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Thu Mar 1, 2012, 11:22 AM

Bank of America considers checking account fee revamp

Source: Reuters

Snip< Bank of America Corp is planning to introduce a monthly fee for its customers holding checking accounts unless they agree to bank online, buy more products or maintain certain balances, the Wall Street Journal said.


Snip< The options being tested include monthly charges of $9, $12, $15 and $25 but give customers opportunities to avoid the payments by maintaining minimum balances, using a credit card or taking a mortgage with the bank, the Journal said, citing a memo distributed to employees.

Read more: http://finance.yahoo.com/news/bank-america-considers-checking-account-062154199.html



I think this might be the ending of this Greedy corporation. 9, 12, 15 and 25, Really?

43 replies, 6784 views

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Arrow 43 replies Author Time Post
Reply Bank of America considers checking account fee revamp (Original post)
sarcasmo Mar 2012 OP
unblock Mar 2012 #1
sarcasmo Mar 2012 #3
Harmony Blue Mar 2012 #4
Rosa Luxemburg Mar 2012 #37
w0nderer Mar 2012 #40
CountAllVotes Mar 2012 #2
Sarah Ibarruri Mar 2012 #5
hobbit709 Mar 2012 #7
RKP5637 Mar 2012 #10
Sarah Ibarruri Mar 2012 #25
Harmony Blue Mar 2012 #11
Sarah Ibarruri Mar 2012 #26
FailureToCommunicate Mar 2012 #18
Sarah Ibarruri Mar 2012 #27
hobbit709 Mar 2012 #6
Juneboarder Mar 2012 #8
zipplewrath Mar 2012 #21
AnneD Mar 2012 #29
sarcasmo Mar 2012 #36
RKP5637 Mar 2012 #9
Proud Public Servant Mar 2012 #12
subterranean Mar 2012 #15
Proud Public Servant Mar 2012 #17
durablend Mar 2012 #19
Proud Public Servant Mar 2012 #22
sarcasmo Mar 2012 #38
unblock Mar 2012 #41
JDPriestly Mar 2012 #13
FailureToCommunicate Mar 2012 #14
TBF Mar 2012 #16
Xolodno Mar 2012 #20
truthisfreedom Mar 2012 #23
dixiegrrrrl Mar 2012 #34
allan01 Mar 2012 #24
Thav Mar 2012 #28
99 Percent Sure Mar 2012 #30
allan01 Mar 2012 #31
virgdem Mar 2012 #32
grahamhgreen Mar 2012 #33
DocMac Mar 2012 #35
steve2470 Mar 2012 #39
Devil_Fish Mar 2012 #42
pinniped Mar 2012 #43

Response to sarcasmo (Original post)

Thu Mar 1, 2012, 11:26 AM

1. didn't they JUST get burned for obnoxious fees? they forget quickly, don't they?

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Response to unblock (Reply #1)

Thu Mar 1, 2012, 11:30 AM

3. One more coporation with no soul.

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Response to unblock (Reply #1)

Thu Mar 1, 2012, 11:32 AM

4. They naively believe that

the outrage has passed, so they are trying to pass another one in the dark of the night. Too bad the age of the internet makes this nigh impossible to do so.

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Response to Harmony Blue (Reply #4)

Thu Mar 1, 2012, 07:10 PM

37. B of A is going to lose a lot more customers!!!!

Twits

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Response to unblock (Reply #1)

Thu Mar 1, 2012, 11:10 PM

40. but we bribed more politicians since then! n/t

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Response to sarcasmo (Original post)

Thu Mar 1, 2012, 11:28 AM

2. Bank of America deserves to go belly up

Damn greedy pigs never learn do they.



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Response to sarcasmo (Original post)

Thu Mar 1, 2012, 11:33 AM

5. My prob is I can't figure out which giant corporation is the biggest douche. nt

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Response to Sarah Ibarruri (Reply #5)

Thu Mar 1, 2012, 11:34 AM

7. 6 of one, half a dozen of the other.

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Response to Sarah Ibarruri (Reply #5)

Thu Mar 1, 2012, 11:37 AM

10. I would pick the multiple choice answer that says, "All of the above."

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Response to RKP5637 (Reply #10)

Thu Mar 1, 2012, 01:19 PM

25. I think I'll have to do that. nt

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Response to Sarah Ibarruri (Reply #5)

Thu Mar 1, 2012, 11:38 AM

11. They all are bad.

Local regional banks are better but if they gone down this same path credit unions are the way to go.

