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No, not even remotely the same. It is very easy to stop into a coffee shop. To leave a bank may require change of mutliple accounts, ordering new checks, waiting for payments to clear before closing accounts, changing a host of auto deposits and auto-pays, etc etc etc. It is by no means as simple as driving to the next store. The hassle factor, including time, energy and real cost, is significant.</p>
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That’s the best action plan. If people aren’t willing to do that then the $5 fee either doesn’t apply to them or it doesn’t bother them that much. There are other options. I’ve never banked at BofA and somehow have survived. </p>
<p>Speaking of fees due to government regulations and with little recourse available to the consumer - have you ever seen the fees on your phone bill or electric bill? They’re out of line.</p>
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It is the same thing. It’s really not that difficult to switch banks and actually people do it all the time. If you’re unwilling to then you must not consider this $5 fee to be significant enough for you to spend any time going to one of the other banks or credit unions of which there are plenty around. </p>
<p>You can simply open an account at another bank/CU, start writing your checks from that one, don’t use your debit card from BofA anymore, wait a few weeks max generally for the checks to clear, and then transfer the money out, switch any auto-deposits to the new place and close the account. It’s really not that hard - I’ve done it before.</p>
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Huh? Doubt anyone was “fine and dandy” with that scummy practice. If they were, it probably would not have been outlawed.</p>
<p>MODERATOR’S NOTE:</p>
<p>I’ve had to edit or delete several posts because the thread was taking a political turn. Please refrain from such comments or we will have to close the thread.</p>
<p>But my point is that people want capitalism, and then they get angry when the capitalists act like capitalists. </p>
<p>I mean, one thing I really like about B/A is that it didn’t fail in 2008. Sure they pay an obscene amount to their top executives and they don’t do much in the way of giving back to the community, but they’ve done a pretty good job over the years as being banker. I’m pretty confident that my money is safe with them, and if every bank in America went under, they’d be the last ones standing. </p>
<p>Do I think they are good guys? No. I’ve just never been under any illusions. I would expect them to be wanting to maximize their profits. </p>
<p>I really think that one problem right now in society is that a lot of people expect things that cost money to create or produce to be free, when that can’t really be sustained. I mean, I like reading the NY Times online for free, so I was ticked off when they started charging for a subscription. (I figured a way around their paywall, which I rationalize on the theory that if they really expected people to pay, they would have used something more sophisticated than setting a cookie with javascript). Netflix sold accounts for a certain price, and people got angry and quit when Netflix raised its prices. </p>
<p>But how are these private companies expected to sustain their service and pay their employees if their customers go ballistic over any type of increase? Everyone wants capitalism except for the capitalist part.</p>
<p>gladgraddad or whoever the heck you are (are you the person who advertised that you work for citibank?), you are incorrect when you think its as easy to change accounts as it is to walk to another coffee shop. For example, I have multiple linked accounts with my kids (now adults) and my deceased father (a joint account), as well as having many many autopay accounts set up, and several (as much as I despise them) auto debits for disability insurance, etc. Add to that my business accounts which are also linked, tied to credit card machines, and tied to some mandatory insurance payments (ie Medicare). If I close /move a business acccount, the paperwork Medicare requires in order to set up their required autopay to a new account is unbelievable, and usually results, from what I hear, in nonpayment for months and months.</p>
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No one started a thread here about how they were going to switch banks because of the overdraft fees. (It’s a pretty good bet that many CC posters had kids run afoul of that practice, though – I can’t be the only one with a kid who mistakenly thought the check he deposited on Saturday would cover the debit card transactions on Monday).</p>
<p>Re post #147… wow, your bank gives you the all that – multiple linked accounts, auto pay, auto debits… but $5/month is an outrage?</p>
<p>I can’t find the place on the B/A web site where it says they are a charitable organization, and they don’t seem to be listed in Guidestar…</p>
