Bank of America, one of the most scummiest banks out there (and I know this personally) will charge consumers (their customers) a fee to use their debit card, starting January, 2012. And I hope you understand what is happening. Bank of America will start charging YOU a fee to USE your own money.
This is not only outrageous, but utter bullshit. And remember, the banks created the debit card to make it more friendly, that it would not have any fees assessed to your account and to make it more accessible to shop. Man, what a difference greed makes.
Debit card fees: Outrage triggers backlash against BofA
September 30, 2011 | 8:48 am
Debit card fees announced by Bank of America are sparking outrage among consumers who turned to social media with their vows to switch banks, boycott Bank of America and otherwise show their condemnation of the banking giant's controversial move.
Bank of America announced Thursday it would charge customers $5 a month to make purchases with debit cards -- a fee that could cost consumers up to $60 a year and raise a stunning $3 billion a year for the company. The outrage was swift and immediate, with many customers vowing to drop the bank. And at least one potentially influential voice challenged President Obama to take action.
And more from Bank of America, this should really make you move to a credit union:
The 38.7 million people who carry Bank of America debit cards will face a similar decision in the latest example of banks raising fees or establishing new ones — not just for debit cards but for checking accounts, visiting ATMs, even talking to a teller.
Bank of America's announcement hits particularly hard because banks have spent the past decade encouraging their customers to go for the ease of debit cards, which deduct purchases immediately from a checking or savings account.
Wow, a fee to talk to a teller about your account!!! Sometimes, you must go in face to face to get your account straightened out, but to charge for it? WTF???
SunTrust, a regional bank based in Atlanta, began charging a $5 debit card fee on its basic checking accounts this summer. Regions Financial, which is based in Birmingham, Ala., plans to start charging a $4 fee next month.
Chase and Wells Fargo are also testing $3 monthly debit card fees in select markets. Neither bank has said when it will make a final decision on whether to roll out the fee more broadly.
Citibank following in BoA's footsteps...
As the uproar swelled over Bank of America Corp.'s planned $5 monthly charge for debit card use, megabank rival Citigroup Inc. was notifying many Citibank customers that they soon would have to start paying for their checking accounts unless they maintained significantly higher balances.
..and beginning November 10th, Citibank to hit customers with a $15.00 a month checking account fee...
"Instead of controlling their greed, Citibank is ripping off consumers with a staggering $15 monthly debit card fee," declared K.B. Forbes, Executive Director of the Consejo de Latinos Unidos. "Citibank has placed a loaded gun on the temple of Citibank consumers demanding they maintain a $6,000 balance or pay $180 a year in extortion fees. In this economy, how many working-class families have $6,000 to cough up to the goons at Citibank?"
Aren't you tired of this yet? Don't you think it is time to move your money?
all emphasis mine
I was once a customer of Bank of America but got mired in poor customer service when they held onto my direct deposit, did not release it in time and I had bills that bounced. Oh, sure they said it was MY FAULT, but I had to get HR at my job involved along with ADP which proved it was not their fault. In the end, Bank of America had to fix my account, put everything retroactive, remove all fees, pay any fees attached to my accounts, etc., but it left a horrible taste in my mouth.
After this incident, I switched to a credit union.
Folks, now it is time for all of America to switch to a credit union and send a message to these banks that it is over for them to gouge the consumer. Results come in massive NUMBERS and that starts with you CLOSING YOUR BANK ACCOUNT. If Bank of America is allowed to get away with this, all banks will follow their lead. Time to make your statement, NOW.
Below is a list of credit unions in the United States. Each link represents one of the 50 states. Take a look, it is easy to join a credit union. Most criteria for joining is that you need to live or work nearby; live or work in the county; or just be a state, local, federal employee; if you have a family member who is a member of a credit union, then you can join; and some credit unions do not have qualifications to join, just have the proper credentials and you can join. Lastly, most credit unions allow you to process your application on line. So, take a look and think it over, but whatever you do, JOIN and cut the banks loose for good. More information right here at MOVE YOUR MONEY.
p.s. Credit Unions are covered by the National Credit Union Administration, like FDIC cover banks for 250K deposits, so do credit unions
CREDIT UNION LISTINGS