Letters to the Editor

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BOA: Debit card fee? Time to say goodbye

Letter by Robert J. Patterson, Puyallup on Oct. 3, 2011 at 12:06 pm with 21 Comments »
October 3, 2011 12:06 pm

Bank of America uses my money for investments to make money for the bank, it charges interest for loans made and that’s OK. But to charge me to use my own money?

I strongly encourage all BOA customers to tell them what I am now telling them: Hasta la vista, baby!

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Leave a comment Comments → 21
  1. BlaineCGarver says:

    I remember being stationed overseas, and BOA had the most expensive fees for the Military. Dang near usery. I detest them and would never give them one penny of my money. Merchants Bank, however, treated the military fairly….I’m sorry they do not serve in this area.

  2. stetsonwalker says:

    Closed my BOA accounts years ago!

  3. Credit unions are the only way to go and with BECU in town – why bank anywhere else?

  4. itwasntmethistime says:

    Just how much money do you think BofA makes off your average daily balance?

    I’ll admit that I don’t use a debit card so this fee doesn’t affect me, but it seems reasonable to me to charge for debit card use. It’s incredibly convenient for the bank to store your money safely, provide you a simple means to access it pretty much anywhere, provide you a detailed transaction history of exactly how much you’ve spent and where, and provide buildings, interent, and phone service should you have questions or a problem.

    If you can’t stand paying bank fees, deal in cash. It will cost you more than $6 per month in gas alone to drive around to pay your utilities and for money orders to mail payments out of town.

  5. I’ve done all of my banking for over 30 years with Harborstone Credit Union, (used to be McChord Credit union). I suggest anyone looking for a no-nonsense, great bank to check them out.

  6. xx98411 says:

    Not defending the banks here, this is chicken-feces charge. But if none of you bank users didn’t see some fee increa ase somewhere coming becasue of the financial reform bill passed a while back… wow, what sandbar are you hanging out at… this was inevitable.

    “Bank of America announced last week that it will soon start charging most of its customers $5 per month for using their debit card — a move intended to recoup the revenue that the bank will lose under new federal regulations that went into effect Oct. 1. Those rules, authored by Durbin, capped the amount of swipe fees — what banks can charge retailers for processing debit cards.

    Other banks are likely to follow Bank of America’s lead, which means it would be difficult for customers to merely switch banks.

    Over the past few days, critics of the Durbin amendment blamed the Illinois Democrat for the debit fee hike. The Chicago Tribune, in an Oct. 1 editorial, dubbed the new charge the “Durbin Fee” and blasted the senator for pushing the swipe fee change.

    “Durbin claimed that a cut in interchange fees would translate into lower prices and better service at Walmart and 7-Eleven,” the editorial read. “Funny, but no one’s handed us a free Slurpee yet.””

  7. xx98411 says:

    itwasnt…

    actually it is the transaction fee that banks charged the retailer to use debit / credit cards was reduced significantly that is the issue here.

    When you reduce a fee 40% (?I think that was the percentage) that is a significant chuck of daily transaction change that is no longer heading into the bank operating coffers… they got to find it somewhere else… from the company here, I guess they are going to get it from me… for now…

  8. mcgintey says:

    I was going to say that retailers pay a fee to accept debit cards. These banks are entirely too greedy. We forget they eliminated tellers years ago by installing ATMs or robots to give and take money. Didn’t that save them enough of our money?

  9. bobcat1a says:

    When you pay a fee for a service that is available elsewhere for no charge…well, that is the definition of more money than sense. And a fool and his money…well you know.

  10. taxedenoughintacoma says:

    You can thank WA democrats for trying to destroy banks with “Dodd Frank legislation”. They bailout banks and they tax them. Wall street will help defeat the democrats and I will help.

    To quote obama’s boy Waren Buffet, “BOA is a great company and I am investing 5 billion $”.

    I am a stockholder and made tons on money trading BOA. They rock in my book and the debit card fees will only rid them of slugs. Smart people know how to avoid fees. BECU can have the BOA slugs and I hope it drags them down.

  11. BigSwingingRichard says:

    Hello Columbia Bank.

  12. KARDNOS says:

    To quote obama’s boy Waren Buffet, “BOA is a great company and I am investing 5 billion $”.

    First….Warren Buffet is hardly a boy…and is senior to Obama.

    Second…Buffet’s quote was supportive of bailing BOA out….and had nothing to do with this issue.

    Nothing like a Conservative to manipulate the facts.

  13. KARDNOS says:

    Credit Unions and community banks serve your community.

  14. KARDNOS says:

    “BECU can have the BOA slugs and I hope it drags them down.”

    Are those the same “slugs” that you want to pay more taxes?????

  15. aislander says:

    Every year, send a bill for $60 to the Democrat Congress in general and “Dick” Durbin in particular and keep doing business with BofA–it’s just another victim of governmental overreach.

    Better still, vote for the best conservative running for any office…

  16. aislander says:

    You libs could look at it this way: the five-dollar fee is just another tax you pay to fund a vital government program.

    Dems decided they wanted to reduce the transaction cost on debit-card purchases, so they just passed a law reducing that particular cost. BofA responded in a logical way by shifting the cost.

    Next, Dems will pass a law repealing gravity in order to reduce the incidence of skinned knees–for the children, doncha know? That would have the side benefit of reducing the consumption of fossil fuel to get airplanes into the air. Win-win!

  17. What is overlooked here is that the BANKS introduced the debit card to reduce labor costs: More debit card use = Less Tellers cashing checks.

    Anyone still using a Bank rather than a Credit Union just wants to be abused.

  18. From an ABC news article, pretty much sums it up…

    Frank Keating, CEO of the bankers’ trade group, said in response that “it’s disappointing and puzzling that the president would attack a private corporation for responding to price fixing that has fundamentally altered the economics of offering a debit card.

    “As a direct result of the Durbin Amendment, consumers have started paying for financial services they previously enjoyed free of charge,” Keating said in an emailed statement. “Unfortunately, this proves that whenever government tries to control pricing of a product or service, consumers lose.

    do you guys get it now…

    I was getting stuff free of charge, now I am not so sure what I need to start paying. Switiching to a credit union seems like a solution, but it doesn’t address the original problem… government intervention and price determination.

  19. Thank you Mr. Durbin.

  20. ‘The so-called Durbin Amendment, part of a larger Wall Street reform law, limits banks to charging 21 cents for each debit card transaction. Previously the banks would charge an average of 44 cents, mostly to retailers.’

    a government entity just told your business that you can’t charge over an amount that they determined and that amount is a 50% reduction in your revenue stream….

    we can hate the banks and their profits and whatever else you wanna hate about then…

    I can only hope that when one of these government mandated “we are here to help you” regulations hits your pockets, you end up hating government intervention more.

    one can only hope…

  21. theglovesRoff says:

    Just wait until the death panels kick in……..

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