Bank of America faces outrage over debit card charge
Aisha Send a noteboard - 30/09/2011 06:27:03 PM
Pretty blond Fox news lady is right..it is abotu the principle of the matter, 5 bucks isnt a lot but I refuse to pay 5 dollars a month for using my debit card. Fuck you Bank of America, Im closing my account today..there are too many goddamn options for where I can put my money, Im tired of BoA assholes nickel and diming people.
Bank of America got pummeled by investors and its customers Friday, a day after announcing that it would charge many debit card users a $5 monthly fee when they shop.
The troubled bank, already besieged by multibillion-dollar lawsuits and massive financial losses, saw its stock fall more than 2 percent in late-morning trading. The shares have plunged almost 44 percent for the quarter, the worst-performing in the Dow Jones industrial average by far. For the year, the stock is down 56 percent.
Now the bank faces a public relations backlash.
The debit card change has sparked fury on the Web and cable news channels. Consumers complained on message boards and in social media, vowing to take their business elsewhere.
Fox Business Network’s Gerri Willis went as far as to cut up her debit card on the air Thursday evening. “Right here, right now, I’m going to show Bank of America what I think of their fees,” she said before using a pair of scissors.
“That $5 fee may not seem like a lot, but it’s the principle of the thing — more and more coming out of my pocket,” she said.
Bank of America has said it decided to impose the fee after legislation sponsored by Sen. Richard Durbin (D-Ill) reduced the amount of money banks get when consumers swipe their debit cards in stores.
“Bank of America is trying to find new ways to pad their profits by sticking it to its customers,” Durbin said in a statement Thursday. “It’s overt, unfair, and I hope their customers have the final say.”
Bank of America, the largest bank in the country by deposits, is facing lawsuits stemming from shoddy mortgage practices during the housing boom. Last month, it announced it would shed 30,000 jobs and reshuffle its corporate leadership.
To shore up confidence in the company, the bank has repeatedly insisted that it does not need to raise capital and has sold off several valuable properties. It also took a $5 billion investment from Warren Buffett in August.
The bank will begin charging the fee next year for the bank’s basic checking accounts. It will apply only to debit card purchases and not to ATM withdrawals, online bill payments or mobile phone transfers, the company said.
Bank of America got pummeled by investors and its customers Friday, a day after announcing that it would charge many debit card users a $5 monthly fee when they shop.
The troubled bank, already besieged by multibillion-dollar lawsuits and massive financial losses, saw its stock fall more than 2 percent in late-morning trading. The shares have plunged almost 44 percent for the quarter, the worst-performing in the Dow Jones industrial average by far. For the year, the stock is down 56 percent.
Now the bank faces a public relations backlash.
The debit card change has sparked fury on the Web and cable news channels. Consumers complained on message boards and in social media, vowing to take their business elsewhere.
Fox Business Network’s Gerri Willis went as far as to cut up her debit card on the air Thursday evening. “Right here, right now, I’m going to show Bank of America what I think of their fees,” she said before using a pair of scissors.
“That $5 fee may not seem like a lot, but it’s the principle of the thing — more and more coming out of my pocket,” she said.
Bank of America has said it decided to impose the fee after legislation sponsored by Sen. Richard Durbin (D-Ill) reduced the amount of money banks get when consumers swipe their debit cards in stores.
“Bank of America is trying to find new ways to pad their profits by sticking it to its customers,” Durbin said in a statement Thursday. “It’s overt, unfair, and I hope their customers have the final say.”
Bank of America, the largest bank in the country by deposits, is facing lawsuits stemming from shoddy mortgage practices during the housing boom. Last month, it announced it would shed 30,000 jobs and reshuffle its corporate leadership.
To shore up confidence in the company, the bank has repeatedly insisted that it does not need to raise capital and has sold off several valuable properties. It also took a $5 billion investment from Warren Buffett in August.
The bank will begin charging the fee next year for the bank’s basic checking accounts. It will apply only to debit card purchases and not to ATM withdrawals, online bill payments or mobile phone transfers, the company said.
Aisha - formerly known as randschicka
Bank of America faces outrage over debit card charge
30/09/2011 06:27:03 PM
- 841 Views
I'm so glad I don't bank with them.
30/09/2011 07:01:32 PM
- 444 Views
I just went to TD for my personal acount today...we are still looking for our joint account... *NM*
30/09/2011 08:15:57 PM
- 154 Views
screw all the big banks
30/09/2011 07:19:36 PM
- 393 Views
I love my credit union, so drama free. I would never switch to a bank. *NM*
01/10/2011 03:04:39 AM
- 199 Views
Yeah, do more of what made folks mad enough to pass a federal law and kill your stock price.
30/09/2011 08:35:19 PM
- 381 Views
Hopefully this means no-one will dare do that here, having seen the reaction.
30/09/2011 11:11:29 PM
- 393 Views
Can't believe they're still in business. They are a shame to the human race. *NM*
30/09/2011 11:26:32 PM
- 171 Views
You mean BoA, not banks in general, right?
01/10/2011 02:41:36 AM
- 484 Views
Maintaining a modest sum of money in checking/savings/CDs obviates this charge and most others
01/10/2011 02:02:51 AM
- 443 Views
Hm?
01/10/2011 02:12:41 AM
- 383 Views
Right. It's not an issue if the combined total meets BoAs requirement.
01/10/2011 02:33:15 AM
- 554 Views
The bank may have the right to protect itself from losing money
01/10/2011 03:15:52 AM
- 465 Views
Yes, but griping about pains arising from symptoms does nothing to cure the disease.
01/10/2011 03:25:29 AM
- 455 Views
I'm still right. *NM*
01/10/2011 04:23:06 AM
- 156 Views
As long as account holders indefinitely surrender enough of their money for the bank to invest?
01/10/2011 02:35:49 AM
- 378 Views
No. I mean BoA doesn't want to have clients who cost money rather than make money for the bank.
01/10/2011 02:57:20 AM
- 447 Views
Well, charging people $5/month to use their own money will not accomplish that goal.
01/10/2011 03:24:07 AM
- 396 Views
Sure it will. They'll pay the fees or they'll leave. Either way BoA wins on that front.
01/10/2011 03:31:23 AM
- 503 Views
I suppose, if turning the departure of account holders into a stampede counts as "winning."
01/10/2011 04:18:11 AM
- 471 Views
If it's limited to the targeted account holders, the unprofitable ones, then it is winning.
01/10/2011 04:53:20 AM
- 462 Views
But the targeting is determined by how much money account holders semi-permanently loan banks.
01/10/2011 05:49:57 AM
- 522 Views
Love my credit union, I would never use a bank if I absolutely didn't have too. Go CUs! *NM*
01/10/2011 03:06:21 AM
- 167 Views