B of America debit card fees

[Shimpy]

How many Bank of America customers going to change banks due to the new fees? Myself, I've been their customer for over 12 years and don't like how they are treating me. $5.00 a month isn't going to break me but it's a matter of principal. They are a bank on the verge of bankruptacy and are treating their faithful customers this way? I've only kept them because the hassle of changing direct deposits and auto bill paying because they are not very convient in TV.
I am thinking of going to Citizens Bank which is everywhere in TV. Can I get your thoughts on how happy you are with them as a bank and especially their ATM's?

[angiefox10]

B of A is not my bank... But I have changed banks in the past for charging me to keep my money. If any of my banks did that... I would be gone!

[teachnmo]

We had two accounts .. one at Bank of America which we brought with us from Missouri and Citizens First when we moved here. We closed out Bank of America last week due to the notification that they were going to be charging monthly for debit cards. Yes, I could give up one of my movies a month, but I chose not to do that! Bye Bye Bank of America!

Have had no troubles with Citizens First Bank.

[Shimpy]

We had two accounts .. one at Bank of America which we brought with us from Missouri and Citizens First when we moved here. We closed out Bank of America last week due to the notification that they were going to be charging monthly for debit cards. Yes, I could give up one of my movies a month, but I chose not to do that! Bye Bye Bank of America!

Have had no troubles with Citizens First Bank.

Thanks, You're right $5.00 is $5.00 and better in my pocket. Bank of America estimates they will lose 600,000 customers over this fee and still will go with it. You know that fees once imposed will raise in the future. I'm going to get out and Citizens seems like the best choice around here.

[Jim 9922]

Consider Community Bank. Locally owned (Ocala based), not the Morse family, never took TARP funds, and treat you like a real customer; --- even a birthday card each year (but no $5 bill inside). All kinds of free accounts and services for those of us over 55.

Few people really need a national bank for their personal needs unless you travel alot and need walk-in branches around the country. If you haven't yet learned, the big banks need retail branches only to fund their cash reserves so they can make their big loans to the internationals and conglomerates; sort of like the dairy farmer squeezing the cows to fill up that big tanker to drive off to the big city for processing.

Better yet, Community's reputation is that most of its loaning activities remain in the greater local area.

:thumbup:

[tom60]

I have had accounts with citizens for over 11 years now. They treat you right when you go in to the lobby. Their web site is very good and easy to navagate. I only had a problem once with the atm reading my card. They pay me interest on my checking account. Granted its not a lot but its better than me paying them. I would highly recommend citizens. They have great hours and the branches are very convenient.

[njbchbum]

i went to the mgr of my b of a branch [nj] as soon as i heard that news a couple of weeks ago - she told me the plan was that the fee will not kick in until 2012 and that it would not be charged to 'avantage banking' customers. since we are in the advantage category of customers i advised her that i will be reviewing my statements most carefully and will be right back in her office the first time i see a charge on my statement!!!

[Reprobate]

Interesting that you should ask that today. We're closing on our house in Pennecamp in a little over two weeks. I was over at Citizens today setting up a couple of accounts, and later this afternoon changed a couple of the direct deposits that were going into BoA to Citizens.

I'm not doing this because of the debit card fee. I don't use a debit card, and in any event they claim they wouldn't be charging it to me. They have different "tiers" of service, and apparently they figure that they make enough off of me to pass on the $5.

I'm just fed up to the eyeballs with BoA after fifteen years or so of putting up with their petty depredations, and decided that this move was a good excuse to go through the aggravation of firing them, and so I am. I'll use Citizens for local bill-paying and so forth, and maintain relationships I have with a few other banks and credit unions as places to stash extra cash, and for when I am in different places.

If Citizens becomes more aggravation than they're worth, I'll fire them too. There are a lot of banks out there . . . .

[Barefoot]

For the most part, I like Citizens. There is something warm and hometownish about apples, popcorn and tellers dressing up for Halloween!

I opened an account with Bank of America on Parr Drive because their CD interest rates are higher. After a year I closed it. I found the people there to be cold, unfriendly and condescending. On a "personality" rating, Citizens would be an 8 out of 10, and B of A would be a 2! IMHO, It's not always about the interest rates.

[GTTPF]

i went to the mgr of my b of a branch [nj] as soon as i heard that news a couple of weeks ago - she told me the plan was that the fee will not kick in until 2012 and that it would not be charged to 'avantage banking' customers. since we are in the advantage category of customers i advised her that i will be reviewing my statements most carefully and will be right back in her office the first time i see a charge on my statement!!!

I did the same thing with my BOA branch in NJ. Same answer. I'm in the process of opening a citizens account now anyway. BOA is in alot of financial trouble.

[Bill-n-Brillo]

......after fifteen years or so of putting up with their petty depredations.......

