Bank of America to charge $5 monthly fee for debit card users

[katty]

more: http://www.mercurynews.com/breaking-news/ci_19003931

Bank of America to charge $5 monthly fee for debit card users
By Jeremy C. Owens


[e-mail]

Posted: 09/29/2011 09:15:09 AM PDT


FILE - In this Jan. 25, 2009 file photo, a Bank of America branch office is... ( Mark Lennihan )«1»Bank of America customers with basic checking accounts will be hit with a $5 monthly fee in order to use a debit card for purchases, the bank announced Thursday.

Banks and card companies have been aggressively establishing and raising fees in recent weeks as banks plan for new rules taking effect Saturday that limit

[FSogol]

1. Move your account to a credit union. n/t

[Citizen Worker]

4. I did just that 15 years ago.

[raccoon]

14. I second that. I've been with a local one for years. Their fees are much lower than banks. nt

[louis-t]

2. "new rules" is an excuse. They've been raising fees non-stop anyway.

Last year, I gave BoA 5 years to extinction. I may have been a little generous.

[Doctor_J]

3. I'd think the merchants would dislike this

Do they really want to return to the days of customers standing at the register filling out checks?

[katty]

5. I am changing to a credit union-these fees will just keep

going up, along with new 'created' itemized fees

[blkmusclmachine]

6. Nickle and dime you to death:

I'm getting out of BOA. Enough is enough!

[Iwillnevergiveup]

10. You will never be sorry

Credit unions are the only way to go. Imagine, you get a live person when you call.

[BobbyBoring]

13. Good!

tell all your friends to do the same! B of A is in deep shit already. A good run on deposits could be the final blow.

I can't for the life of me figure out why anyone would use them in the first place~

[classysassy]

7. Gangsters without guns

Send in the sheriff to arrest the mob.

[rpannier]

8. I read the story on the ABC news site and seriously, some of the comments are pathetic

It's all Obama's fault.
They lost all that revenue what do you expect them to do?

My suggestion is cutting their multi-million dollar bonuses.

[glinda]

9. Working in tandem with Conservative Companies that refuse checks.

[Sherman A1]

11. We will see if they suffer "The Netflix Effect"

This announcement is most likely a trial balloon to see where they can actually set the fees. I however would not pay a fee to access my money from the bank and would simply stop using their debit card thus denying them the "revenue" from that. Use a credit card - pay it off each month and game their system by using their money, or pay with cash. Alternately move your money elsewhere. Just find a system that works best for you.

BOA is making a business decision based upon what they believe to be in their best interest, their customers need to do the same thing (and I suspect many will do so).

[4dsc]

12. Join a credit union

That is all.