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Response to Harmony Blue (Reply #11)

Thu Mar 1, 2012, 01:21 PM

26. They seem to be the only way. nt

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Response to Sarah Ibarruri (Reply #5)

Thu Mar 1, 2012, 12:14 PM

18. Try here for a credit union near you:

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Response to FailureToCommunicate (Reply #18)

Thu Mar 1, 2012, 01:23 PM

27. Good one here: FSU Credit Union. nt

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Response to sarcasmo (Original post)

Thu Mar 1, 2012, 11:33 AM

6. I guess they want to lose even MORE customers.

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Response to sarcasmo (Original post)

Thu Mar 1, 2012, 11:35 AM

8. I Heart My Credit Union!!!

And I tell them every time I go in

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Response to Juneboarder (Reply #8)

Thu Mar 1, 2012, 12:46 PM

21. Which is why I found this so surprising

http://www.orlandosentinel.com/features/consumer/sfl-most-criticized-bank-20120228,0,1814463.story

When it comes to complaints against banks in Florida, Space Coast Credit Union and JPMorgan Chase rank among the most criticized, receiving a greater share of complaints than their relative size. SunTrust in contrast gets among the least complaints for it size, a new study shows.

Independent banking analyst Ken Thomas of Miami prepared the study by analyzing complaints lodged in 2011 at the Florida Division of Financial Institutions.

His 2010 report also had found Space Coast and Chase generating high complaint levels and SunTrust among the most consumer-friendly.

“The really surprising result is Space Coast,” said Thomas. “Many people think of credit unions for good customer service. I could understand high complaints against Space Coast last year after they bought Eastern Financial, but two years in a row? They have a long way to go to improve their customer service.”


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Response to Juneboarder (Reply #8)

Thu Mar 1, 2012, 01:52 PM

29. Same here....Love my Credit Union

They treat me like I am their biggest account. All the tellers that have been there for a while know me by name and all of the loan officers at the main branch and most of the other branches know me (they all start out as tellers).

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Response to AnneD (Reply #29)

Thu Mar 1, 2012, 06:34 PM

36. Our Credit Union is the best. Easy loans and when you call them

a human answers the phone, not a recording.

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Response to sarcasmo (Original post)

Thu Mar 1, 2012, 11:35 AM

9. I really can't see why anyone does business with BOA unless locked into them somehow. n/t

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Response to sarcasmo (Original post)

Thu Mar 1, 2012, 11:43 AM

12. Maybe they WANT to lose customers

I'm starting to get the feeling that Bank of America actually doesn't want to be in the business of servicing small consumers. Can a bank turn down customers/close accounts? I don't know the law here; is theer anything prevnting them from saying, say, "if you don't have $10,000 in deposits, we just don't want your money; you're more trouble than you're worth"? Because that's what seems to be going on.

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Response to Proud Public Servant (Reply #12)

Thu Mar 1, 2012, 11:51 AM

15. That appears to be the case.

If you're not sufficiently profitable for them, they don't want your business.

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Response to subterranean (Reply #15)

Thu Mar 1, 2012, 12:02 PM

17. That's what I mean

And I don't think that's an unreasonable position, per se; banks are a business, not a public utility (though it would be nice if there was a public banking utility, like European post office banks). That's why I wonder if there's some law that prevents them from discriminating against low-balance customers, thus leading them to try this kind of end-run.

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Response to Proud Public Servant (Reply #12)

Thu Mar 1, 2012, 12:19 PM

19. Actually you're mistaken

It's under $100,000 they don't want anything to do with (or so says Chase)

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Response to durablend (Reply #19)

Thu Mar 1, 2012, 12:48 PM

22. Not surprised

What I know about banking, finance, and business couldn't fill a thimble.

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Response to Proud Public Servant (Reply #12)

Thu Mar 1, 2012, 11:03 PM

38. I was thinking the same thing on the loose the customer bit

but in order to get another nice fat bailout.

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Response to Proud Public Servant (Reply #12)

Thu Mar 1, 2012, 11:22 PM

41. you're right, though it's $100,000. they build branches to attract high-net-worth individuals

and resent the little people coming in and chewing up human resources who could be extracting wealth from richer fools.

