Do you have Bank of America? Well, if you do you are in for a big surprise. Apparently the bank will start charging a $5 dollar debit fee. Yep you hear me right! “The move comes as the cards increasingly replace cash and as banks look for ways to offset the loss of revenue from a new rule that will limit how much they can collect from merchants.”
(http://news.yahoo.com/more-bad-news-bank-customers-debit-card-fees-204609796.html)
My first reaction when reading the article was, another fee? Bank of America seems to be coming up with new charges lately. Starting in early 2011, the bank started to charge customers $12 dollars if they didn’t maintain a balance of at least $1,500. Even though I pay that fee every month, I guess I understand the reasoning behind the new fee. However, to have them charged customers for using their debit card? The point of having a debit card is to use our own money and not credit so we don’t have to pay interest. The convenience of not carrying cash is now being taken away by this new rule. What’s the purpose of this new fee? Do they really need those extra $5 dollars? Like if they weren’t already the most powerful bank in the nation. They said this is because they need new ways to offset the loss or revenue, really? Isn’t it enough with the overdraft, monthly maintenance, ATM, transaction, etc. fees? This is not only from one costumer, but from millions of people across the nation. Just with that fee, it would cost me alone $60 dollars a year out of my pocket, which I could use to buy a new pair of shoes, dinner for two, or anything I could spend my money on. I don’t think it is fair for loyal costumers to be charged an amount of money for using my own money. If they are really going to fallow through with this new rule, I might as well use cash from now on. But if Bank of America continues to find new fees to charge me as a costumer I will have to find a new bank. Since I’m sure I’m not the only one who feels this way, they might loose many more costumers. Actually bringing their profits down. Is $5 dollars really worth the risk of loosing their costumers and the credibility as the most powerful bank?
Are you being serious? As a matter of fact, I’ve always had a complaint about Bank of America’s fees. I think I’ve already paid them enough fees for many years. I totally agreed when you said “Isn’t it enough with the overdraft, monthly maintenance, ATM, transaction, etc. fees?” Really, they are being way too selfish! I cannot find any purpose of them taking such actions. If they keep taking money from their customers for whatever reasons, I am sure they will lose their customers. Charging customers for spending their own money just does not make sense to me. At all!!!!
ReplyDeleteOh, you don't understand. They have to pay $1.94 million to Bank of America's CEO Brian Moynihan, and $6.2 million to Sallie Krawcheck, head of the bank’s wealth-management division, and $831,248 plus $14.3 million in performance-linked awards to Thomas Montag, head of the firm’s investment bank, and $917,027 plus $4.8 million awards to Joseph Price, head of the consumer banking. In fact, the bank has losses, and they planning to fire 30,000 employees. But you still have an option. You can open e-banking checking account which is free if “Deposits and withdrawals are made electronically or at our ATMs and you choose online paperless statements through Online Banking” according their web site.
ReplyDeleteNot only do they charge ridiculous fees, but now if you lose your bank debit card and need a replacement there is a $5.00 fee for that, too. Really? It's criminal to take so much money/ Most banks have accounts without a maintenance fee no matter what your balance is. There APRs are ridiculous on their credit cards too. One missed or late payment and it is jacked up to upwards of 25%. It's incredulous. Occaisonally late payments happen, why punish the first time? I can understand if it is a regular problem, as some people do constantly default on their debts, then yes, I agree with a growing APR in those cases. What about the ridiculous fees you pay if you withdraw from a different bank, and it is not cheap, it seems to be going up all the time. Anything to screw over the customer. Obviously, they have no conscience.
ReplyDeleteThen, how should we organize my money from now? Have you got any strategies? In my case, I am used to lose my wallet, so I don’t bring it and any cash as well. Only purchase material I bring usually is my debit card which is the most convenient. After I hear of this news, I stopped by the ATM near HCC to get some cash for my lunch. And it was so lazy to me. I even thought that 5 buck per month can be more efficient though. Well, should I open a credit card account? Then, will I control my money spend? Has anyone got great idea?
ReplyDelete