Bank of America: Because it thinks America is its bank. In Britain, there are no debit card fees, and you can use any bank's ATM to take out cash without a charge. In the US, use the wrong machine, and you're hit by your bank and the other bank. And now, Bank of America thinks it should make an extra $5 per month should you use your debit card. Thank goodness we have that banking reform law.
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- While I understand that our Congressmen put all this in motion ('helping consumers while getting money from big retailers"), I think one way to get even is to write checks for every transaction where you might have used a debit card. Until they start to pass on to us the extra money the government has arranged for them to get in per-swipe fees will end up costing them more as they have to process more and more paper checks.
As to the banks: Go into the bank to get your spending cash. Ask to have your cancelled checks and statements snail-mailed to you. Help them see that every time you do a transaction electronically, it saves them a bundle of money. Of course, eventually they will raise rates on these services as well, but then sign up at a credit union, which generally have not fees for debit card usage.
Oh.. and send a $0.10 (ten CENTS) check to the re-election campaign for your local politician who helped pass this bill based on kickbacks. - oh, sorry - 'donations'- from big box stores.
Oh, and file your taxes.. on paper next year. Help save the US Postal Service.
The extra work will help solve umemployment as well! Everyone wins for just a little bit of your time writing checks:)Sep 30, 2011
- I think all the big ones will follow. I'm surprised I haven't heard from CHASE yet (my bank). Greed is the only association I make with these banks. Most have been raking in huge profits since the bail out; recovering far faster than other sectors in the current grim economy.Sep 30, 2011
- Regions has started charing me $10 a month fee because i don't have direct deposits that add up to $1000 in 2-3 transactions. I'm a server, I make cash, my paychecks are usually $0 because of taxes. I am also being charged $4 a month for using my debit card...Oct 1, 2011
- What part of "vote with your feet" do you not understand? We don't need regulations to deal with this. If it is allowed to function, the free market will nip this in the bud toot sweet.Oct 1, 2011
- Are you sure it's not all banks in Italy too? That would make sense, because I thought it was a European law for our respective countries to implement nationally. Or maybe this majority of banks are already doing it because Italian parliament is preparing their version of the law anyway (I could be wrong, maybe it was an exclusively Belgian legislative initiative.)Oct 2, 2011
- Okay, all of you people blaming Bank of America for this -- you're barking up the wrong tree. It was Congress that did this to us, not any bank. And EVERY bank will ultimately be forced to do the same thing. Reason has an excellent article here explaining what happened: "You Can't Call It An Unintended Consequence If You Knew It Was Going To Happen" http://reason.com/blog/2011/09/30/new-debit-card-fees-is-it-an-uOct 3, 2011