Bank of America to charge monthly fee to debit card users
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Bank of America to charge monthly fee to debit card users
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Re: Bank of America to charge monthly fee to debit card users
#2They are not alone. I got word from one of my banks, Regions, that they too are implementing a similar charge.
Bank Simple...we're ready for you now.
Re: Bank of America to charge monthly fee to debit card users
#3Just read in the article that the fed lowered maximum interchange fees. Has this translated to lower fees from payment processors for anyone?
Re: Bank of America to charge monthly fee to debit card users
#4I think the thing that really annoys me about these kind of moves is that they're clearly targeting the less fortunate out there. If I want to avoid the $5 that's easy- I'll just switch to my credit card. But people who don't have enough credit to get a credit card now get punished twice.
I read a fascinating passage in The Big Short (an excellent book on the financial crisis by Michael Lewis) that told the story of a top banking exec boasting about the amount of money they made on "Free Checking" accounts. Far more than they made on the accounts they charged for, because the "free" accounts came with dozens of catches and fines that ended up costing the customer more.
What a foul way of doing business.
Re: Bank of America to charge monthly fee to debit card users
#5I fail to see why anyone selects a big bank like BofA/WellsFargo/Chase for their personal accounts, when they are known to have a plethora of fees and dubious ethics, and there are almost always better options in regional credit unions. What am I missing?
Re: Bank of America to charge monthly fee to debit card users
#6Obi Wan Kenobi thought Mos Eisley was a wretched hive of scum and villainy, but he obviously never visited a commercial bank.
Re: Bank of America to charge monthly fee to debit card users
#7Don't they already do this? If I don't have at least $1500 in my account each month I get charged. So I have this account I never use anymore save for some tiny charges, that I don't want to cancel due to credit score that has to have that much money in it at all times.
Re: Bank of America to charge monthly fee to debit card users
#8I fail to see why anyone selects a big bank like BofA/WellsFargo/Chase for their personal accounts, when they are known to have a plethora of fees and dubious ethics, and there are almost always better options in regional credit unions. What am I missing?
ATM locations, mostly. Chase has an ATM on every street corner in NYC (OK, an exaggeration, but only just). I know plenty of credit unions refund a certain number of ATM fees, but you can't do thinks like check deposits at them any more.
Re: Bank of America to charge monthly fee to debit card users
#9I fail to see why anyone selects a big bank like BofA/WellsFargo/Chase for their personal accounts, when they are known to have a plethora of fees and dubious ethics, and there are almost always better options in regional credit unions. What am I missing?
People choose them because the big banks have historically offered a much larger range of financial services.
Additionally, there are many people who still need to (or like) going to a bank in-person. The big banks offer many more branches than a smaller outfit will.
Also, the flexibility they offer when traveling both nationally and internationally is typically much better compared to a regional bank or credit union.
Re: Bank of America to charge monthly fee to debit card users
#10I fail to see why anyone selects a big bank like BofA/WellsFargo/Chase for their personal accounts, when they are known to have a plethora of fees and dubious ethics, and there are almost always better options in regional credit unions. What am I missing?
Advertising, brand recognition, mind share, whatever you want to call it. People buy what they know.