bobbyrab
Member
http://www.reuters.com/article/2011/09/29/us-bankofamerica-debit-idUSTRE78S4GQ20110929
As the announcement states, there are some exemptions. To think we bailed out these creeps. The Feds regulated (capped) some of the bank fees and the banks now feel obligated to raise other fees. There is no winning except to vote by closing your accounts and seeking out alternative, perhaps smaller, banks.
kaykordeath
Member
If BoA starts doing it, you know soon enough everyone else will.
Citi is raising their monthly fees and raising the minimums needed for their different tiers of checking accounts:
http://consumerist.com/2011/09/citi-jacks-up-monthly-fees-on-checking-accounts.html
ShaynaMadel
Member
Yesterday, on the radio, they said that B of A suggested that in order to avoid the $5 fee, people should just go to an ATM and get cash. Of course, if there's no B of A ATM nearby, they'll potentially be hit with double ATM fees.
rigo parc
Member
If I wrote fortunes for fortune cookies:
"The more convenient life gets, the more fees you'll pay!"
flocat
Member
Well, somebody has to pay their executives' outrageous salaries.
Karen in NYC
Member
I use my ATM/debit card all the time for purchases. so the $5 monthly charge wouldnt be all that bad....of course, you dont get (so far as I know) purchase protection using the debit card...
I am moving to AZ and switching to Wells Fargo. With the combo of "retirement" (401k etc) savings and checking, my new bank will be "fee -free" except for the debit card (I think WF will charge $3-5. And a I will be on a truly fixed income, I likely will plan my purchases accordingly.
kg97
Member
5 bucks a month to access my own money, no thanks.
Put everything on a credit card and pay it off the end of the month, get the points. Although they'll be curbed next.
Or go with a credit union.
bobbyrab
Member
All corporations are being squeezed of course. Sprint announce the other day that they are ceasing their Premier Program which allows certain subscribers to upgrade their phones once a year at discounted prices. Little by little, perks and benefits are vanishing, replaced by annoyance fees. When the American consumer finally wakes up, it could get ugly; I am almost wishing that THAT would happen.
jane11375
Smart Blonde
I use my debit card all the time also. I am a current BOA customer. I will close my account if they do this. Yes it's a small amount, but I should not have to pay it. No way am I carrying cash around if I do not have to and no way am I using a credit card. If every bank starts doing this, then I will go the cash route. But I am fully prepared to close my account. My guess is they will waive it in that case. If not, their loss.
Also - I used my debit card 2 weeks ago at a hotel and was charged $909 instead of $306. I got an immediate credit for the difference while it's being investigated.
I realize this is not purchase protection but there is obviosuly some form of protection.
And - speaking of BOA, I work in the BOA building in Boston. 1400 Wall St. protestors are on their way here this afternoon. I am oddly looking forward to it :)
g-man
Member
until you get tied into it and pepper sprayed !!!
damn nypd!
I personally just put everything on credit card. Debit cards never made any sense to me at all. Someone is willing to lend you free credit for the month but you chose not to utilize it and instead pay money upfront?
jane11375
Smart Blonde
Yeah I know what you are saying. I just have this irrational fear that I will use the credit card too much. This way i don't spend what I don't have. I do not use credit cards at all. I am weird.
Yes from what I heard the NYPD did go a bit far. We'll see what if anything happens here. They have not arrived yet. They can't be as noisy and distracting as the Verizon guys when they were out there a few weeks ago!!
g-man
Member
with the giant rat? =) ... rumor has it that radiohead is coming down to wall st to play a concert, but I doubt it as they dont have proper permits to do such.
i have 3 credit cards and one of them has a low 1000$ limit to ensure i dont go crazy on spending. The other two are for those one time sign ups to take advantage of 12 - 18 months no interest.