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Response to sarcasmo (Original post)

Thu Mar 1, 2012, 11:47 AM

13. Agreed.

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Response to sarcasmo (Original post)

Thu Mar 1, 2012, 11:47 AM

14. The last straw for me was a recent "overdraft protection" notice saying

B of A will no longer let you access your balance from ATMs - thus making it much harder staying current for transfers to refill the overdraft "companion" account, so they can charge "late payment" fees. The branch manager (in her late 20's) told me "You'll just have to do banking on line" Then added "Don't you know how to use a computer?" Having been a customer at that branch (which became BoA a few years back) for longer than her age, I decided at that point to take my business and transfer it to a local credit union. And I told her that (nicely). Her expression seemed to indicate that she could care less.

It will be less convenient, but it's a move I should have made a long time ago.

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Response to sarcasmo (Original post)

Thu Mar 1, 2012, 11:57 AM

16. This bank should have been nationalized long ago. nt

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Response to sarcasmo (Original post)

Thu Mar 1, 2012, 12:27 PM

20. They can get away with it because they know...

...they can.

I work at an insurance company and one the things we know is that its much easier to change insurance companies than it is to change banks. That's one of the main reasons they give multi-policy discounts. If your house/apartment, car, life, etc. is with one company and going with another company on one of them causes the premium to go up enough to eat any "savings", then its incentive to stay....of course, you could just move all your policies. Then there are those who only buy auto and skoff at any renters insurance and they can change companies as they change socks. But not so for a bank....

Opening a new account and closing the old one has gotten easier, however, more and more places of employment have instituted direct deposit...so that can be a hassle to change, and if your bills are paid electronically...another hassle to change. And then most of the big banks charge some sort of fee's so, their customers kind of just live with it.

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Response to sarcasmo (Original post)

Thu Mar 1, 2012, 12:49 PM

23. Didn't they just float that turd?

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Response to truthisfreedom (Reply #23)

Thu Mar 1, 2012, 05:23 PM

34. The previous turd was 5.00 debit card fee, I think.

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Response to sarcasmo (Original post)

Thu Mar 1, 2012, 01:12 PM

24. re: Bank of America considers checking account fee revamp

The founder of bofa originaly the bank of italy started as a local neighborhood bank in san fransico ca. The founder would probably be turning in his grave . sad to see these big institutions basicly blackmail their coustomers with surcharges if they dont comply.

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Response to sarcasmo (Original post)

Thu Mar 1, 2012, 01:45 PM

28. I sure am glad I left them last year

I was a 19 year customer, went to a local bank and have never looked back.

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Response to sarcasmo (Original post)

Thu Mar 1, 2012, 01:52 PM

30. According to Robin Meade's report this morniing, some customers may have already

been victimized by, as Bill Maher calls them, Skank of America's checking account fees.

People need to go credit union and leave these skank banks.

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Response to sarcasmo (Original post)

Thu Mar 1, 2012, 01:53 PM

31. re: Bank of America considers checking account fee revamp

Sounds like another national switch to credit union day is needed , but many bofa coustomers are leaving

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Response to sarcasmo (Original post)

Thu Mar 1, 2012, 02:11 PM

32. I am so happy that I finally got away from these greedy bloodsuckers...

I just switched from BOA in December and I'm very happy with my choice. I get much better service at my credit union than I ever got from BOA. With this decision, they deserve to go the way of the dinosaurs.


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Response to sarcasmo (Original post)

Thu Mar 1, 2012, 03:43 PM

33. Get your money into a credit union!

 

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Response to sarcasmo (Original post)

Thu Mar 1, 2012, 06:14 PM

35. Time for OWS to push another dagger in.

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Response to sarcasmo (Original post)

Thu Mar 1, 2012, 11:05 PM

39. soooooooooooooooo glad I left those greedy bastiges last year ! Hello credit union ! nt

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Response to sarcasmo (Original post)

Fri Mar 2, 2012, 12:33 AM

42. Eat Shit BofA... Eat Shit and Die!!!

 

I closed all of my accounts with BofA, and I am glad that I did. I am now with a local credit union that has no fees. That's right, NO FEES. NONE. No minimum balance. Oh yea, I actually got a 64 cent dividen for maintaining an average balance of $600 IN MY CHECKING.

BofA may you rot in hell.

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Response to sarcasmo (Original post)

Fri Mar 2, 2012, 08:58 AM

43. Wells Fargo was ahead of its time in the bank outside not inside department.

I don't know about BofA, but back in the 90s, Wells Fargo was charging people with certain checking accounts that had the nerve to come inside and talk to a teller. If you talked to the 1-800 operator too many times in a month, you would also incur a fee.

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