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Bank of America cancels debit card fees

JeanwahJeanwah Posts: 6,363
edited November 2011 in A Moving Train
Ha! Faced with customer's leaving and complaints from them, they are cancelling their newly proposed $5 per debit card transaction with their debit cards. Why do people even bother signing up with these large banks, any way??!!

http://www.bbc.co.uk/news/world-us-canada-15548225
Post edited by Unknown User on

Comments

  • mickeyratmickeyrat Posts: 41,843
    same with Chase and whatever their fee was that was tested in select markets. INSTEAD they are going with a $12 fee unless certain benchmarks are met. Like direct deposit, using the debit card as a CC, etc......
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  • gimmesometruth27gimmesometruth27 St. Fuckin Louis Posts: 23,306
    i read somewhere that bank of america is only temporarily halting the $5 fee and they plan to implement it anyway after the first of the year. i will have to try to find that article...
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  • markin ballmarkin ball Posts: 1,075
    Jeanwah wrote:
    Ha! Faced with customer's leaving and complaints from them, they are cancelling their newly proposed $5 per debit card transaction with their debit cards. Why do people even bother signing up with these large banks, any way??!!

    http://www.bbc.co.uk/news/world-us-canada-15548225

    What the what? I thought it was $5 a month. $5 every time you swipe your card would be unreal!
    "First they ignore you, then they ridicule you, then they fight you, then you win ."

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  • Monster RainMonster Rain Posts: 1,415
    It was $5/month not per transaction. I think it's pretty funny that all of the banks that were going to implement this fee have had to reverse course on this due to the backlash. I think it's even funnier that Bank of America was the last of the group to change their mind about it. It must have annoyed them to no end to see the articles being written about other banks cancelling their plans for the fee and see a sentence along the lines of, "As of now, Bank of America still plans on implementing their $5 monthly fee," in pretty much every article.
    markin ball wrote:
    Jeanwah wrote:
    Ha! Faced with customer's leaving and complaints from them, they are cancelling their newly proposed $5 per debit card transaction with their debit cards. Why do people even bother signing up with these large banks, any way??!!

    http://www.bbc.co.uk/news/world-us-canada-15548225

    What the what? I thought it was $5 a month. $5 every time you swipe your card would be unreal!
  • mikepegg44mikepegg44 Posts: 3,353
    Monster Rain wrote:
    It was $5/month not per transaction. I think it's pretty funny that all of the banks that were going to implement this fee have had to reverse course on this due to the backlash. I think it's even funnier that Bank of America was the last of the group to change their mind about it. It must have annoyed them to no end to see the articles being written about other banks cancelling their plans for the fee and see a sentence along the lines of, "As of now, Bank of America still plans on implementing their $5 monthly fee," in pretty much every article.
    markin ball wrote:
    Jeanwah wrote:
    Ha! Faced with customer's leaving and complaints from them, they are cancelling their newly proposed $5 per debit card transaction with their debit cards. Why do people even bother signing up with these large banks, any way??!!

    http://www.bbc.co.uk/news/world-us-canada-15548225

    What the what? I thought it was $5 a month. $5 every time you swipe your card would be unreal!


    it was poorly conceived to begin with. 3-5$ a month for nothing different is a hard thing for people to stomach...i understand the banks want to replace the profits that will be lost do to new card regulations, but there are so many ways for banks to make money, I cannot believe they thought that sticking it to the customers who use their cards and services without offering anything new was the way to do it...You see the market place can work if people stand up for themselves.
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  • PJPOWERPJPOWER Posts: 6,499
    Jeanwah wrote:
    Ha! Faced with customer's leaving and complaints from them, they are cancelling their newly proposed $5 per debit card transaction with their debit cards. Why do people even bother signing up with these large banks, any way??!!

    http://www.bbc.co.uk/news/world-us-canada-15548225

    That's what I keep asking! Why do people continue to bank with these assholes? I have had nothing to do with them since they tried to raise my credit card APR to 24% after never missing a payment for over 10 years...I now refuse to use credit cards OR bank with Scam of America.
  • JeanwahJeanwah Posts: 6,363
    markin ball wrote:
    Jeanwah wrote:
    Ha! Faced with customer's leaving and complaints from them, they are cancelling their newly proposed $5 per debit card transaction with their debit cards. Why do people even bother signing up with these large banks, any way??!!

    http://www.bbc.co.uk/news/world-us-canada-15548225

    What the what? I thought it was $5 a month. $5 every time you swipe your card would be unreal!
    Yes, you're right. I knew it was $5 a month, I don't know what I was thinking when I wrote per transaction.

    PJPOWER wrote:
    Jeanwah wrote:
    Why do people even bother signing up with these large banks, any way??!!


    That's what I keep asking! Why do people continue to bank with these assholes? I have had nothing to do with them since they tried to raise my credit card APR to 24% after never missing a payment for over 10 years...I now refuse to use credit cards OR bank with Scam of America.

    I switched to a credit union 15 years ago after getting fed up with the fees that the banks were charging me. CUs are the way to go!
  • Sludge FactorySludge Factory Posts: 976
    Ridiculous. The bank I bank with actually waives any ATM fees I would realize when using an ATM...immediately and automatically. It is the reason I chose to bank with them. I would never stand for having to pay a fee to use my debit card for purchasing items. These banks are so greedy.
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