Karen in NYC
Member
Here's the latest on the Radiohead story:
http://gothamist.com/2011/09/30/rumor_alert_radiohead_playing_occup.php
Radiohead's peeps say no (apparently) but "Occupy Wall Street" says otherwise.
jane11375
Smart Blonde
Hey the demonstrators are here and they have blocked off the exits to our building! This strikes me as unfair. I want to go home :)
We white collar criminals are trapped inside. Some say this is justice. I say "wanna go home."
ShaynaMadel
Member
I just got a letter from Citibank today that they are raising the minimum balance requirement for free checking and also the fee for checking if you don't meet the minimum.
jane11375
Smart Blonde
I am sure all will follow suit one way or another.
g-man
Member
Some of these brooklyn bridge demonstrators are crazy.
I'd hate to be stuck not being able to get to the airport from downtown.
jewels
Member
Debit cards aren't great anyway
jane11375
Smart Blonde
I beg to differ. I love my debit card. For me, it is great and a good fit for how I handle my finances. Much better than a credit card for me.
bobbyrab
Member
I am very attuned to what is "right" financially, and to what all the textbooks and pundits say are the "righ"t things to do but I have come to the conclusion that the BEST financial decisions are the ones that work for YOU and help you to sleep better at night.
jensays
Member
Since getting a debit card, my credit card use has dropped dramatically, because I am only spending what I have. Unfortunately, I'm one of those who doesn't always pay off the credit card at the end of the month. And I don't like carrying cash. So far, with Ridgewood savings, I've been exempt from many of the fees, especially with checking.
What are the protesting about anyway? Even the guy who started it doesn't seem to know. As a former protester of the sixties, I think these kids just want to be like we were ;)
jane11375
Smart Blonde
Here at least, they are protesting what a lot of us see as wrong with America today - lack of affordable insurance, the cash squeeze many Americans face (those that are lucky enough to have jobs), etc. while the big companies nickel and dime (i.e., $5 debit card fees) the common folk to death.
I passed the protestors this morning on my way to work (I work in the BOA building in Boston). I support their right to speak their minds. I was less supportive on Friday when they formed a human chain around our building, stopping people from exiting, but that was short lived.
But I fully support their right to speak their minds without harm or major inconvenience to others. Like I said on Facebook, it's probably from living in Cambridge (popularly known as The People's Republic of Cambridge).
bobbyrab
Member
Part of me would love to join those protestors. Never in my life have I felt this hopeless, powerless and futureless.
jane11375
Smart Blonde
I feel the same way. And I work for the type of firm they are protesting against.
bobbyrab
Member
Having spent my entire career on Wall Street, I know what drives many its leaders. Even their charity events are all about ego. Many of them are not patriots; they worship both the dollar and the game, NOT the American way of life that many of us have worked so hard for.
jane11375
Smart Blonde
They have totally forgotten how they got where they are. My former employer in NY - the head honcho is huge nouveau riche....cared only for $ and showing off what he had. They turned from a firm that cared about people to a money machine and they treated us commmon folk like trash. The parties......the money they had to spend on them...and then when I tried to get my guys a $3,000 a year raise, was turned down. They were "overpaid for what they do." And we are talking like $60K a year people with families.
So short sighted, so low class.
g-man
Member
"they worship both the dollar and the game, NOT the American way of life that many of us have worked so hard for. "
bobby, define capitalism for me ;-)
That being said, I wish these protests were a tad more organized. It's completely uncoordinated and it really does hinder access when walking.
One of the things I wish was that they protest closer to election time. Crowd the voting booths and make sure you vote out every body since none of the politicians would expect this large base of constituents they traditionally never accounted for.
It's a shame these chose to do it so early that when it comes time to vote these will just be an annoyance afterthought.
jane11375
Smart Blonde
You can be a capitalist and still have a heart though.
g-man
Member
That's an interesting point Jane, one of Adam Smith's writings in theory of moral sentiments he tackles exactly that, however in his capitalism discussion in wealth of nations, he exactly makes that point.
you do not need a heart in capitalism and everyone is out for themselves.
soif you want a heart, you'd be called a socialist.
jane11375
Smart Blonde
No wonder I didn't fit in at my former employer!
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