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Banks, Credit Unions, and Fees: Oh my!

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

FlagDUDE08 said:
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/southflorida/news/2011/09/30/bofa-to-start-charging-monthly-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?
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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.
 
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...
 
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.
 
Re: Banks, Credit Unions, and Fees: Oh my!

FlagDUDE08 said:
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?
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Thinking about it. Depends whether I can find a viable alternative.
 
Re: Banks, Credit Unions, and Fees: Oh my!

unofan said:
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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We have all of those with our credit union now.
 
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.

unofan said:
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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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.
 
Re: Banks, Credit Unions, and Fees: Oh my!

How much will the "Thanks for bailing us out" fee be?
 
Re: Banks, Credit Unions, and Fees: Oh my!

unofan said:
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.
Click to expand...

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.
 
Re: Banks, Credit Unions, and Fees: Oh my!

jmh said:
Thinking about it. Depends whether I can find a viable alternative.
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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.
 
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.
 
Re: Banks, Credit Unions, and Fees: Oh my!

joecct said:
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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How BoA hasn't experienced a bank run is beyond me at this point. Who in their right mind would do business with them?!
 
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.
 
Re: Banks, Credit Unions, and Fees: Oh my!

Patman said:
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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But they have "America" right there in their name! Not doing business with them would be terribly unpatriotic.
 
Re: Banks, Credit Unions, and Fees: Oh my!

Priceless said:
But they have "America" right there in their name! Not doing business with them would be terribly unpatriotic.
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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???
 
Re: Banks, Credit Unions, and Fees: Oh my!

Patman said:
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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Those who deposit anything close to or above the FDIC limit. You should see some of the rates on jumbo CD's relative to the regular ones (minimum deposit of $100,000).

I know HSBC's checking is $8/month unless you either keep $1500 in there or do a no-minimum weekly direct deposit. I wouldn't be surprised if BoA already does something similar.

Do any of the non-Extra members see those Ally ads on here? They may be annoying on here, TV, and radio, but they're actually a pretty decent financial company. They broke off of GMAC (the Chevy financial) at about the time the government sacked GM's leader.

Also, be careful if you go to online savings accounts or MMA's. Maximum 6 withdrawals by federal law, otherwise $10 a transaction. I wonder if companies will stop offering those if that law is repealed.
 
Re: Banks, Credit Unions, and Fees: Oh my!

Huh. Old-fashioned me mostly paying with cash or check, avoiding all these fees. :p
 
Re: Banks, Credit Unions, and Fees: Oh my!

USAA ftw! :)

Actually, USAA ended its rewards program for its still-free debit cards. So I use their credit card for its cash rewards and payoff the balance from the debit/checking account.
 
Re: Banks, Credit Unions, and Fees: Oh my!

Brenthoven said:
Huh. Old-fashioned me mostly paying with cash or check, avoiding all these fees. :p
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We use a credit card and pay it off each month with a direct transfer, thus getting cash-back rewards and no fees while still earning a tiny bit of interest on our money until the transfer clears. It's not much, but it beats the hell out of paying fees.
 
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