Bank of America Fees

lmitchell0012

Wi-Fi Blacklisted
So, apparently Bank of America is now charging you $5/month to use your debit card. I know these are hard times right now and people are desperate for money, but I think they're going a bit too far with this.

http://www.reuters.com/article/2011/09/29/us-bankofamerica-debit-idUSTRE78S4GQ20110929

This is, of course, in addition to the fees you will be charged for failing to maintain a minimum balance in your accounts.

http://www.reuters.com/article/2011/09/29/us-bankofamerica-debit-idUSTRE78S4GQ20110929
 
Why can't we all just let BoA collapse into itself quietly? It's pretty much lost all of its client base so I doubt the economy would end up stricken beyond repair if it went out of business.
 
Alan said:
Simple way to avoid bank fees:

Switch banks
Click to expand...

Yeah, I quoted it again. So sue me :/

Anyway, there's only one problem with that: nearly all major banks(I might as well just say all of them) will charge that fee in response to new federal regulations that have been put upon them regarding Debit Cards that probably cut into their profit. It seems like it's just a game of cat and mouse, IMO. The government wants to restrict banks in response to the outcries of anger from the people b/c of Wall Street, ridiculous CEO bonuses, etc etc. So, the banks respond by just coming up with new fees to make up for the "loss".

I don't know if the smaller banks will go the same route, but they just might as well. Credit unions are probably gonna be the way to go since they have different regulations if you want to avoid the fee. Either that or you will have to have that particular bank's best checking account package, but you better be an affluent client(in other words, have serious money with them).

This is all coming from someone who works in the industry. And, yes, Bank of America itself is NOT doing well(no, I don't work for them).
 
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