Bank of America to charge $5 debit card fee

[Hal-9000]

Debits are free...and I do a lot of them.

The only time I get the 1.50 hoop-rape is when I take out cash at a machine that's not affiliated with my bank.It's a standard thing up here in Canada, 1.50 for a cash transaction not at 'your' bank machine.

Then TD (Canada Trust) levies the additional non-TD charge on my monthly account.So it's pretty much 3 bucks for cash when I'm not using their machines.I am driving my own destiny...I could avoid it altogether by not being lazy and using their machines when I need cash, which isn't often.

[lost in melb.]

Debits are free...and I do a lot of them.

The only time I get the 1.50 hoop-rape is when I take out cash at a machine that's not affiliated with my bank.It's a standard thing up here in Canada, 1.50 for a cash transaction not at 'your' bank machine.

Then TD (Canada Trust) levies the additional non-TD charge on my monthly account.So it's pretty much 3 bucks for cash when I'm not using their machines.I am driving my own destiny...I could avoid it altogether by not being lazy and using their machines when I need cash, which isn't often.

2 bucks a withdrawal here

[lost in melb.]

2 bucks a withdrawal here

unless you blow them

[Hal-9000]

2 bucks a withdrawal here

unless you blow them

[FBD]

Joey, are you concerned about the store, or the customers?

Remember, its that evil businessman that used to pay that fee that you now have to pay, if your bank is B of A.

And now, they're of course getting political punishment-payback from the very originator of that amendment - Durbin is now telling people "if you do business with BoA, get the hell out of there!" Which is absolutely fucked up because this asshole is trying to cover the downstream results of his actions and like a true democrat is dancing like mad to try and keep the shit from sticking to his fur.

[Acid Trip]

Citi has now joined the fray of new fees. If you don't keep a collective $16,000 in your accounts they'll charge you $20 a month for your account. Close your big bank accounts and head to your local/regional bank or credit union!

http://finance.yahoo.com/news/Citi-a...83525.html?x=0

Citi announces new fees on checking accounts

The fees keep coming. Citi is the latest big bank to slap customers with a round of fee hikes. This time, on its checking accounts.

Starting in December, customers who hold its mid-level Citibank Account will be charged $20 a month if they fail to maintain a minimum balance of $15,000 in their combined accounts. Previously, account holders had to carry a minimum balance of $6,000.

At the same time, customers who have the bank's EZ Checking account will start being charged $15 a month if they don't carry a minimum balance of $6,000. Citi (C) says it is phasing out the EZ Checking package, which currently carries no monthly fee, and is instead offering customers either the Citibank Account or its Basic Banking account, which also carries a fee.

Last month, Citi said it is hiking the fee on its Basic Banking account from $8 to $10. Customers will be able to avoid paying the $10 fee by either maintaining a minimum balance of $1,500 or by making one direct deposit and one automatic online payment through their checking account each month, said Citi.

Currently, account holders must make five online transactions per month in order to avoid paying the fee and there is no minimum balance requirement.

Citi's fee hikes come just days after Bank of America announced it would charge a $5 fee for debit card purchases. Wells Fargo, JPMorgan Chase, Sun Trust and Regions Financial have all also rolled out similar fees in select markets in recent weeks.

"The regulatory environment has changed a great deal -- particularly with the Durbin Amendment -- and we're seeing the results of that now," said Claes Bell, banking reporter with Bankrate.com. Going forward, "we're going to see more large national banks announce fees."

With the new regulation that caps how much revenue banks can get from the swipe fees they collect from merchants, banks must look for other ways to cover that lost income, explained Nessa Feddis, vice president and senior counsel of the American Bankers Association.

"We don't expect to pay nothing to ride the train, it's the same thing with a checking account," she said.

Citibank said it chose not to charge a debit card fee because its customers did not want it. "There's a reason why we structured it this way," said Catherine Pulley, spokeswoman for Citi. There are also no hidden fees, Pulley added, and customers will benefit from free online bill pay and free access to non-Citi ATM machines.

While the majority of checking accounts were free last year, less than half now come without a price tag, according to a recent study from bank-comparison site Bankrate, which looked at 243 interest and 238 non-interest accounts.

Like Citi's new offerings, 92% of checking accounts have fee waivers, meaning that if you can meet certain financially requirements, most checking accounts are -- or could become -- free.

[JoeyB]

Joey, are you concerned about the store, or the customers?

Remember, its that evil businessman that used to pay that fee that you now have to pay, if your bank is B of A.

And now, they're of course getting political punishment-payback from the very originator of that amendment - Durbin is now telling people "if you do business with BoA, get the hell out of there!" Which is absolutely fucked up because this asshole is trying to cover the downstream results of his actions and like a true democrat is dancing like mad to try and keep the shit from sticking to his fur.

Again, endlessly posting Fox News approved anti-liberal bias does not change the reality of the situation. I was right, you were wrong. Though, if you'd prefer I can employ your tactic, post somebody else's opinion and claim to have p-owned you.

So on that accord, in reference to the $5 a month charge:

"This new debit card fee would bring Bank of America $2 billion a year in new profits."

See, profits. Not covering of expenses necessary to maintain business. Profits.

They just want more cash people, which should have been obvious.

I have now p-owned everyone in this thread and also Lady Gaga, for no reason at all other than I just wanted to mention her.