<p>Calmom…overdraft fees are not charged to you unless you have an overdraft. And yes, I think B of A’s charges are EXCESSIVE. This Debit card fee will be for anyone who uses their debit card for a point of purchase transaction…something B of A hailed as being the best thing since sliced bread. Yes…they got a LOT of folks to do this…and now they can charge them…IF they stay with their bank.</p>
<p>jym626:</p>
<p>My but you sound angry. No, I don’t work for any bank and my post had no relation at all to that advertising message from Citi so I don’t know why you said that.</p>
<p>In your case apparently the hassle of switching banks isn’t worth the money you’d save on the $5 fee. That’s fine - there’s nothing wrong with that. You’re making a choice as a consumer. I was just pointing out that switching to a different bank in general isn’t all that difficult and we’re all free to make the decision to do so or not. You’re not being forced to bank at BofA so at the end of the day it’s your decision whether to stay there or not.</p>
<p>That said, I don’t blame you or anyone else from being irritated at the fees whether it’s at BofA or anywhere else but if enough consumers will refrain from giving these places business then they’d have to change their practices or they wouldn’t survive.</p>
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No, they used to make more money off of hidden fees & they used to get more from merchants. The feds changed the rules, so they have to be more transparent.</p>
<p>If they were charging the merchant 44 cents for every debit transaction and now they are charging 24 cents instead, they aren’t being less generous. They are just cost-shifting. Now in theory, half of the cost of has been shifted from merchant to consumer. They’ve done the math and probably have a pretty good idea of how many debit transactions the average customer made every month. $5= the cost-differential on roughly 20 transactions.</p>
<p>I have trouble understanding your attitude calmom.
I have lots of $ with the bank I bank with. They make plenty off of me and the fees I am required to pay (credit card service fees). I agree with what pg said earlier. I will not pay for the priviledge of having a debit card. I hate those things anyway. I use an ATM card-- no fee. They sent a debit card. I marched into the bank, returned it and asked for an ATM card. My DS is cancelling his debit card and will get an ATM card. I also don’t pay for credit cards either. </p>
<p>And btw, my kids understand about bank transfer times. When they want to transfer $$ from their on-line savings to their checking, they understand that it takes several days to clear. If they are short and need an instant immediate cash infusion, well thats why our accounts are linked. But- it means they have to tell mom/dad that they need a loan. That is deterrent enough!</p>
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<p>My bank and my credit union both give me these things…and they do NOT charge me a monthly fee to use my debit card either.</p>
<p>I think it’s the bait-and-switch aspect that irritates the most, especially when it was free. Regardless of whether it is reasonable or not, you feel duped and taken advantage of.</p>
<p>I am not angry gladdadwhoever you are. But I think you are delusional if you think its as easy to change banks as to get a cuppa joe.</p>
<p>Geez… “bait and switch”? You have an account for years and years someplace, and then they announce, 3 months in advance, that they are slowly going to start rolling out a fee in some states on some accounts? </p>
<p>How many times has your cable bill gone up in the interim? Where is it written that the cable company can raise its rates, and the phone companies can charge whatever they damn please, and the airlines can shift their fares around by the minute… but the banks are never, ever, allowed to charge for anything? They are just supposed to maintain that huge infratructure, with brick and mortar buildings and employee for your day time banking, and ATM’s on every corner and online banking for your convenience, with 24-hour tech support in case you can’t figure out how to log in… and never charge a penny? </p>
<p>But if the local movie theater decides that stale popcorn slathered in some sort of synthetic oil should now retail for $7.50 a bag… no problem.</p>
<p>absolutely agree, notrichenough-- its the bait and switch feeling that is annoying. Many banks get gobbled up like a game of pacman, and the personal service and nice benefits go the way of the dinosaur with the new owners.</p>
<p>BTW, gladdad “newbie” , I dont bank with BOA. Never have.</p>
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<p>I don’t get it, jym626, why are you mad at BofA if you’ve never banked with them? And if you were banking with them and had lots of $ with them, you wouldn’t be charged fees anyway, if you only use an ATM card like you do now.</p>
<p>Actually, as far as I can tell, anyone who has “lots” of $ with B/A won’t be charged fees even for using a debit card. It’s a little unclear what the minimum deposit would be to avoid the fee … but its very clear that the fee will be waived for those customers who meet whatever requirements there are.</p>