Bank of America revamping debit card fees

[Playinghardball]

Siource: Reuters - Raw Story

Reuters) – Bank of America Corp, after receiving heavy public criticism for a planned $5-per-month debit card fee, is likely to give customers more ways to avoid the fee, a person familiar with the bank’s plans said Friday.

The second-biggest U.S. bank is reworking its plans as rivals Wells Fargo & Co and JPMorgan Chase & Co have decided not to charge monthly fees, ending test programs in certain states.

Bank of America is likely to allow many customers to sidestep the fee by taking measures such as maintaining minimum balances, having paychecks direct deposited, or using Bank of America credit cards, the person said.

Under earlier plans, customers might have needed balances totaling $20,000 across all their Bank of America accounts to skip the fee.

More: http://www.rawstory.com/rs/2011/10/29/bank-of-america-revamping-debit-card-fees/

[Fire Walk With Me]

1. Okay love you bye bye!

:rofl:

[hobbit709]

2. When they do what my credit union does, then I'll think about.

for about 5 seconds.

[FrodosPet]

5. There is always the Rush Card

OWS supporter Russell Simmons offers an alternative to the banksters and their $5.00 monthly fees.

http://www.rushcard.com/whyrushcard/scheduleoffees.aspx

[hobbit709]

My CU charges NO monthly fees.

For checking, ATM or debit card use. They are also about a half mile from my house and have better hours than the banks. Lobby is open 9-4:30 M-Thur, 9-6 Fri and 11-2:30 on Sat. Drive through is open at 7:30 AM-6 PM Mon-Fri and 9-4 on Sat.

[RebelOne]

6. Yes, I have seen that advertised on TV and have

seriously been thinking about gettin one. That way, I could just keep money in the card for purchases I usually make with my debit card.

[Turbineguy]

3. Ugh.....

Let's see, I give the BofA 20 grand to save $5 per month. They can then use that 20 grand to sell $1,000,000 in credit default swaps against.

OK, got it.

[SomethingFishy]

4. Yeah they are going to fix the debit card fees because

they have a 53 trillion dollar scam in the works. Why sweat 5 bucks a customer when you can get $5000 per tax payer in the coming bailout...

Matt Taibbi explains:

"....The government’s patronage of the bank was never clearer than in recent weeks, when B of A quietly decided to move trillions of dollars (trillions, not billions) in risky Merrill Lynch derivatives contracts off Merrill’s books and onto the books of the parent/retail arm, Bank of America.

This decision was done at the behest of counterparties to those transactions, who wanted those contracts placed under the aegis of Bank of America, whose deposits are insured by the FDIC. The move was made, according to reports, so that Bank of America could avoid posting $3.3 billion in collateral to satisfy the company’s creditors. In other words, Bank of America just got You the Taxpayer to co-sign as much as $53 trillion worth of dicey derivative contracts...."



Read more: http://www.rollingstone.com/politics/blogs/taibblog/another-weapon-for-ows-pull-your-money-out-of-b-of-a-20111028#ixzz1cCDxKnPs
http://www.rollingstone.com/politics/blogs/taibblog/another-weapon-for-ows-pull-your-money-out-of-b-of-a-20111028