BoFA is testing new fees for certain states after $5 debit card fee!!!!

[Anonymous]

You have made an extremely valid point.  As much as we as consumers may feel we are entitled to free checking accounts, the fact of the matter is banks are a business and they provide a service just like any other company we deal with.  I would not end my Wells Fargo relationship it they charge a nominal fee for my accounts.  I value being able to travel any where in the country and having a coast to coast network of branches and atm.  I have also been a victim of fraud and Wells had my money back in my account the same day.  My credit union took about 10 days so there are definitely trade offs.  P.S. I am not a banker...just a level headed consumer.

[RyVision]

Did I just read some of these posts correctly?!   "Banks provide a service (when you put your money in them)"  ?! 

The reason our old pass book savings accounts (I'm going to guess most of the people reading this have never had one and held that book) paid interest  was because banks NEED money and deposits to offer loans and credit products with which to make money (interest).  When was the last time you'd be willing to pay someone for the right to LOAN THEM YOUR MONEY?!?!  What do you think one does when they deposit money in a bank?  Many of you are willing to pay "storage fees for your money" I think I've heard it all now...

Pay to store it, pay to borrow it, pay to send it, to spend it to document it. The one they can't charge you for (or don't) is holding it yourself in cash.  Mind you, this is after they've done away with decent personal customer service, switching to computer "please press 1" telephone handling, and mostly automated management.

Man I'm old, no wonder this younger bunch is so messed up when it comes to big banks and what they allow them to get away with!

News flash, you can travel anywhere in the WORLD with cash and not need an ATM, an Ipad app OR a bank.

Think about that for a bit.

May I add, anyone buying a lot of what banks are selling, well, you've been suckered. 

[Anonymous]

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@RyVision wrote:

Did I just read some of these posts correctly?!   "Banks provide a service (when you put your money in them)"  ?! 

The reason our old pass book savings accounts (I'm going to guess most of the people reading this have never had one and held that book) paid interest  was because banks NEED money and deposits to offer loans and credit products with which to make money (interest).  When was the last time you'd be willing to pay someone for the right to LOAN THEM YOUR MONEY?!?!  What do you think one does when they deposit money in a bank?  Many of you are willing to pay "storage fees for your money" I think I've heard it all now...

Pay to store it, pay to borrow it, pay to send it, to spend it to document it. The one they can't charge you for (or don't) is holding it yourself in cash.  Mind you, this is after they've done away with decent personal customer service, switching to computer "please press 1" telephone handling, and mostly automated management.

Man I'm old, no wonder this younger bunch is so messed up when it comes to big banks and what they allow them to get away with!

News flash, you can travel anywhere in the WORLD with cash and not need an ATM, an Ipad app OR a bank.

Think about that for a bit.

May I add, anyone buying a lot of what banks are selling, well, you've been suckered. 

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+1 to most of this.  I do love my PNC Android App for checking my balance, paying bills, etc on the go.  However, I will never pay for it.  By giving the back my money, I am allowing them to earn interest when they lend it to others.  The day they try to take money from me and the people they are lending my money to is the day I take my money back and give it to my CU.

[tinuviel]

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@Ron1 wrote:

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@Anonymous wrote:

Remember the good old days when banks used to pay you for keeping your money with them.

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They paid you 5.5% for passbook savings back in 70s.

Ron.

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I remember rates in the 6% range... ah, the good ol' days!

[tinuviel]

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@RyVision wrote:

Did I just read some of these posts correctly?!   "Banks provide a service (when you put your money in them)"  ?! 

The reason our old pass book savings accounts (I'm going to guess most of the people reading this have never had one and held that book) paid interest  was because banks NEED money and deposits to offer loans and credit products with which to make money (interest).  When was the last time you'd be willing to pay someone for the right to LOAN THEM YOUR MONEY?!?!  What do you think one does when they deposit money in a bank?  Many of you are willing to pay "storage fees for your money" I think I've heard it all now...

Pay to store it, pay to borrow it, pay to send it, to spend it to document it. The one they can't charge you for (or don't) is holding it yourself in cash.  Mind you, this is after they've done away with decent personal customer service, switching to computer "please press 1" telephone handling, and mostly automated management.

