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Banks, Credit Unions, and Fees: Oh my!

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  • Banks, Credit Unions, and Fees: Oh my!

    So, as many have probably heard, Bank of America will start charging $5 per month to use a debit card somewhere other than an ATM.

    http://www.bizjournals.com/southflor...hly-debit.html

    Personally, I don't use Bank of America, but was wondering: Is anyone actually planning to leave this bank simply because of this new fee?

  • #2
    Re: Banks, Credit Unions, and Fees: Oh my!

    Originally posted by FlagDUDE08 View Post
    So, as many have probably heard, Bank of America will start charging $5 per month to use a debit card somewhere other than an ATM.

    http://www.bizjournals.com/southflor...hly-debit.html

    Personally, I don't use Bank of America, but was wondering: Is anyone actually planning to leave this bank simply because of this new fee?
    If I were still there, I would. But they tried to fark me over long ago, so I switched awhile ago. I've got no loyalty to any bank outside of inertia and the pain it is to switch. It really doesn't take much to overcome that inertia, though.

    If Wells Fargo ever does the same thing, I know my wife would switch. It doesn't really impact me since I never use my debit card anywhere other than ATMs. But if it weren't for the convenience of having my checking, joint savings, mortgage, and now investment accounts (formerlly wachovia) all in one place, I'd switch to a credit union or locally owned bank in a heartbeat.

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    • #3
      Re: Banks, Credit Unions, and Fees: Oh my!

      I'd switch in a hearbeat.... I rarely carry cash on me, so my card is probably used for 80% of purchases...
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      • #4
        Re: Banks, Credit Unions, and Fees: Oh my!

        If Fifth-Third does this, I'll just start planning a weekly trip to the bank for cash, and have my credit card for emergencies.

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        • #5
          Re: Banks, Credit Unions, and Fees: Oh my!

          Originally posted by FlagDUDE08 View Post
          Personally, I don't use Bank of America, but was wondering: Is anyone actually planning to leave this bank simply because of this new fee?
          Thinking about it. Depends whether I can find a viable alternative.
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          • #6
            Re: Banks, Credit Unions, and Fees: Oh my!

            Originally posted by unofan View Post
            If Wells Fargo ever does the same thing, I know my wife would switch. It doesn't really impact me since I never use my debit card anywhere other than ATMs. But if it weren't for the convenience of having my checking, joint savings, mortgage, and now investment accounts (formerlly wachovia) all in one place, I'd switch to a credit union or locally owned bank in a heartbeat.
            We have all of those with our credit union now.

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            • #7
              Re: Banks, Credit Unions, and Fees: Oh my!

              Have Wells and I live off my debit card. It rocks. I have instant records of everything.

              Originally posted by unofan View Post
              If I were still there, I would. But they tried to fark me over long ago, so I switched awhile ago. I've got no loyalty to any bank outside of inertia and the pain it is to switch. It really doesn't take much to overcome that inertia, though.

              If Wells Fargo ever does the same thing, I know my wife would switch. It doesn't really impact me since I never use my debit card anywhere other than ATMs. But if it weren't for the convenience of having my checking, joint savings, mortgage, and now investment accounts (formerlly wachovia) all in one place, I'd switch to a credit union or locally owned bank in a heartbeat.
              San Francisco-based Wells Fargo said it will charge a $3 fee for some debit-card customers in Nevada, Washington, Oregon, New Mexico and Georgia, starting Oct. 14. Wells Fargo's fee also applies to debit-card use, not ATM transactions.

              The fee won't apply to customers in certain premium accounts.A Wells Fargo spokeswoman said that the fee is part of a pilot program, and that the bank has not determined whether it will roll it out to all customers. Wells Fargo has said it expects to lose $250 million each quarter from the new caps on swipe fees.


              I have a premium account tho.
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              • #8
                Re: Banks, Credit Unions, and Fees: Oh my!

                How much will the "Thanks for bailing us out" fee be?

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                • #9
                  Re: Banks, Credit Unions, and Fees: Oh my!

                  Originally posted by unofan View Post
                  If I were still there, I would. But they tried to fark me over long ago, so I switched awhile ago. I've got no loyalty to any bank outside of inertia and the pain it is to switch. It really doesn't take much to overcome that inertia, though.

                  If Wells Fargo ever does the same thing, I know my wife would switch. It doesn't really impact me since I never use my debit card anywhere other than ATMs. But if it weren't for the convenience of having my checking, joint savings, mortgage, and now investment accounts (formerlly wachovia) all in one place, I'd switch to a credit union or locally owned bank in a heartbeat.
                  Wells Fargo, from one of the similar articles I read, is piloting these fees. Whether or not they'll actually follow through, I don't know.

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                  • #10
                    Re: Banks, Credit Unions, and Fees: Oh my!

                    Originally posted by jmh View Post
                    Thinking about it. Depends whether I can find a viable alternative.
                    If you're in NYS still, M&T has been advertising free checking. I'm not sure what First Niagara will do after the HSBC merge.

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                    • #11
                      Re: Banks, Credit Unions, and Fees: Oh my!

                      BoA looks like it's being hit by a Denial of Service. OOPS!

                      And I think BoA is going to exempt premium accounts, too.
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                      • #12
                        Re: Banks, Credit Unions, and Fees: Oh my!

                        Originally posted by joecct View Post
                        BoA looks like it's being hit by a Denial of Service. OOPS!

                        And I think BoA is going to exempt premium accounts, too.
                        How BoA hasn't experienced a bank run is beyond me at this point. Who in their right mind would do business with them?!
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                        • #13
                          Re: Banks, Credit Unions, and Fees: Oh my!

                          We have accounts with Wells and a CU. I've already re-fi'd one car loan with the CU and Wells recently dropped their loyalty program. I'm pretty close to moving everything else to the CU except the mtge.

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                          • #14
                            Re: Banks, Credit Unions, and Fees: Oh my!

                            Originally posted by Patman View Post
                            How BoA hasn't experienced a bank run is beyond me at this point. Who in their right mind would do business with them?!
                            But they have "America" right there in their name! Not doing business with them would be terribly unpatriotic.

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                            • #15
                              Re: Banks, Credit Unions, and Fees: Oh my!

                              Originally posted by Priceless View Post
                              But they have "America" right there in their name! Not doing business with them would be terribly unpatriotic.
                              IIRC, it used to be Bank of Italy, then a big fire and other stuff happened in 1906 in the Bay Area. After the mess was over, it got changed to Bank of America. Are they returning to their roots???
                              CCT '77 & '78
                              4 kids
                              5 grandsons (BCA 7/09, CJA 5/14, JDL 8/14, JFL 6/16, PJL 7/18)
                              1 granddaughter (EML 4/18)

                              ”Any society that would give up a little liberty to gain a little security will deserve neither and lose both.”
                              - Benjamin Franklin

                              Banned from the St. Lawrence University Facebook page - March 2016 (But I got better).

                              I want to live forever. So far, so good.

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