<p>I attended a meeting last week listening to that absolutely outrageous behavior of BOA to the widow of a longstanding customer (an attorney). I will not go into details her as it would (a) not be appropriate to disclose much information and (b) I do not wish to get pulled into a debate about the policies and procedures of the banking institution or legal regulatory issues, etc. But suffice it to say that even the General Counsel of the State Bar could not get an attorney at BOA to return his call. That is outrageous.</p>
<p>my local bank is charging 1.50 per purchase using their debit card, much worse than $5 per month, but frankly I won’t choose to pay either. I agree with pizzagirl, use my atm only to get cash, and cc for purchases</p>
<p>^ To clarify- the BOA attorneys woudl not take the call from the General Counsel of the Bar, nor would they return his call. That is ridiculous.</p>
<p>Thumper, my point is simply that B/A has different offerings and policies from one state to another, probably influenced in part by state laws as well as other market factors. </p>
<p>I was told that I didn’t have to worry about the debit fee with the type of account I have ($20/monthly account fee, waived if I have a combined balance of $10K or above). But quite frankly I don’t believe that what I am in October 2011 will necessarily apply in January 2012. I don’t remember B/A ever offering me any lifetime guarantees or promises that their policies will never change. I’ve got hurt a heck of a lot worse in my lifetime when banks arbitrarily changed fees associated with other types of transactions or changed interest rates at times I was carrying a balance on a credit card. I’ll check my options at the time the fees go into effect. </p>
<p>I really just don’t have a problem with the idea that a bank tells me 3 months or more in advance that they are going to start charging for some service they have been giving me for free in the past. The way I look at it, they could have been charging me all along – instead, they used to give me extra money with the whole stupid keep-the-change thing. Now, times have changed and their fee schedule is being modified as well. My guess is that they will change their policies in the future depending on market demands, and nothing is set in stone.</p>
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<p>The odd thing is that, despite the relatively large (but quickly shrinking) number of banks and credit unions in the US, consumers do not seem to be particularly aggressive shoppers for better service and lower costs in banking. People gripe about poor service and high fees, but do not actually seem to want to switch banks.</p>
<p>^^ This time might be an exception, ucbalumnus. Usually things like bank fees are a cause for irritation or resignation, but I think this is different. Perhaps it’s the timing, just as the Occupy movement is shining a light on the excesses of the big banks. Perhaps it’s the recently released census data showing the large and growing gap between the haves and the have-nots. Whatever the reason, I’m hearing real outrage about this.</p>
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<p>[Bank</a> of America Backlash: Consumers React to Debit Card Fee | Moneyland | TIME.com](<a href=“http://moneyland.time.com/2011/10/03/bank-of-america-backlash-consumers-react-to-debit-card-fee/]Bank”>Bank of America Backlash: Consumers React to Debit Card Fee | TIME.com)</p>
<p>I’m one of those two-thirds. For more than 20 years, I’ve grumbled about B of A. This latest move, however, has pushed me over the edge. Next Saturday, we’re closing our B of A accounts and moving to the credit union.</p>
<p>My credit union PAYS ME to use my debit card. Currently 2% or maybe 2.5% I think, but a year ago 3.5%. I have to debit 12 times a month, have electronic banking, and I am paid if I use the debit card 12 times. So I use the debit card, which I never did before, 12 times, and put most of my other purchases on the cash back credit card. It’s a game, but at $250 a year, I play.<br>
I have been a member of this credit union for 50 years, since my dad started it for teachers who needed to drill wells and the banks wouldn’t lend.</p>
<p>I forgot to say: my credit union pays me monthly for my checking account balance up to $10k, if I use my debit card 12 times a month and have electronic banking. So I use my debit card for small charges, and cash back credit card for most everything else.
Son still at BofA probably for the airline mileage benefit (Alaska, as we live here and he is in Boston so the mileage tickets are especially nice), but probably more because the hassle of changing banking is too much for him.
I realize for many people a few hundred dollars a year refund is not a big deal. However, seeing as how folks got worked up over Netflix (and I didn’t see a few dollars a big deal), one never knows what is the straw.
