Financial lifestyle coach Clyde Anderson explains why Bank of America is charging a new $5 debit card fee.
Look for Clyde's segments in the 7 o'clock hour of CNN Saturday Morning with T.J. Holmes.
BOA lent money, gave raises, and bonuses to ex., now they want the middle class (the new poor class) to pick up the tab. When will it stop. Frederick Bronson
Like the guy said, look to regional banks and credit unions. You don't have to deal with the big boys and wait for them to join in on BoA's extra fees. Credit unions don't charge these fees so you don't have to worry about getting socked with it soon after joining! It's the many fools who just pay the extra charges that allow the banks to get away with sucking more money out of us. Be smart with your money!
bank of america is going to lose aaaaaalot of clients bc of debit fee, i will be one of them who plans on leaving before the new year.
Americans all over need to just close their Bank of America Accounts. I have made efforts to communicate with Bank of America since this story broke. I am a Bank of America customer. I cannot get a path to a decision maker on this decision which I view as a PR nightmare. I have chosen to open up an account at a local credit union. That is advice given by financial subject matter experts on how to deal with a unilateral decision by Bank of America to tax the poor, basically, because the rich will avoid this "fee" because of their large monthly balances. I personally find it an outrage that a bank can just rewrite their services at will and increase the cost to keep your account when that was not the "terms" when I opened my account.
I have communicated my disgust to a "customer service" person at B of A. They told me they would send it up the chain, but would not have a member of higher management reach out to me about it. I am basically powerless, just like the other thousands of people this fee will impact to the tune of $60.00 annually which will increase the profits of B of A by a reported approximately 3.6 billion annually. All on the backs of middle class Americans that bailed them out. I find it unfair, unprofessional, unethical and classless for a bank that was begging for a bailout only two or three years ago to stick it to the people that floated them a loan. I am powerless other than my ability to CHOOSE where I bank. I encourage every B of A account holder to CHOOSE wisely. This particular bank ought to have to change it's name and remove "America" from the punchline! This sort of activity is classless and most decidedly un-AMERICAN in my opinion.
I hope they have to close their doors when working class Americans choose to bank where they are truly appreciated.
One ticked off American!
We bailed them out and this is the thanks their customers get. BOFA has increased their TV advertising encouraging people to open new accounts, apparently they expect to loose a few customers on January 1.
so what. five bucks can barely buy a gallon of gas. i don't like it but there are more important things for me to get my shorts in a wad.
i remember when a bank would pay up to 5 percent on a savings account. since those days (the 50-60s) computerization has to have reduced their operating costs. they can get by with less bricks & mortar. need less face to face personal to deal with public etc. what does the money i and people like me keep in a bank mean to the profits they make. have they used my interest of yesteryear to impress their stockholders.?
5 bucks to someone who's down and out is a lot of money . The money the banks use is our money and we can do something that the banks have no control over. Tell them were not paying that fee because we are not puting our money in your bank and if you have direct deposit go and take it out as soon as it is deposited -John
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