.

[tavalon]

22. Even considering it shows that we have power

They first tried to ignore us, then they laughed and ridiculed us, then they fought us and eventually, we will win.

[pinboy3niner]

24. Absolutely

BofA 'blinked,' as some of the media are reporting. I think they'd be completely clueless not to cancel the proposed fee altogether, as Chase and WF have done.

[AsahinaKimi]

23. People moving their money had to do with it...

The banks holding off on those charges won't make a difference. People know the score, the banks have too much power,.. the word is to put the money back into the community ..in places like credit unions. The Banks are just begining to see they stepped in it big time... by being way too greedy.

[tavalon]

25. I am in the process and will enjoy going into Wells Fargo

with my flyer that says Bank TRANSFER day with a drawing of a Guy Fawkes mask on it. I might even give it a flourish with a rose. The process, though, is not a one day thing and we started last week but we should have it done by Nov 5th.

[AsahinaKimi]

27. I really think the best way to remove your money

Is to have the Credit Union do it for you, or who ever you will be banking with. They have your authorization to do so, so the banks can't say.. no. If one company takes it from another, there won't be any problems for you or your account.

[tavalon]

26. That's why I said, Day late and a dollar short.

I'm not changing my mind just because they dropped the fee. That was just the final push away. The hubris took my breath away and not in a good way.

[AsahinaKimi]

28. As I said above

The really best way to have your money removed from the bank, is to let the Credit Union or (Who ever you bank with)do it. You simply go in and give them the authorization to do it, and its transfered, sometimes as soon as that very day. Its no sweat to you, nor will the Credit Union (or bank) mind. Its clean, and no one at your previous bank can say squat to you.

[blueamy66]

29. And then you have to change your info with your payroll

dept at work for EFTs, get a new debit card and new checks, which you have to pay for.


And then you have to deal with their restricted hours, not enough locations and lack of ATMs.

I'm keeping my money at BofA....they've always been good/fair to me.

[hobbit709]

30. In other words, stick with the screwing you're familiar with.

My CU charges me half of what the bank did for the plain vanilla checks. No monthly service charges of any kind. The network my CU is in allows me to transact business in practically every CU in the country without fees. It takes what-maybe 15 minutes to fill out the form to change your direct deposit?
My CU has lobby hours on Saturdays-show me a bank that does that, and their lobby doesn't close at 2 PM either.

[blueamy66]

31. What screwing?

I don't pay a thing for my account and most likely won't be charged anything in the future.

I already have a small acct at a credit union...savings....hard as hell to find another CU that will help me without jumpinig thru hoops. Almost couldn't withdraw money for my Dad's funeral....was on the phone for 30 minutes trying to sort it all out.

staying at BofA right now

[RebelOne]

37. I'm with you. Not leaving BofA right now.

I have had both checking and savings acounts for ove 15 years. The bank has always been fair with me, including waiving overdrawn fees, replacing money when my debit card was stolen and alerting me of any suspicious activities on my account.

[blueamy66]

38. Me too.

The problem with my CU is that it is an airline CU and doesn't have hardly ANY regular banks....none in AZ.

So I have to use other CUs and 1/2 the time, no 3/4s of the time, the teller has no idea how to help me. They have to get a supervisor involved and it's a pain in the ass.

[blueamy66]

39. I just had to wire some money.

I was told that since I had been a customer for so long...over 25 years, they would waive the transfer fee.

And I don't even keep a large balance in my acct.

[tavalon]

42. Tell us the story about Leavenworth

I for one am interested. I'm from Austin. Which Credit Union are you with? My new Credit Union also has affiliations with all the local CUs and they are in a number of grocery stores up here with greatly extended hours. My biggest question for myself is why did it take me so long?

[tavalon]

41. Doing all of that

It's a pain, but I'm done with the hubris. I'm done with the big bank bullshit. Too Big To Fail? I think not.

BofA thanks you for your loyalty. Enjoy your new monthly fee.

My new Credit Union has an agreement with all of the other local credit unions so there are tons of ATMs.

[OnlinePoker]

35. I misread that as "feces". n/t

[tavalon]

43. New feces, same as the old feces.

LOL

[cyglet]

40. They're kind of daft

if they think that's the only reason....anger at the banks has been bubbling for a long time.

[tavalon]

44. That was the proverbial straw

[piratefish08]

46. too little too late......