Mugged American Style – Bank of America Debit Card Fees

The latest outrage to be thrust upon an economically beaten down American populace was the announcement that the nation’s largest bank, Bank of America, will begin charging customers $5 per month to use debit cards to make purchases. Excuse me, if you let me hold your money, I will charge you when you spend it. Do we have a deal?

http://pollardpost.blogspot.com/2011/10/mugged-american-style-bank-of-america.html

[ame="http://www.youtube.com/watch?v=OwmkXL9YrbM"]Mugged American Style - YouTube[/ame]

 

Join a credit union.

 

what's the problem? Just dont use their services.

 

Upward wealth redistribution

 

So you oppose the Dodd/Durbin bill that is the reason for this? You oppose government price controls?

 

Haha, of course it does. Just squeeze the little guys to recoup your profits, and leave those who wouldn't even notice the fees alone.

 

That will be one result of the Dodd/Durbin bill as we see here. And yes I invest in banks and yes my profits which go into my retirement should be protected, why should I give them up to stupid government price controls, what did you expect the banks to do?

 

Leftists impose myopic, easily stepped around regulations designed to thwart rent seeking from entities they have liberty to avoid....

while fully supporting rent seeking from an entity one cannot aviod.

 

How about levying this "necessary" re-coup at everyone instead of cutting the welathy slack they don't need. If this was consistantly applied across their customer base, perhaps the fee would only have been 2.50...or less.

However sheltering the Thurston Howells,who wouldnt even blink at such extra fees... leads the less fortunate eating the whole thing. I don't like inconsistancy, this goes against any party lines I have, especially when it leads to some picking up the slack for others.

Why should some be sheltered from this fee while others are not?

 

I've never liked BofA, but this seems really petty. Oh well....we'll see if other banks follow.
But, if I were a bank, I'd be readying the commercial themed on Southwest Airlines "bags fly free".

 

Did any Republican politicians voted in favour of this bill, since you appear to be placing total blame on Leftists?

 

This is a valid point.

At this point in time, banks should be expected to screw people as much as is legally allowed.

This is why credit unions are infinitely superior to banks unless you happen to be wealthy enough for their services to actually benefit you.

 

It was mostly party-line vote.

 

I wasn't getting screwed and why should credit unions have an unfair market advantage dictated by law?

It was a stupid and unnecessary invocation of government price controls which invariably backfire and never do what the politicians intend them to do.

You don't get the point, I should have to consider switching to a CU at all.

Well a quick search provides only one Credit Union near me I am qualified to join, it does not offer debit card service, it does no offer online banking and bill paying so it is not ifninitely superior to the dozen or so banks that do and their rates are not noticeably less.

 

You were getting screwed in other ways, like the bank bailouts.

 

My bank was not screwing me, that you must have that to make your case not with standing. It gives me excellent service and better rates than the local credit union which has a branch here.
I had no need nor desire to change, why should I have to even consider it because of a stupid regulation put in place by idiots who have no idea what they are doing?

 

What are you complaining about? No one is forcing you to stay with your bank. It's the free market, right?

 

Well they already have. I've found one bank in California [at least in my area] that has free checking without a bunch of preconditions. I dropped Chase in April after they started assessing a $10 fee for having money in their bank.

 

DUH I know no one is forcing me, I WANT to stay with my bank, did you misread my post?

Originally Posted by Bluesguy
My bank was not screwing me, that you must have that to make your case not with standing. It gives me excellent service and better rates than the local credit union which has a branch here.
I had no need nor desire to change, why should I have to even consider it because of a stupid regulation put in place by idiots who have no idea what they are doing?

Why should my banking be changing at all and why should I have to change banks at all. I WANT to stay with my bank and keep receiving the services I was receiving, these was not valid reason to change it.

 

Clearly, the legislators thought differently.

But as you said, you're staying with your bank, so you're not having to change banks. Your banking has changed, and if the bailouts themselves aren't something you consider as having screwed you, then a few fees shouldn't get a rise out of you.

So, again, what are you complaining about?

 

Yes my point exactly, and the once again prove their idiocy. I don't want them thinking of ways to help me bank. My BANK does that quite well.

That is not a final conclusion, we've yet to see all the effects of this stupid legislation.

This has nothing to do with bail outs. This has to do with how debt card service was paid for, it was just fine the way it was. And like all price controls government tries to inject into the free market it ends up costing us more.

I think I have been quite clear, what am I suppose to be so happy about?

 

Sometimes, I really do wish the government would shrink down to the point that the market ran everything, just so that I could watch the private sector have its way with people of your mindset.

 

I don't use debit cards and I don't have a BofA account, so for now I think I'm safe.

 

Actually, the joy is that you can go to a credit union, another bank, or simply start writing checks. It's the socialists who insist on my way or no way.

 

It certainly does a better job than the government. I work in the private sector, I have my way with it not the other way around. The problems come when idiot politicians think they know better.

So again, you seem to support this, what am I suppose to be so happy about?