Man I'm old, no wonder this younger bunch is so messed up when it comes to big banks and what they allow them to get away with!

News flash, you can travel anywhere in the WORLD with cash and not need an ATM, an Ipad app OR a bank.

Think about that for a bit.

May I add, anyone buying a lot of what banks are selling, well, you've been suckered. 

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+1

And yes, I'm old enough to remember a pass book. And the interest that those tended to earn. The rationale was, indeed, that we were in essense lending the bank our money so that they could, in turn, lend it out and make interest off of it. Now, it seems that you're nickled and dimed for everything associated with letting them hold onto, and lend out, your money.

[Anonymous]

Except here's the thing about banks charging fees:

We loan them our money (and for the past several years, for nearly free), so that they can loan it out and make money.  Charging fees to account holders is double dipping, plain and simple.  Wrong?  No, it's business.  But I don't support it, and it is silly.

Sorry, if I hold thousands of my dollars in your bank, in which you can loan out at a decent interest rate, and in return, I make pennies... you have no reason to be charging me a fee.  You're already getting to use my money for your benefit.

Hence why I moved to USAA months ago and haven't looked back.  Screw BoA.

[scottwagnon]

another reason why right now i am so glad i am not a bank of america checking account holder.

[LS2982]

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@RyVision wrote:

Did I just read some of these posts correctly?!   "Banks provide a service (when you put your money in them)"  ?! 

The reason our old pass book savings accounts (I'm going to guess most of the people reading this have never had one and held that book) paid interest  was because banks NEED money and deposits to offer loans and credit products with which to make money (interest).  When was the last time you'd be willing to pay someone for the right to LOAN THEM YOUR MONEY?!?!  What do you think one does when they deposit money in a bank?  Many of you are willing to pay "storage fees for your money" I think I've heard it all now...

Pay to store it, pay to borrow it, pay to send it, to spend it to document it. The one they can't charge you for (or don't) is holding it yourself in cash.  Mind you, this is after they've done away with decent personal customer service, switching to computer "please press 1" telephone handling, and mostly automated management.

Man I'm old, no wonder this younger bunch is so messed up when it comes to big banks and what they allow them to get away with!

News flash, you can travel anywhere in the WORLD with cash and not need an ATM, an Ipad app OR a bank.

Think about that for a bit.

May I add, anyone buying a lot of what banks are selling, well, you've been suckered. 

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+1

[Anonymous]

I think I heard somewhere banks do not loan out money in checking accounts. Is that true? It would make sense because how can you loan out money that doesn't exist? Back when I was in college my checking account would always be drained as I lived paycheck to paycheck. They can't loan out that money if I am always spending it and draining my account, so they wouldn't be getting any interest off it. How can you loan out money if the checking account holder is always spending that money?

Instead they make money off checking accounts by debit card swipe fees and overdraft fees. However congress has limited that so they have nowhere else to turn except charging monthly fees to make up the difference.

I don't like it but I understand the reasons. I really do like my BoA checking account. Online bill pay is great and as someone who loves to travel the vast ATM network is nice. I just hope whatever fees they implement that I can manage to avoid them. Would be a pain to have to change my bank and routing numbers for direct deposit and all my bill payments but I would definitely switch if I was charged a monthly fee.

[CreditCrusader]

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@MrShush wrote:

The overdraft decision came just months before the Dodd-Frank law halved what financial institutions could charge merchants for accepting credit and debit cards. That took away $2 billion in annual revenue from the bank.

This is why the free stuff we were so used to has vanished. Honestly, moving your money out to a community bank or credit union won't stop them (large banks) from creating new and fun ways to charge the existing customers. Repeal Dodd-Frank: step 1, reording debits from smallest to largest to minimize OD revenue: step 2. Finally, the customer has to be accountable for mistakes or blatant offenses.

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Holy cow...DREAM ON with this president and senate...though we DO have an election in 8 months

I don't disagree in principle with you. Consumers should be accountable for their actions with these accounts and it absolutely appalls me that responsible account holders are made to pay the difference in profits while irresponsible people have their actions swept under the rug. I just wouldn't look for anything to change in the short term because these lawmakers are drunk with power and believe the government should be regulating responsibility, not the free market.