Bank Of America: Pay Up or Go Home

[SunsetDreams]

BofA Plan To Charge Customers Unless They Buy More Products, Have Enough Money: Report

(Reuters) - 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.

The report on the new fee initiative at the nation's second-largest bank comes after it had faced a major consumer backlash last year when it disclosed plans for a $5-per-month debit card fee, forcing the bank to drop the plan.

...

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.

Banks, in general, are looking for ways to build revenue lost to new regulations that curb debit card swipe fees.

http://www.huffingtonpost.com/2012/03/01/bank-of-america-fee_n_1312347.html

The regulation for the debit card swipe fees was an amendment by Dick Durbin (D) in the Dodd-Frank Wall Street Reform and Consumer Protection act. It also gave the Federal Reserve power to regulate debit card swipe fees and it seems the banks just don't like it

[anti-alec]

1. We'll take our money and go home

And watch you belly flop.

They haven't learned a damn lesson.

[ProSense]

2. Ugh! It's time

for this to happen.

Consumer groups call on Federal Reserve to break up Bank of America
http://www.democraticunderground.com/1002233756

[SunsetDreams]

4. Yes,

if they don't want to play by the rules, break them up.

[Javaman]

3. two words: credit union. nt

[MADem]

5. Are they nuts? Even TD bank gives free checking if you keep a hundred bucks in the account.

Credit unions do WAY better than that, too.

Anyone still doing business with those assholes needs to just get outta there.

[SunsetDreams]

6. I agree,

I bank at two credit unions. I think BofA customers need to take them up on it and just "go home" as in elsewhere.

[Sinistrous]

7. Driving away customers with small account balances is exactly what BOA wants to achieve.

These restrictions will not bother the 1%'ers who don't even notice that they maintain the "minimum balance". Small accounts are a pain in the a$$ for the mighty BOA, et al -- they don't make enough money from them -- so they want to get rid of as many as possible. Remember the recent statement by Morgan Stanley that accounts less than $100,000 aren't worth keeping.

So, moving your money to a Credit Union or local bank is doing what BOA wants. (Do it anyway.)

[JDPriestly]

8. This will be tough for the elderly people

who live on Social Security and don't have computers.

It's awful!!!!!

[SunsetDreams]

10. I know, it's not right at all

A lot of people will be hurt by this, living from pay check to pay check. They can't afford to keep a minimum in a bank when they need it for daily living. They damn sure don't have the money to pay for another loan or mortgage.

[sofa king]

9. "...or taking a mortgage with the bank..."

'Cause there's a sucker born every minute.