Bank of America
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(Reuters) - Bank of America Corp is planning to introduce a monthly fee for its customers holding checking accounts unless they agree to bank online, buy more products or maintain certain balances, the Wall Street Journal said.
The report on the new fee initiative at the nation's second-largest bank comes after it had faced a major consumer backlash last year when it disclosed plans for a $5-per-month debit card fee, forcing the bank to drop the plan.
Bank of America pilot programs in Arizona, Georgia and Massachusetts now are experimenting with charging $6 to $9 a month for an "Essentials" account, the paper said.
The options being tested include monthly charges of $9, $12, $15 and $25 but give customers opportunities to avoid the payments by maintaining minimum balances, using a credit card or taking a mortgage with the bank, the Journal said, citing a memo distributed to employees.
Banks, in general, are looking for ways to build revenue lost to new regulations that curb debit card swipe fees.
Bank of America could not immediately be reached for comment outside regular U.S. business hours.
so glad i have a nice little credit union to deal with.
81 is now off the air
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and credit unions are definitely the way to go
The FDIC shut down my local bank last year and it was sold to Trustmark....now I pay $8 whenever my bank account dips below, I think, $700 or maybe $600....I'm far from wealthy so that's every month. Fuckin crooks the lot of 'em
They say every sin is deadly but I believe they may be wrong...I'm guilty of all seven and I don't feel too bad at all
Credit Union....
my minimum balance is 25 in savings...as long as checking stays above a negative number all is well.
"Hear me, my chiefs!
I am tired; my heart is
sick and sad. From where
the sun stands I will fight
no more forever."
Chief Joseph - Nez Perce
steal from the poor. that's what big business does. everyone at BOA should exit that bank with their coin and run away and fast.
i honestly hope BOA goes flat broke and all the big shots rot away in the sun with horrorific problems.
"Hear me, my chiefs!
I am tired; my heart is
sick and sad. From where
the sun stands I will fight
no more forever."
Chief Joseph - Nez Perce
i hate BOA with the passion. to me they are = to crooked lawyers and crooked big business. despise is a good word to describe my feelings on BOA. why can't everyone bank elsewhere? to the poorer folks who bank with BOA, it is a great disservice to themselves to remain customers of BOA.
"Hear me, my chiefs!
I am tired; my heart is
sick and sad. From where
the sun stands I will fight
no more forever."
Chief Joseph - Nez Perce
"Becoming a Bruce fan is like hitting puberty as a musical fan. It's inevitable." - dcfaithful
they say it costs a forture for a bank to hold your money
I love how folks look at this. They feel excluded from something, so it's bad. Who cares? You don't use them. Move along.
And it's not a fine. It's a fee. And you're free not to pay it and bank elsewhere.
"Hear me, my chiefs!
I am tired; my heart is
sick and sad. From where
the sun stands I will fight
no more forever."
Chief Joseph - Nez Perce
and that's what makes it sad....
if we (customers) suck so bad, and are so painful (costly) for them to deal with...why bother....stick to their toxic asset bundling and corporate raiding.
probably because you are considered a 'high risk' account holder.
Someone who is able to maintain a minimum of let's say $1000 is considered 'responsible' and 'secure' the bank can count on having that money as an asset to cover their ass should they need it...it increases their 'overall worth'...some guy who only has like $200 would probably be considered 'high risk' and they can't count on that piddly amount for their assets.
The more money a bank can maintain, probably receives some sort of kickbacks from the government.
Or at least this is the way I see it. A checking account is a checking account. I understand charging fees for overdrafts, but really, to make people have a minimum that most cannot afford is ridiculous....I'm looking at YOU Key Bank who has a $1000 daily minimum for a 'Basic Checking' account!
- Christopher McCandless
How so? Are they forcing you to use their services? I think you should look up the definition of extortion. You can only be "extorted" in this situation if you choose to be (in which case, it's neither extortion nor robbery).
And, I don't use BofA. Not my cup of tea. But, I do have an account with one of the big boys, as well as having accounts for myself and my kids at a credit union.
Our world (thankfully) is not 1 size fits all.
until the .gov steps in....
they do not tell you all the fees and penalties one gets when their account runs lower than the bank likes. this is how they fucked me. i was naive and just wanted a bank, i was new to the area and didn't know a fucking thing.
so for that BOA stole from me
"Hear me, my chiefs!
I am tired; my heart is
sick and sad. From where
the sun stands I will fight
no more forever."
Chief Joseph - Nez Perce
"Hear me, my chiefs!
I am tired; my heart is
sick and sad. From where
the sun stands I will fight
no more forever."
Chief Joseph - Nez Perce
Banks up here in CAN, cover up to 100k if they were to go under.
You were right on target until you got the the gov't kick backs thing. The grassy knoll. I know. So funny how paranoid folks are.
No, there are real expenses associated with keeping accounts (the evil lawyers and such). However, if you keep enough money there, they can make enough on the float (loaning money out to other banks, etc.) to make it worth their while not to charge. Smaller accounts don't generate the income, and come with the risk you allude to in that you are more likely to liquidate and they have to find the loan money somewhere else.
How do local credit unions do it? By offering fewer services. Nothing wrong with that. The fact is most services the big banks offer aren't relevant to most people. So, you are correct in saying there's not need to bank there.
Both kinds of banks serve their purpose. Everyone just has to wisely choose what benefits them the most. And if that moves BofA to a point where they need to stop charging, they will. It's happened before.
"Hear me, my chiefs!
I am tired; my heart is
sick and sad. From where
the sun stands I will fight
no more forever."
Chief Joseph - Nez Perce
This. I think most big banks give free accounts with direct deposit. I'm not even sure why you'd need this incentive. Direct deposit is a thing of beauty. (other than my wife can spend it all before I even see it. But, I'm not sure direct deposit really effects that).
That is one big steaming pile of bullshit.
6/12/08 - Tampa, FL
8/23/09 - Chicago, IL
9/28/09 - Salt Lake City, UT (11 years too long!!!)
9/03/11 - East Troy, WI - PJ20 - Night 1
9/04/11 - East Troy, WI - PJ20 - Night 2
I agree with you. And your post above. Full disclosure should be made. But, that goes both ways. You have to want to listen. BofA is not trying to screw anyone. But, I do think that folks should be more dilligent in understanding the services they are accepting. Do you think they WANT to make money $9 at a time?
"Hear me, my chiefs!
I am tired; my heart is
sick and sad. From where
the sun stands I will fight
no more forever."
Chief Joseph - Nez Perce
They say every sin is deadly but I believe they may be wrong...I'm guilty of all seven and I don't feel too bad at all
love my credit union...just wish they had a more user friendly website.
but scanning thru...on deposits, the had 12.7B in revenue and 1.2B in net income
on card services...18.1B in revenue and 5.8B in net income....wow...no wonder they can afford to give t shirts out to every college student.
looks like global commercial banking is where it's at. only 10.6B in revenue, but 4.4B in net income. that's 42% for those scoring at home. wow.
this even @ Bank of America in Westport, Wa. the BOA branch in Westport, Wa does not even have a coin counter. to get my coffee can of quarters, dimes, nickels and pennies counted and exchanged for bills, i had to physically count and put my coins into paper rolls.
can you believe this?
and here in hillbilly redneck small towns iowa, i can change my coin into paper money all day long. funny how banking works throughout this country.
"Hear me, my chiefs!
I am tired; my heart is
sick and sad. From where
the sun stands I will fight
no more forever."
Chief Joseph - Nez Perce