I myself don’t like big banks for many political reasons, and locally they really **** me off, but in the end probably choose to buy locally usually if it makes financial sense to me. That said, I attend my credit union annual meetings and believe investment in local community is helpful for my beliefs.</p>
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<p>Well…my kids don’t have $10,000 in the bank either. BUT oddly they don’t have to pay to use a teller (yep…that fee was added last year) for their checking accounts because one has direct deposit from a job and the other maintains $400 (that is the minimum for waiver of this particular fee) in a savings account.</p>
<p>Now keep in mind…the kid with the $400 in the savings account is in a third world country where she cannot use this account AT ALL. We just maintained is so she would have an account, debit card and credit card when she returns. </p>
<p>The other kid has direct deposit through his work. Otherwise when <em>I</em> wanted to deposit in his checking account here…at the window (I do NOT have an ATM card…it’s HIS ACCOUNT)…he would have been charged a fee. </p>
<p>B of A is getting you coming and going. Nice of them to give three months notice. Sorry but they could have given a year’s notice and the result would have been the same…will be closing those accounts.</p>
<p>Well add me to list of unhappy BofA customers. First, I was not given 3 months notice more like 6 weeks. The changes go into effect Oct 16th. </p>
<p>H and I bank at a local bank where we have our personal checking, his business checking and a money market savings acct. We opened a BofA debit/checking w/ connected savings acct for D when she headed east to college. There are 2 BofA ATMs on campus and a BofA branch 2 blocks from her residential college.</p>
<p>According to the letter I received, BofA will start charging $5/month for the debit/checking acct unless there are at least 2 electronic deposits/month. This will start Oct 16th if the acct was opened before Oct 2006. If the acct is less than 5 years old I think the changes will not go into effect until the month of the 5th year anniversary. There will also be a monthly charge for the connected savings acct unless a certain balance is maintained w/ a minimum number of withdrawals.</p>
<p>D and I are jointly on these accts and I make one or two large deposits each year into the savings acct. Monthly I online-transfer money from the savings acct into the debit/checking acct for D.</p>
<p>Like Pizzagirl I never use a debit card only my cc cards (Costco-AMEX for cash back and visa/mc for airline miles). D feels the debit card is useful so until she graduates we will keep BofA. :(</p>
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<p>Practically every bank and credit union in the US that offers accounts for individuals issues debit cards that can be used either in PIN-debit/ATM or Visa/Mastercard mode, so there is no reason to be tied to any particular bank for this reason. To reduce fraud risk, it is better to specifically ask for a PIN-debit/ATM card without Visa/Mastercard capability.</p>
<p>“If you think a vendor charges too much, you go somewhere else. No one is wedded to BoA.”</p>
<p>I agree. This isn’t an industry-wide practice. Luckily, banks haven’t adopted the cell-phone idea of tying the consumer to a long contract and charging an early cancellation fee. So just take your business elsewhere.</p>
<p>Most mobile-phone customers use prepaid, so there are options with mobile phones too.</p>
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<p>There’s nothing “extraordinary” about having 24 hour access to MY VERY OWN MONEY that I need to thank a bank for. And what’s so extraordinary about BofA? I bank with Citibank. There are Citibank ATM’s all over the world. I can drive up to them 24/7 and withdraw my money. I don’t get how you think BofA is doing anyone some grand favor by “allowing” them access to their own money.</p>
<p>Pizza Girl:</p>
<p>You might not know this, but it wasn’t so long ago that there were no ATM machines.</p>
<p>They didn’t just magically appear.</p>
<p>The banks spent millions of dollars creating such networks. Each machine alone probably costs at least $10,000. Plus, they have to be maintained. And filled every day with money. Or did you think that happens by magic too??? !!!</p>
<p>So I see no reason why they cannot charge you, if they wish, for using the machines.</p>
<p>No one is forcing you to bank with them.</p>
<p>Go to another bank, if you don’t like it.</p>
<p>Some banks will copy Bank of America, and charge a fee.</p>
<p>Some will not charge a fee, and use it as a way to attract unhappy Bank of America customers.</p>
<p>You seem to think that you have some sort of constitutional right to have 24 access to your money, and that this access should be no more than 5 minutes from home. The network is set up, so you seem to take its existence for granted. If not for the bank setting up the network, you would have not have this convenience. And because the networks are now so readily available, you have somehow assumed that you should get the benefits of this network for free. </p>
<p>When you get a job, do you expect that people should get the services that you provide for free?</p>
<p>I bank with Suntrust. When I am on the Florida Turnpike, driving in the middle of the night, they have Suntrust ATMs at the rest stops. The bank doesn’t HAVE to put an ATM at every conceivable spot. I am happy they have chosen to give me such incredible access. You seem to think you are entitled to it. There is probably an employee who does nothing all day but drive up and down the turnpike, putting money in the ATMs, fixing the machines, etc. etc. etc.</p>
<p>With all due respect, your position on this issue is not very well thought out at all.</p>
<p>Pizzagirl:</p>
<p>[Citibank</a> is next with a new banking fee](<a href=“http://articles.latimes.com/2011/sep/30/business/la-fi-1001-citi-checking-fees-20111001]Citibank”>Citibank is next with a new banking fee)</p>
<p>People here seem to think that these machines magically appeared.</p>
<p>It took millions of dollars to build such networks.</p>
<p>And they have to be maintained, or do you think the money magically appears in the machines as well?</p>
<p>Bank of America doesn’t have to put these machines everywhere. But they do it. I see no reason why this should be a free service.</p>
<p>The machines have become so ubiquitous that we take them for granted.</p>
<p>floridadad - what are you talking about? I may indeed cancel my D’s BofA account - haven’t decided yet. Of course I can take my money and go elsewhere. But don’t expect me to be “grateful” to BofA for giving us 24/7 access to our money. That’s an ante in this game.</p>
<p>Thanks, Lasma. My S’s college allowance account is Citibank, linked to our accounts. We’re Citigold and we have substantial business assets with Citibank in addition to personal accounts, so they would be fools not to waive any charges they propose for his small account. Not worried, but thanks for the heads up!</p>
<p>Do what’s best for your particular situation. We have a mortgage with BofA and will not be affected so we will be staying. I believe that DS’s student account will also be exempt from debit card fees. After that he’s on his own!</p>