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BOA to charge $5 for using debit
http://finance.yahoo.com/news/Bank-of-America-to-charge-5-apf-1381425092.html
"Bank of America said Thursday that it will start charging a $5 monthly fee when customers make debit card purchases. The fee will be rolled out starting early next year.
Paying to use a debit card was unheard of before this year and is still a novel concept for many consumers. But several banks have recently introduced, or said they are testing, debit card fees. That's in addition to the spate of other unwelcome changes checking account customers have seen in the past year.Bank of America's announcement carries added weight because it is the largest U.S. bank by deposits.Customers will only be charged the fee if they use their debit cards for purchases in any given month, said Anne Pace, a Bank of America spokeswoman. Customers who only use their cards at an ATM won't have to pay that month.The fee will apply to basic accounts, which are marketed toward those with modest balances, and will be in addition to any existing monthly service fees. For example, one such accounts charges a $12 monthly fee unless customers meet certain conditions, such as maintaining a minimum average balance of $1,500."
What do you think? I think it's ludicrous, especially since they are targeting the more modest accounts, i.e. the people who probably pinch pennies and need $5 the most.
The guy interviewed in the article says he'll probably go back to checks and cash. I wonder if we'll see that trend if more banks institute more fees?
Re: BOA to charge $5 for using debit
I have been with BOA since 1996. I have lots of questions about this. Will it be for each debit card? There are 2 on our account (his and mine). On one hand, it is only $5 a month, which isn't a big deal, on the other, it would sure help us out if we were forced to use more cash instead of our debit card.
Does this apply when you use the debit as credit?
Capital One is looking real good.
I think banks reinforce bad habits. They charge fees unless you use their credit cards and it becomes a never ending cycle of debt. Even if you are great with your money it can be difficult to stay within your means when using a credit card.
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My thoughts exactly! Hmmmm, looks like some banking research will be in my near future!
I love paying even more fees to access my own money.
This makes me so so so angry.
i am willing to bet they will NOT charge the fee if you use the card as credit-- because then they get the processing fees from merchants.
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Yes even when you use the debit card as credit you will be charged the $5 fee. Others have said if you use your Target Red debit card tied to your account you will be charged the fee.
I have been with BOA since 1990 when they were Nations, but I will be changing to USAA shortly. The only people that lose in this scenario are consumers. The stores that got the fees lowered aren't going to lower the cost of products and the banks are raising fees to recoop the loss. We lose.
Article with fee information even for credit transaction:
http://money.cnn.com/2011/09/29/pf/bank_of_america_debit_fee/man, that sucks.
switching to checks wont really save people money because if they are writing checks as often as they are using debit, they are going to FLY though a box of checks and probably pay more than $5 a month for them.
gets me thinking though, what are the "acceptable" ways for a bank to make money? they can't just do everything for free...
look at me! i am wrong! ok, that is totally crappy of BOA.
from a "me me meeee!" standpoint i'd love if banks made people want to write me checks instead of using their convenient debit card CC. on a wedding, i lose about $150 in processing fee... AND i have to wait a few days for the $ to show up in my account.
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I will be using cash at Specs from now on.
I believe you still pay the $5 whether you use the debit card as credit or debit, there's no difference.
Count me as another who is pissed. I've been with BofA since 1995 and it was Nations Bank. Everytime they come out with something that charges me a monthly fee, I politely call to tell them I'll be closing my account and taking my business elsewhere. And everytime they back down to keep me as a customer. But I'm thinking that's not going to happen this time.
Banks earn interest off of "your" money, so technically they are already making money off of your money by holding it. They also earn TONS of fees from NSF fees, especially repeat offenders.
I refuse to pay to let someone "hold" my money so they can make money off of it lending it to other people. I would rather keep money under the floor boards. No way in heck would I stay with a bank that charges a fee. We are with Chase. If that move that way, we will gladly withdraw our money. Not worth it for the 0.000001% or whatever super low rate it is on our savings.
Jax - you should offer a cash discount. I'm always a sucker for a cash discount.
Don't blame BOA. Blame the ridiculous Dodd Frank legislation..
It's why I lost earning Continental miles on my Chase banking card. It's why BOA is enacting this fee.
So Tasty, So Yummy
Government intervention at it's best.
Charles Schwab provides me with checks for free. And they reimburse all ATM fees. The pretty much rock.
So Tasty, So Yummy
Do they have minimum requirement amounts for checking and or savings?
No minimum. They don't offer savings, just a high-yield checking and it is linked to a brokerage account.
So Tasty, So Yummy
Do you have a number? We have savings elsewhere through a credit union so this could work for us.
I signed up for it online years ago (it's still in my maiden name) I know there is an office on Westheimer near the Galleria.
I cannot recommend them highly enough. The customer service is awesome, especially over the phone. I ran into an issue when I was paying for our plantation shutters (thousands in cash) and our appointment was on MLK day. I didn't realize Chase would be closed, so I couldn't get cash from that account. I called Chase to get them to increase the amount the ATM would give me, but I was running around in circles. Schwab connects you to a person quickly and within minutes, I was withdrawing the cash. I had to hit two different machines and they stayed on the line with me while I drove to the other ATM to make sure it worked for me.
So Tasty, So Yummy
We've cannot say enough positive things about USAA. Free checking, free savings, never paid any kind of fee for anything (not even international fees), the world's best customer services, and I can use any ATM anywhere in the world & USAA reimburses me for the fees the other banks charge.
They did recently stop giving us 3% cash back on our debit card, thanks to the stupid government.
It's them or Charles Schwab. Going to give them both a call today.