DC fees...What a joke.

[Joe Dogs]

The BkofAma,starting next year,will charge you a $5.00 monthly fee to make DC purchases.

Chase,PNC and TD Bank are testing ATM fees as high as $5.00 a pop.

So now banks will take your money and give you damn near nothing in interest,and charge you for taking money out of your account via DC......Now, that's balls.

[nosniboR11]

what happens when you vote democrat

[playersonly69]

**** the democrats!!



But seriously, why does it matter?? Just use cash like everyone else does! Or just get a credit union account

[ProfaneReality]

are you retards really blaming bank fees on Democrats ?! They are the ones fighting for regulation on banks and ************ while Republicans want a wild west of banking.

[Joe Dogs]

I Just don't like carrying allot of cash... I've gotten used to swipe and go.

[itchypickle]

are you retards really blaming bank fees on Democrats ?! They are the ones fighting for regulation on banks and ************ while Republicans want a wild west of banking.

The tons of little details Dodd/Frank and the other 'consumer protection' legislation added to the mix is the reason why. It's like any other 'well intended' democratic policy that doesn't work in the real world. Dick Durbin led the charge to destroy bank profits and this is the result....sure the banks are going to lose revenue due to the new merchant to bank caps starting Monday but guess what - it's going to hurt the lower income people more than it hurts the banks....so it back fired on the Dems here.

On my second beer watching the game now so I don't wanna get too technical but just do your due diligence and look into swipe fees and caps of the .05% range that banks now adhere to when customers use the debit cards. The whoppping $5 a month fee sounds bad because it's a solid number now....but before the banks were drawing in much more from ALL income range customers.

[Cap dat 4ss]

Cost of doing business. Honestly its just $5/month. You can either cancel your DC and use cash or find a local credit union which I highly recommend.

[JoeVig]

What's bogus is that the financial sector has become such a large part of the economy, as opposed to other, more productive, sectors. While other industries generate tangible goods, the financial industry is a vampire off every other piece of the economy.

[Jaug]

When you use the card your bank gets like 1% of the transaction. They can have fewer offices and save money on not having to handle cash. All they need is a good IT department that handles all of this. Banks should not have to charge #5 per month for debit cards.

[itchypickle]

When you use the card your bank gets like 1% of the transaction. They can have fewer offices and save money on not having to handle cash. All they need is a good IT department that handles all of this. Banks should not have to charge #5 per month for debit cards.

Not after Oct 1...this is the point of the whole argument. Dems passed this bill to cap it at less than half % fees or cap at like .22 cents per purchase whichever one is larger. So now instead of just collecting fees from everyone who used cards at the POS transaction - they are making it a solid $5/month so in the end yes 'those greedy banksters' lose money which means people lose jobs and services will be cut as well as stock valuation dropping thus hurting teacher and fire fighter pensions and so forth......and those lower income customers now have to pay $60 per year which will hurt them more than it will middle and upper income people. I don't think alot of lower income people actually use B of A anyway since they tend to charge more for various services that a Wells Fargo or Wachovia didn't. But once the other banks start doing these one time fees..it's gonna hurt a lot of people.

Bottom line - Dick Durbin and Barney Frank were so intent on punishing the banks that they actually end up hurting their base constituency and many independents MORE through ever growing centralization of control in D.C.

[JoeVig]

I'll agree that Dodd/Frank is the wrong way to go, but we essentially have a cartel of major banks that are extracting a commission off the entire economy. They can borrow money for a fraction of a percent interest from the Fed, and then charge 29.99% interest on a CC.

Or, they take that same interest free money and manipulate commodities markets. You should do some looking sometime into how much money has flooded into commodities in the past 10 years. A majority of trading is by speculators who never intend to take delivery on contracts.

[jarvol]

Get with the program and get online and embrace electonic transactions that move through the air. ETrade, Schwab and the other online banks don't charge fees and actually reimburse your account the cost of all ATM fees even when you use them at a casino or strip club that will charge $10 or something ridiculous.

BkofAma..... Don't forget to snap up some of their $10 calls Monday morning though....

[playersonly69]

I told you guys just to switch to credit unions. Credit unions have reward programs as well. They also support all sorts of locals youth sports leagues and other causes.


Having said that, come on guys, it is only $5 per month. That really isnt very much for you guys spending $3000-5000 per month using your DC

[paranoyd androyd]

anyone have a list of reputable credit unions?

[itchypickle]

I love USAA for our banking - all ATM fees reimbursed and a great bundle on home and auto insurance rates. Investments are through First Command Financial and the smaller TDAmeritrade stocks.

[itchypickle]

I'll agree that Dodd/Frank is the wrong way to go, but we essentially have a cartel of major banks that are extracting a commission off the entire economy. They can borrow money for a fraction of a percent interest from the Fed, and then charge 29.99% interest on a CC.

Or, they take that same interest free money and manipulate commodities markets. You should do some looking sometime into how much money has flooded into commodities in the past 10 years. A majority of trading is by speculators who never intend to take delivery on contracts.

I'm not saying commodities markets and derivatives don't have their questionable aspects. I'm sticking to the bank fee issue as reason why the legislation was the wrong move...same goes for certain things FINRA did when they came about years ago. If we really want to get at the root of all the financial trickery that goes on....number one is the consolidation of the commercial banking with investment departments decades ago that led to all of the extra money to play with for the fund managers....they were more willing to risk money that they weren't on the hook for etc. And second....the Federal Reserve is guilty of a lot of the mess by falsly lowering interest rates during the dot com bust as well as the housing bubble - once interest rates are made low when they should not be realistically it sends a signal for lending at those rates but then true valuation pops up and that excessive lending now becomes more expensive and back in the whole we go yet again....this manipulation of the business cycle is always an issue. Decades long struggle between economists from each side of the theory.

[stogies]

I told you guys just to switch to credit unions. Credit unions have reward programs as well. They also support all sorts of locals youth sports leagues and other causes.


Having said that, come on guys, it is only $5 per month. That really isnt very much for you guys spending $3000-5000 per month using your DC

You also told us that the Cowboys was exposing the Lions.

[lemart5]

Schwab is the best

[Bill Dozer]

Paypal.com DC will pay you 1% for every DC purchase. INGdirect will give you 1% interest on money in your checking account. Vote with your wallet and switch...

If more people react than they estimate, it will be like Netflix and they'll change it again.