Bank of America to Charge $5 a Month to Use Your Money

Ken Lewis wouldn't let this happen. Just sayin.

True story, I'm a recent Bank of America convert. As some of you know, I was a Chase customer back in California and loved them to death but since I moved to DC, I've had a bit of banking drama. I've since ditched those losers at BB&T and moved to BofA because there's a branch down the street from me, online banking is simple and eBanking is free if you don't get a statement and do all your deposits at the ATM. I don't like people anyway so that's a perfect relationship right there, I'd rather do my interacting with a machine, especially if it saves me a few bucks. Plus their Keep the Change savings program rules for those of us not necessarily disciplined enough to make regular contributions to the savings end of our cash flow (sorry, grandma).

So I don't know if you guys heard but, Bank of America recently announced it will start charging $5 a month for debit transactions, and it's no surprise that a lot of folks out there got butthurt.

Presumably, you can work around this by doing only credit transactions. Since I write about this shit day in and day out, I generally tell merchants "whatever is easier for you" in response to "debit or credit?" and by easier, I mean cheaper. I know debit sales are cheaper than credit. It's all the same to me anyway, so anything I can do from keeping my favorite merchants from jacking up my prices, I'm more than willing to do.

Here's the WSJ story:

The nation's beleaguered banking industry, which has been raising fees and doing away with free services, has a new target: debit-card users.

Bank of America Corp. is laying plans to charge millions of customers a $5 monthly fee to use their debit cards, and other big banks are expected to follow suit. The industry says it needs the fees to recoup revenue it will lose because of new government regulations taking effect Saturday that cap what they can charge merchants for debit-card transactions.

Bank of America, the largest U.S. bank by assets, disclosed the plan on Thursday in a memo to its senior staff. It intends to begin collecting the fees nationwide early next year.

How's that Dodd-Frank working out for you motherfuckers? Thanks for nothing, assholes.

Am I going to leave Bank of America? Probably not. They've treated me good so far, always credit me my deposits promptly (if you call 5 days promptly, but at least they disclaim that on my receipt when I pop them in the ATM) and don't bug me about nonsense.

What I am going to do is use my Capital One credit card more often and simply write a check to pay that bitch every month. Problem solved.

Stop whining, people.

Jr Deputy Accountant

Some say he’s half man half fish, others say he’s more of a seventy/thirty split. Either way he’s a fishy bastard.


Anonymous said...
Anonymous said...
Anonymous said...

Another alternative is cash. I know, I know, so old school. But hey it works just fine. And with Bernanke running the printing presses there should be plenty of cash to be had.