Bank of America To Charge $5 Monthly Fee For Debit Card Usage

Started by garbon, September 29, 2011, 01:16:09 PM

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KRonn

Quote from: derspiess on September 29, 2011, 02:08:18 PM
I was going to warn you guys about this when Frank-Dodd/Durbin was passed, but figured nobody would listen.  With such a low cap in place for the interchange fees banks can charge merchants, banks aren't just going to take the loss in revenue & smile about it (I wouldn't expect lower prices in stores, either).  So banks are going to do annoying crap like this now that they have zero (possibly less than zero) incentive to offer debit cards to their customers.


I saw news stories about Banks and other credit card vendors likely rising/creating fees in other services as regs were put on them. No surprise, and I doubt this is the first increase due to the new regs.

garbon

Quote from: Habbaku on September 29, 2011, 02:45:46 PM
Quote from: garbon on September 29, 2011, 02:17:51 PM
Quote from: Habbaku on September 29, 2011, 01:43:11 PM
Stuff like this is why I use a credit union.

I'd retreat to my credit union account but with no local branches - atm fees would be obnoxiously as well.

My credit union gives ATM reimbursement.

Mine, while lovely, does not. :(
"I've never been quite sure what the point of a eunuch is, if truth be told. It seems to me they're only men with the useful bits cut off."
I drank because I wanted to drown my sorrows, but now the damned things have learned to swim.

garbon

"I've never been quite sure what the point of a eunuch is, if truth be told. It seems to me they're only men with the useful bits cut off."
I drank because I wanted to drown my sorrows, but now the damned things have learned to swim.

Grey Fox

Quote from: garbon on September 29, 2011, 03:22:07 PM
Quote from: Grey Fox on September 29, 2011, 02:47:51 PM
:lol:

Any Canadian Bank is much worse then that.

Not really sure how that's supposed to be helpful. :hmm:

That it's pretty good & it's going to get much worse before it gets good again.
Colonel Caliga is Awesome.

Martinus

Quote from: garbon on September 29, 2011, 01:24:23 PM
Quote from: Admiral Yi on September 29, 2011, 01:18:39 PM
What, in your mind, would constitute a non-silly fee?

Maybe if all banks end up following them.

Ok, so it's not a silly fee if it's a cartel? Gotcha.

Martinus

Quote from: Grey Fox on September 29, 2011, 02:47:51 PM
:lol:

Any Canadian Bank is much worse then that.

Yeah. I mean. Wtf. I pay about $10 per month for my debit account alone. Yanks have it too good.

garbon

Quote from: Martinus on September 29, 2011, 03:26:40 PM
Ok, so it's not a silly fee if it's a cartel? Gotcha.

Well you've little room to complain or throw one's weight so to speak when everyone is doing it. Sort of like how most airlines here now charge for checked luggage.  Opposite side would be that airline which charges for carry-on baggage.
"I've never been quite sure what the point of a eunuch is, if truth be told. It seems to me they're only men with the useful bits cut off."
I drank because I wanted to drown my sorrows, but now the damned things have learned to swim.

garbon

Quote from: Grey Fox on September 29, 2011, 03:24:53 PM
That it's pretty good & it's going to get much worse before it gets good again.

I hope things don't get so bad here that it becomes Canada. :x
"I've never been quite sure what the point of a eunuch is, if truth be told. It seems to me they're only men with the useful bits cut off."
I drank because I wanted to drown my sorrows, but now the damned things have learned to swim.

crazy canuck

Yeah, just think what might happen if you had a stable banking system in the US.

Ed Anger

5/3 better not pull this shit or I'll pull my 70 dollar checking account from them.
Stay Alive...Let the Man Drive

Grallon

Don't want no fees, don't want no taxes, don't want no regulations, don't want no government!   Christ is this litany ever so juvenile!  :bash:





G.
"Clearly, a civilization that feels guilty for everything it is and does will lack the energy and conviction to defend itself."

~Jean-François Revel

sbr

Quote from: Grallon on September 29, 2011, 07:44:17 PM
Don't want no fees, don't want no taxes, don't want no regulations, don't want no government!   Christ is this litany ever so juvenile!  :bash:





G.

We earned our money through our rugged individualism, no one is going to take it away from us.

Admiral Yi

Quote from: Grallon on September 29, 2011, 07:44:17 PM
Don't want no fees, don't want no taxes, don't want no regulations, don't want no government!   Christ is this litany ever so juvenile!  :bash:

These particular fees were caused by the people who want more government, more regulation, and more taxes, as long as it's someone else paying them.

Razgovory

Quote from: Admiral Yi on September 29, 2011, 07:49:35 PM


These particular fees were caused by the people who want more government, more regulation, and more taxes, as long as it's someone else paying them.

By all means, lets let the banks do what they want.  Then all of them can end up like Washington Mutual.
I've given it serious thought. I must scorn the ways of my family, and seek a Japanese woman to yield me my progeny. He shall live in the lands of the east, and be well tutored in his sacred trust to weave the best traditions of Japan and the Sacred South together, until such time as he (or, indeed his house, which will periodically require infusion of both Southern and Japanese bloodlines of note) can deliver to the South it's independence, either in this world or in space.  -Lettow April of 2011

Raz is right. -MadImmortalMan March of 2017

Admiral Yi

Quote from: Razgovory on September 29, 2011, 08:00:35 PM
By all means, lets let the banks do what they want.  Then all of them can end up like Washington Mutual.

I'm very heartened to learn that capping debit card fees will prevent any further bankruptcies.  Perhaps it would make sense to eliminate federal deposit insurance now.