I always try to learn something new each and every day. This word was my 'learning' for today. Thanks.....seriously! :read:

Hijack over! :D

Bill :)

[dillywho]

Didn't banks come up with the idea of debit cards instead of checks because they would be more cost efficient due to less handling, no expense to furnish checks, more security/less chance for fraud? That's just the short list.

So far, I haven't heard any justification for the change of now charging for using it other than "because we can." I could understand charging for replacement cards, but not for using them. (BTW, I don't do BoA, etc., either.)

[njbchbum]

Didn't banks come up with the idea of debit cards instead of checks because they would be more cost efficient due to less handling, no expense to furnish checks, more security/less chance for fraud? That's just the short list.

So far, I haven't heard any justification for the change of now charging for using it other than "because we can." I could understand charging for replacement cards, but not for using them. (BTW, I don't do BoA, etc., either.)

i believe this has something to do with the legislation that now prevents banks from charging businesses that accept debit cards for payment as much as they used to. i think the swipe rate was cut in half from $0.44 to $0.22. as a result of that loss in revenue, banks are now permitted to pass that loss on to their consumers in the form of an add'l fee. i could be wrong, but i know that i am at least close to being right!

[ceejay]

i believe this has something to do with the legislation that now prevents banks from charging businesses that accept debit cards for payment as much as they used to. i think the swipe rate was cut in half from $0.44 to $0.22. as a result of that loss in revenue, banks are now permitted to pass that loss on to their consumers in the form of an add'l fee. i could be wrong, but i know that i am at least close to being right!

You are 100% correct...they are passing that loss on to the customers.

I started as a teller for BOA in 2006. I WANTED to work for them because, at the time, they were very big on customer service (customer delight is what they called it). I worked in retail for years and know how to treat a customer correctly. I truly enjoyed my job until corporate greed set in.

As a teller, I was expected to handle tens of thousands of dollars a day, do cash advances, large change orders for businesses, savings bonds, account histories, transfers, delight the customer, etc. and then be sure to balance at the end of the day. Then they spent millions installing software so that whenever you, the customer, had activity on your account, a screen would pop up to tell us what you, the customer, needed. Maybe a second checking or savings account, a cd, a debit or credit card, a money market, IRA, etc.

Now, I have to spend time reading what you need and then figuring out a way to put it to you so you couldn't resist buying what I was offering you. The heck with the other 5-10 customers standing in line; I had to get your "cheeks in the seats" to talk to a personal banker (who also had walk-in people waiting for them).

I was expected to get 3 "cheeks in the seats" a day. At the end of the day, I had to meet with the managers to "check out". If I didn't have those 3 "cheeks in the seats", I was talked down to like a 5 year old and pressured to do better the next day. And there were no excuses.

No matter that you saw the same people, week after week, and they were getting aggravated and angry that you were telling them and trying to sell them the same thing EVERY time you saw them.

No matter that you were working in the drive-thru. You were expected to get those people out of their cars and into the building to wait for 30-45 minutes to see a personal banker.

Yea, right.

Needless to say, I am no longer working for BOA. I was not able to get 3"cheeks in the seats" a day and my "final written warnings" were piling up. They terminated me.

Am I bitter? Yes, very. I really did love my job and my customers.

Just know, that you, the customer, are no longer a client. You are a cash cow and they just want more and more.

Thanks for listening and for allowing me to vent.chilout

PS If I were you, I would take my money out of BOA and transfer everything to Citizens. They know how to treat the customers AND the employees.
No, I do not work for Citizens. BOA soured me on banking and I am still looking for my niche. Anybody need a great Customer Service Representative?

[Bill-n-Brillo]

ceejay, sorry to hear about your work experience. Doesn't sound like any fun at all!! As customers, we've experienced just a bit of the same thing with our bank in OH (not B of A). But it's not enough to cause us any issue. I just hope they don't ramp up their sales tactics with us as that would certainly drive us away.

I did have a rather startling experience with the (different) bank where I have my business credit card: Got a call from the local branch manager, wanting me to make an appointment to come in and talk with him about how they can save me money/make me more money with my credit card. Said it would only take 10-15 minutes of my time. I figured, "What the heck?". I knew I was in trouble when I went in for the appointment, met the manager..........and he immediately turned me over to their Business Specialist, who proceeded to try to convince me that opening up a business checking account with them - and receiving a $50 bonus for doing so - was the thing for me to do. I politely declined. Then the barrage began. I should move all our personal accounts to their bank, let them refinance any debt we might have through them, "Here, let me introduce you to our Investments Manager" - they wanted our brokerage business - - - - - EVERYTHING! I was polite in declining everything along with giving them the explanations of why this and that made no sense for us. An hour and a half later, I escaped! :D Will they ever see me darken their doorstep again? Nope. Any bank that goes to those lengths to get additional business leaves me with the feeling that they're doing it primarily for THEIR benefit, not mine as a customer.

