topic BoA to start charging for debit card use in Credit in the News

BoA to start charging for debit card use

MarineVietVet — Thu, 29 Sep 2011 20:36:49 GMT

Bank Of America Plans To Charge Monthly $5 Debit Card Usage Fee

Re: BoA to start charging for debit card use

Watchmann — Thu, 29 Sep 2011 21:12:21 GMT

Three operative words here: "Cash Is King". As the banks are squeezed by new regulations they will make up their money elsewhere. Forget the 1-3% reward treadmill and just use cash, no fuss, no muss. Beat the banks at their own game.

Re: BoA to start charging for debit card use

fused — Thu, 29 Sep 2011 21:16:52 GMT

Paying a fee to access (use) MY OWN money.

Re: BoA to start charging for debit card use

awal — Fri, 30 Sep 2011 01:00:11 GMT

@fused wrote:
Paying a fee to access (use) MY OWN money.

Thats exactly what I said. I guess its time to take up a local CU on their offer of $100 for opening an account.

Re: BoA to start charging for debit card use

scottwagnon — Fri, 30 Sep 2011 06:16:27 GMT

i always knew b of a to always fee per month on checking accounts. i didn't realize this was new. maybe, it just that they increased it. putting money in a local CU is SO much better for everyone.

Re: BoA to start charging for debit card use

CreditAble — Fri, 30 Sep 2011 12:25:44 GMT

@Watchmann wrote:
"Cash Is King".

...just use cash, no fuss, no muss.
Beat the banks at their own game.

Hi Watchmann

I have always relied on "King Cash"
You and I have always been on the same page there.

But checkout this. "The fee will apply to customers who use their debit card to make any purchases during the month, but won't apply to those who only use it for ATM transactions",

Doesn't that mean that if I take my cash out of a BofA ATM and spend it on a big screen TV I won't be charged by the bank.

If I had used my card for the purchase wouldn't Bank of America get part of the merchant fee? So how does the new policy make BofA more money by encouraging everyone to withdraw the cash and not use debit cards at point of purchase.

I think Bank of America is beating itself at its own game. Like you said "just use cash". That is what it seems that Bank of America wants us to do.

The reality is that I never use debit at point of purchase for the well known reasons discussed in the debit verses credit debate. I use my BofA credit card and transfer the funds directly from my BofA checking. The only time I ever use my BofA debit card is for cash. I guess nothing much is going to change for me .