BofA Fees
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- monospaced0
So, let me get this straight. They are discouraging me from spending my money and keeping it with them? Yeah...they need to take another look at why people use banks at all.
- VikingKingEleven0
There will be no cash withdrawls or check writing. If cash withdraws are allowed there will be a cap of $20 a day or some ridiculously low figure.
This is purposely done to continue to sew discontent against the banks.
Its also part of the 'redistribute wealth' class warfare that obama is so proud of. You don't own your money the govt does. Instead of passing higher taxes he will do taxes through corporate regulations.
Good luck people.
- Like others said all banks will do this, some of the fees may fluxuateVikingKingEleven
- Credit union sucka.JSK
- @viking - That make no sense at all.ItTango
- 12 grade rebuttalutopian
- JSK0
I remember when banks used to charge $1 per transaction for using debit card.
- formed0
@ VKE - huh? I'd reread your post, that makes no sense. Why would the banks (the ones that are charging) want discontent against themselves?
The class warfare you mention has already occurred, look at the growth of the wealthiest since this downturn, that's where all the money has been redistributed to.
Money under the mattress seems like a good option. Why pay a bank for no services? No interest gain in an account
- ItTango0
As a former banker (while in school), I can tell you that fees are, and always have been, the only reason retail banking exists. Retail (general consumer products) vs Private Wealth Management or Commercial Banking.
Since the banking relationship for most retail customers centers around a basic checking account, there is little or no money to be made by their bank. The most common loan product for these customers is Overdraft protection.
In an effort to turn basic retail customers into profitable investments, banks roll out the fees. e.g. In the early 90's banks figured out that simply returning a check due to an overdraft was not nearly as profitable as paying the overdraft and charging a ridiculous fee. The last thing anyone wants is to have their car note or rent check returned. And almost no one wants to move their checking account 'cause it's a pain in the ass. Boom!
Suddenly, these "plain ol' customers" are generating just as much revenue as wealthy or commercial clients.
The thing is, most retail products are nothing (from a bank's balance sheet point of view) but cost center items. Without socking you with fees, they have little or no incentive to provide them.
And because of the regulation limiting what banks can charge for their merchant service transactions, they're looking to feed on something else.
- monospaced0
Once upon a time banks were so happy that you kept your money with them that they'd give you money just to do it. Now it's the opposite. Such bullshit.
- They are middle men. Making money on the pass through. Nothing more.ItTango
- Still, I shouldn't be losing money by using a bank! At least a respectable fucking interest rate would be nice.monospaced
- JSK0
Good stuff ItTango.
The problem is that everybody wants something for nothing.
Besides, there are products where you don't pay any fees if you have a balance.
- dibec0
crooks. greedy crooks.
- JSK0
This is a great program to watch on creditcards / bank fees
- ukit0
Isn't BoA basically insolvent anyway?
- JSK0
People still think that banks are the same in the movie "It's a wonderful life"
- ItTango0
yeah, if they weren't so fucking fat and run by the insanely greedy, things might be different. there was a time when banks were truly service oriented, like other businesses used to be. but the shareholders are only in it for profit's sake... and they're hungry all of the time.
my wife and i are looking into some of the smaller neighborhood banks, as their survival is directly linked to the communities they serve.
- JSK0
Depends actually, community banks while not impacted by MBS but they have higher probability of failure due to small businesses failing as well as risk of muni bonds
- mg330
I was pissed to see this. $60 a year essentially, and I can't get away from it because I've got stuff that's debited on-line every month and one a year... subscriptions, web hosting account, bills, etc.
The only thing I've thought of is to just use my credit card all the time, and not use my debit-card anymore except at ATMs. I get points or cash back on my credit card, so I'd be better off using it more. I have a small limit, but could get it raised.
Part of me says the fee is shit, part of me feels it's not a big deal, like maybe it's just the cost of having the account. A $60 a year fee. Sucks though.
- JSK0
$60 plus your monthly fee if you have a fee based product.
- TresLeches0
find a local credit union
- JSK0
Cable / utilities companies make up fees and charges.
While banks have to report any fees added to the service product, cable / utilities do not. They make it sound like a tax or some sort of government fees but in reality it is not.
Usually its quite small, $1.23 or $.50 but those suckers add up. And when you call them to ask, they never give you a straight answer and will never send out anything in writing about what those fees are.
- I am more pissed at this because you have no choice on different product or service providers.JSK
- You have a choice. Get an antenna. I get a better pic with mine than I did with cable. I like saving the $100 to miss Dexter.lemmy_k
- Legally, a fee is not enforceable, therefore they cannot commit on paper to terms unless you've signed for them.dMullins
- hellojeehae0
im taking all my money out and putting it under my mattress :/
- fresnobob0
The best part about Bank of America is that they are actually Bank of America Merrill Lynch (Countrywide), which means they control your money, your stocks, and your house!