Bill :)

[2BNTV]

I read about this debit card fee on the intenet and it had many angry customers over this charge.

BofA didn't seem to care as it was going to make more money as the bottom line.

IMHO - I would save myself the aggravation of dealing with this type of bank and go to a bank that suits your needs and is convenient.

[spk7951]

When we first looked at the banking aspect of moving to FL we decided to keep some money in our credit union back in CT. Prior to the recession the interest there on our money was much better than what Citizens was offering. But the convenience of the Citizens ATM's, with no cost, helped us make the decision to keep money in both institutions. We have looked at credit unions in this area but for now we plan to continue with our current arrangement.

[memason]

Well, BoA just posted a $6.2B profit for the 3rd qtr.

seems profits are good ?????

[Bill & Carolyn]

We dropped BoA about 7 years ago because of all the fees they started charging back then. Went to USAA and have been very happy since.

[brostholder]

It amazes me that B of A can be so clueless about the "anti-banking" feelings that many people have right now. I firmly support B of A's right to charge any fees they want. After all, this is not a hidden fee. It is a fee they announced loudly and clearly. The market place will judge this fee as evidenced by the previous comments. It is the timing of the announcement that shows how out of touch they are with their customers.

[njbchbum]

When we first looked at the banking aspect of moving to FL we decided to keep some money in our credit union back in CT. Prior to the recession the interest there on our money was much better than what Citizens was offering. But the convenience of the Citizens ATM's, with no cost, helped us make the decision to keep money in both institutions. We have looked at credit unions in this area but for now we plan to continue with our current arrangement.

a friend of ours uses the atm in any publix - he claims that there are no transaction fees associated with his withdrawals there! have never used them myself, so can't back up his statement!

[njbchbum]

You are 100% correct...they are passing that loss on to the customers.

[snip]

Just know, that you, the customer, are no longer a client. You are a cash cow and they just want more and more.

Thanks for listening and for allowing me to vent.chilout

PS If I were you, I would take my money out of BOA and transfer everything to Citizens. They know how to treat the customers AND the employees.
No, I do not work for Citizens. BOA soured me on banking and I am still looking for my niche. Anybody need a great Customer Service Representative?

ceejay - i know just how you feel! once left a job for the same reasoning! finding ANY business today that has a sense of customer loyatly and appreciation is the exception.

but for putting any $ into citizens - that's a big NO, too. the pretty lobbies, the diabetically sweet employees are charming; but the bottom line for me is that every cent in that bank goes to support the developer - and i feel i am already giving him a sufficient amount of my income thru our fees and by supporting the businesses he allows to serve us.

ps when i have the time, i try to honor my b of a teller's request to sit with a 'platform' rep - if there is no waiting to do so! after their initial spiel i politely advise the person that their offerings do not compete sufficiently with the institutions that we currently use; and then ask if there is anything they can do to beat what we have! that usually ends the session! the bank can't always help me - but i feel good that i helped a teller! oh, and i ALWAYS let the rep know which teller got me to sit and chat! ;)

[spk7951]

Well, BoA just posted a $6.2B profit for the 3rd qtr.

seems profits are good ?????


Or maybe not. Opinion piece on the link below is interesting.
http://money.msn.com/ways-to-invest/article.aspx?post=1dd2e490-c887-4ffa-ad3e-8de480a14d1d

[spk7951]

a friend of ours uses the atm in any publix - he claims that there are no transaction fees associated with his withdrawals there! have never used them myself, so can't back up his statement!


Thanks for the information. I did a little research and if your bank is a member of the Presto network then yes use of the ATM's at Publix are free. Quickly looking over the list there is a heavy credit union presence but alas not our credit union.
http://www.publix.com/services/presto/NetworkMembers.do

[Doodlegirl]

My Dad was the civilian head of the FDIC for many years in Washington. When he retired to FL he chose (carefully then) Bank of America for his accounts.
At the age of 94 he retired to Thomasville, GA, to me, where I was then living.
He had become increasingly concerned while in FL about Bank of America charges, and while in Thomasville, this continued.

Ultimately he took half of his money out of B of A and placed it in a Thomasville
Bank. The bank I still use by the way. Of course the FDIC insurance was critical to Dad. And, because he had taken considerable legal work to place his
monies in and under a trust...and kept track of all of that carefully with his
increasing -with not one diminished brain wave...continued to make sure
his estate would be quickly and easily available and accessible to me as his Executor upon his death. Five years ago at the age of 98, Dad passed away quickly and frankly, unexpectedly, based on his having played 18 holes of golf the day before!

