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View Full Version : BOA is now charging $5 per month to use their debit card



mrveggieman
09-30-2011, 09:20 AM
http://slatest.slate.com/posts/2011/09/29/bank_of_america_announces_5_debit_card_fee.html.ht ml

Let's see how long this one can stay on topic before it turns into more bashing and insults. :winking0071:

duane1969
09-30-2011, 09:35 AM
I wonder if the fee will apply if you use it as a credit card? My bank card can be used as a debit with a PIN or as a credit card because it has the VISA logo.

AUTaxMan
09-30-2011, 10:27 AM
All banks are starting to charge monthly debit card fees. It's one of the many unintended consequences of Dodd-Frank, which puts a tremendous financial strain on the banks. All they are doing is...

AUTaxMan
09-30-2011, 10:28 AM
My bank says it will charge you the monthly fee if you use it as a debit card one time during the month. You can use it as an atm card and a credit card and not pay the new fee.

jeeptrader
09-30-2011, 10:29 AM
thank goodness my bank doesn't.........yet

duane1969
09-30-2011, 10:59 AM
I almost always use mine as a credit card. I will just have to eliminate using the PIN.

Star_Cards
09-30-2011, 11:27 AM
I always use my checking account card as a credit card. I really don't understand why one would cause them to charge a fee and one would not. Anyone have a clue? If my bank ever started charging for...

TPotts
09-30-2011, 11:29 AM
I saw this on the news this morning, they said all banks will eventually get there..

Star_Cards
09-30-2011, 11:34 AM
I will assume there will always be a few that don't. Sort of like how Southwest doesn't charge passengers for checked bags. If the absence of fees helps a bank get customers then some won't have...

TPotts
09-30-2011, 11:37 AM
Got a point, with SW. Theres always an exception! Also saw if you didn't use the debit card in that month the fee would be waved, but yeah I believe banks to get fees from the card companies.

habsheaven
09-30-2011, 11:57 AM
Are you guys saying that your banks have never charged you for using a debit card? Up here in the "over-regulated" Great White North I pay a $6.95/month fee to have unlimited transactions on my bank...

duane1969
09-30-2011, 12:07 PM
That is what we are saying. No card use fees...so far. On the flip side, I have unknowingly paid a $10 "service fee" for the last 4 months to my bank because my second checking account didn't have a...

Trishlp
09-30-2011, 12:09 PM
Some banks have "totally free" checking in the US. I don't pay for online transfers, using my banks ATM or using my bank card as a credit card. I would be charged if I use another banks ATM.

Star_Cards
09-30-2011, 12:32 PM
I don't pay anything to have my checking account at my bank.

mrveggieman
09-30-2011, 12:42 PM
No matter what the law is banks have and always will find ways to rip off their customers. Can I say that without opening up a can of worms?

mrveggieman
09-30-2011, 01:09 PM
Also check this link out:

http://www.baltimoresun.com/business/consuming-interests-blog/bal-consuming-interests-bofa-5-monthly-debit-card-fee-20110930,0,6860894.story

Star_Cards
09-30-2011, 01:17 PM
I wonder if this is a trend, will people start moving back to using cash and checks?

duane1969
09-30-2011, 01:38 PM
I wonder if this is a trend, will people start moving back to using cash and checks?

Cash, yes. Speaking for me personally I have already started carrying cash. I used to go weeks with a single dollar in my pocket. Now I rarely leave the house without $100 in my wallet.

Checks, no. Retailers make it too hard/complicated to use checks. The local gas stations all scan checks and get approval to accept them from a 3rd party. I had mine rejected and when I called the company to ask why it was rejected I was told that the check number was too low(?). I paid cash.

Star_Cards
09-30-2011, 02:51 PM
I'm sure the retailers would welcome a move back to cash.

mrveggieman
09-30-2011, 03:59 PM
Cash, yes. Speaking for me personally I have already started carrying cash. I used to go weeks with a single dollar in my pocket. Now I rarely leave the house without $100 in my wallet.

Checks, no. Retailers make it too hard/complicated to use checks. The local gas stations all scan checks and get approval to accept them from a 3rd party. I had mine rejected and when I called the company to ask why it was rejected I was told that the check number was too low(?). I paid cash.


Where I live at no gas station let alone most other business still take checks. I still don't like carrying around a bunch of cash because if your money gets lost or stolen you have no recource. It's pretty much pick your poison.

habsheaven
09-30-2011, 04:06 PM
I'm sure the retailers would welcome a move back to cash.

Small Mom and Pop shops maybe. Larger retailers, absolutely not.

INTIMADATOR2007
09-30-2011, 07:29 PM
This is one of he reasons this new $5 charge has been inacted . At .44 a swipe the retailes have lobbied for some help in this dept. So Mr. Dodd enacted this new charge to help the banks recover the...

otsegoflake
09-30-2011, 08:44 PM
I dropped BoA years ago because they were charging a $5/mo. maintenance fee. Been banking locally since 2005. I may not be able to use an out-of-state ATM without getting a fee, but I have no use for them anyway, unless I need cash for a hobby shop or mom & pop store.

tutall
09-30-2011, 11:26 PM
you would probably be surprised how much retailers actually pay to deposit cash... there are fees to exchange coin, deposit large amounts of cash, and using the deposit features. <br />
<br />
As far as the...

theonedru
10-01-2011, 02:46 AM
I bank at a credit union and pay zero fees.

TheTGB
10-01-2011, 02:59 AM
And I'll be closing my BOA account on Tuesday.

otsegoflake
10-01-2011, 10:22 AM
I bank at a credit union and pay zero fees.
:thumb:

OnePimpTiger
10-02-2011, 09:42 PM
No matter what the law is banks have and always will find ways to rip off their customers. Can I say that without opening up a can of worms?

They weren't doing this before those regulations. I'm not saying banks don't have "services" that are ripoffs, but this one was a direct result of over-regulation that could have been easily been avoided.

doniceage
10-02-2011, 10:48 PM
I wonder if this is a trend, will people start moving back to using cash and checks?

I never have had a debit card and use only one credit card while mainly using cash and checks for almost everything. The banks will always get you in the end with fees somehow. Looks like they will all look in ways to make up their losses.


DON

Hilfiger1975
10-02-2011, 11:00 PM
I'll use the bank that doesn't charge a monthly like others will do also...then you will see banks going bankrupt...lol...

Hilfiger1975
10-02-2011, 11:01 PM
And I'll be closing my BOA account on Tuesday.
Like many others...lol...