Bank of America Mobsters Begin Charging $5 for Debit Card Usage

Thursday, September 29, 2011

The mobsters at Bank of America plan to charge customers a $5 monthly fee for usage of their Visa debit cards, according to the Wall Street Journal.

Bank of America earlier this year whined about changes in debit card rules to cost the company about $2 billion a year. Recently, BofA said the debit-card changes will cut revenue by about $475 million in the fourth quarter this year.

President Obama signed the Credit CARD Act of 2009 into law on May 22, 2009, following passage days earlier in the Senate and the House. (Read the act.)

Credit card issuers and credit industry experts warned both President Obama and the U.S. Congress that the Credit CARD Act of 2009 would make credit cards more costly for all users and inaccessible for many low-income families and people with less than perfect credit. But alas, the warning fell on deaf ears.

My advice to readers near and far held hostage by the mobsters at Bank of America is to seek out local and regional banks as well as credit unions. Local financial banks are taking advantage of Bank of America’s greed and rolling our many free checking and saving account products.

In the meantime, I suggest Bank of America customers start writing checks for your purchases because the cost associated with check processing is a far greater burden to the bank than Debit card processing.

This entry was posted in Bank of America, Corporate Greed, Mobsters, News and tagged , , , . Bookmark the permalink.

13 Responses to Bank of America Mobsters Begin Charging $5 for Debit Card Usage

  1. Woodcliffe says:

    I predict this stunt will be a public relations disaster for BofA. They should see a sizable drop in the number of their customers as angry consumers move on down the road to local, community banks without the fees.

  2. retahyajyajav says:

    BofA is trading at $6.00 a share! Rejoice! Soon this asshole bank will be a bona fide penny stock and no one will want it in their portfolio.

    All those former BofA branches will be turned into Starbucks.

  3. The Real Adam says:

    $5 a month translates to $60 a year. A lot to the poor, the elderly and the disabled on fixed income who live on the margins.

    What really infuriates me is, O-Bummer knew how this would shake out and who would suffer and he went ahead on and signed the Credit CARD Act because it was written by Democrats in bed with the banking industry. People like Chris Dodd and Barney Frank. O-Bummer doesn’t care. He’s a Harvard elite. I detest him.

  4. Stephen Iversonn says:

    Experts warned the Feds and the Feds basically told the experts to fuck off. The corrupt corporate culture that runs Washington wins again.

    Practices like this as far back as the 1910s and the argument is always the same: business knows what is best for America. Really? May I remind business of TARP? ENRON? Bribery is never good for America and I think this is the last straw.

    The American people have been pushed into a corner.

  5. Randy Arroyo says:

    I absolutely love your idea of writing checks for every purchase. That’s brilliant. Processing a paper check is costly and will eat into any positive revenue stream they may get from charging people for the privilege of using their own money. I am so glad I left BofA a few years ago for a credit union. I made the right decision.

  6. ultragreen says:

    I’m hoping that Bank of America will go belly up and the Feds will NOT bail them out. This bank deserves to fail. The people in charge must be colossal idiots.

  7. Robyn says:

    I love my credit union. Big banks like Chase and B of A can suck balls.

  8. Adirondacky says:

    These bastards received billions in bailout money in 2008 and now they’re trying to screw us with a debit card fee? I was about to ask, where is Obama on this? In an election season he could make a few points at least appearing like he’s looking out for us. Then I remembered. I’m talking about the bank’s original butt boy. He won’t lift a finger to help the American consumer.

  9. Joe in Colorado says:

    I’m hoping BofA goes the way of Borders Books. Credit unions have shared branching which means you can use any credit union’s ATM for no charge. What’s more, the shared branching means the debit card network is also shared and free. Sometime there are shared networks in Circle Ks and 7-11 stores too. Sign up for direct deposit and there is no monthly account fee. Adirondacky is also correct here. In an election season, this issue is one Obama could stand up with the consumer to distinguish himself from the GOP field but he won’t because he signed the legislation allowing for debit card fees. Obama is part of the problem.

  10. Jim says:

    Time to get off the fence I guess and make to effort to align with a credit union or regional bank.
    Anyone but the big players.

  11. lea-lea says:

    I closed my Bank of America accounts and opened a banking account with my employer credit union earlier this year. The process was easy and the rep was a lot of fun to talk to. A warm, funny lady who gave me her business card.

    With direct deposit, I have free checking and debit card use. I had to buy new checks which were $21 but they waived the postage charge because I picked the checks up at the branch. In fact, for opening a new account, the gave me a set of 5 nesting microwavable bowls.

    When was the last time Bank of America did that for you?

    Bank of America’s arrogance is shocking. I can’t believe how shabbily they treat their customers but what I don’t understand why anyone in their right mind would tolerate it? You have choices.

  12. Arizona Leatherneck says:

    Credit unions. It’s as simple as that.

    Open a checking account with a credit union. They share a national network so you can deposit monies or make an ATM withdrawal without a fee. Many Credit unions offer basic checking free if you make a direct deposit.

    Banks like BofA were hamstrung by the Dodd-Franks legislation requiring them to show a profit but at the sametime, limit everything from interest rates they charge customers to points on home loans. The Dodd-Franks bill is a disaster and now the American people are reaping the benefits.

  13. Brigadoon says:

    There are so many choices out there for banking. Even Ally Bank. Ally is a virtual bank meaning it doesn’t have a brick and mortar presence. Everything with them is online. And like others have said, credit unions are excellent banking choices.

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