As was necessary, I needed his death certificate to provide the Banks. However,with the posting of his obituary - a substantial one I would add, the bank in Thomasville called to ask if they could be of any assistance to me at that point. Bank of America???, they held Dad's money for nearly 30 days, well after they had the death certificate and the Trust and all other documents they
required. It seems they have a substantial hoop jumping program at time of death of a customer regardless of one's legal documents to take substantial sums out of their bank. The experience I had at their hands at a time of great
loss to me was something I will never forget. Never. And, B of A customers should take fair warning, my Dad had more than all the i's dotted. And, no
interest on that money which they held after his death and before I was able to finally have it transferred to the Thomasville Bank. Remember, I am the daughter of the civilian head of the FDIC for 13 years!!!!!!! Dad would have
rolled over and jumped up in front of the manager of the B of A local manager if he had any idea "his" money and "his" plans became their putty.

I tell this story in great anger at the way in which that period of death, already a signature loss in my life, caused me the problems it did. And ultimately, my and my Dad's attorney having to basically wrestle his money from B of A - and that brought added cost unnecessarily!!!

As often as anyone will listen I tell the story as a warning. You do not have a friend in B of A. If you have a Trust, best you tell your Executor to plan on waiting for any $, to be prepared to be asked for documents which are not
necessary under a Trust and Will, and, to remember that in my Dad's case
he had substantial money in B of A as well as the 'community' bank. It was
the well-heeled and well run community bank that stepped up to support the
work which lay ahead of me after Dad's passing.

I do my banking in Thomasville and will continue, I go far around a B of A.
I use Publix as often as I can so as not to pay the Citizen's Bank $3.75 charge for a cash debit removal, however, I do appreciate that they do not charge me for stamps at their ATM's...yet. I percieve a Community Bank as serving the community...Thomasville National Bank has a great website, if
you are thinking about a change, maybe that is one way to go. If you can't trust your bank, who can you trust?

[jflynn1]

I have found Bank of America to be a great Bank to work with, both for Business and Peronsal Banking. Most other major banks have or will also be charging for his service.
Their staff here in the Villages and In The Notheast have always been helpful.

Citizens is probably a good bank however some of their restrictions are a little hard for me to agree with.

Jflynn:BigApplause:

[renielarson]

Next week I am pulling my money out of the bank I use and changing to a credit union. You may want to read this before making a decision as to what institution you want to put your money.

http://www.diffen.com/difference/Bank_vs_Credit_Union

[Doodlegirl]

At the time of my Dad's death, I had been, for ten years, the cosignor on
his Bank of America account. Suddenly I was a, err, stranger! Beware of
Bank of America practices, especially when dealing with Wills and Trusts.
My Dad mentioned numerous times I would have no problem. If I could fill
this column with family members and attorney's, you would see there was
a problem. Please, beware for those you love;, those for whom you have
set up and maintained a trust, probate, etc. Bank of America is not, as you can imagine after what I went through, a bank of choice. There are many
kinds of hoarders. Money hoarders, at death, is not necessary. Fortunately,
the lessons taught will NOT be visited upon my inheritors. Rape of money,
time, resources, is still, finacial rape. Please B of A customers, be sure
your inheritor or executor is aware of their policies at death of the depositor,
please. I am sure if I asked our attorney to post his thoughts here, he would.
What he did, in fact, was himself change banks away from B of A. Use
caution, great caution with your money and B of A.

[Virginians]

We have an account with BOA and Sun Trust. Both are now or about to charge $5 / month for ATM card. Like all others I am upset with any adverse change with my accounts and am looking for a new bank.

However I don't have an ATM card and don't understand why anyone uses them.

We use credit cards for everything and sometimes forget there is still cash being used. I keep on average $100 in my wallet and it seems to last forever. Any problem what so ever, sometimes even my fault and the credit card companies reimburse me at their expense. Last year we received $760.00 back in cash back rewards. We fully intend to continue abusing the credit card companies.

[jblum315]

I have a BOA credit card, but no checking account or debit card. I'm thinking of closing out the credit card because I don't like their practices. If they charge a fee to their debit card customers, who knows what they might do to credit card customers?

[Virtual Geezer]

I have a BOA credit card, but no checking account or debit card. I'm thinking of closing out the credit card because I don't like their practices. If they charge a fee to their debit card customers, who knows what they might do to credit card customers?

New laws have been enacted dealing with credit card charges so the banking industry is moving over to something that is not regulated - debit cards.

Also this is just the beginning as businesses of all types have seen what added fees have done for the airlines so it is going to be open season on your wallet.

VG

[Indy-Guy]

Below is a link to the Clark Howard show and he talks about this fee from Bank Of America.

http://www.clarkhoward.com/Player/101108311/