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ABOUT FACE [forward march]?!.....we did it, we did it.....we beat the bank......
Posted by: NewtonMP2100
Date: November 01, 2011 12:08PM
.....Bank of America drops the $5 debit card fee......when we say hell to the no.....we mean hell to the no....


Bank of America drops $5 debit card fee plan

....Bank of America Corp is dropping plans to charge a $5 monthly fee for debit card use, the bank said in a statement on Tuesday.

The second-biggest U.S. bank said the move was in response to customer feedback and competition. Bank of America was under pressure to make the change as rivals backtracked from plans to charge customers for using their debit cards.

"We have listened to our customers very closely over the last few weeks and recognize their concern with our proposed debit usage fee," David Darnell, the bank's co-chief operating officer, said in a statement.

JPMorgan Chase & Co and Wells Fargo & Co last week decided to cancel test programs, while SunTrust Banks Inc and Regions Financial Corp said on Monday they would end monthly charges and reimburse customers.

Bank of America had planned to start charging customers next year. Banks began crafting the monthly charges to make up revenue lost to a law that slashes the fees they charge retailers when consumers swipe their cards. The fees sparked a firestorm of criticism from consumers and politicians, and many smaller banks and credit unions shunned the practice.

Bank of America began softening its stance on the fee last week. The Charlotte, North Carolina, bank planned to give customers more ways to avoid the charge, such as maintaining minimum balances, having a paycheck direct-deposited or using their Bank of America credit card.

The reversal is another embarrassing about-face for Bank of American CEO Brian Moynihan. This spring, he signaled plans for a modest dividend increase this year, only to have the Federal Reserve Board deny the request.....



power to the PEOPLE....???



_____________________________________

I reject your reality and substitute my own!



Edited 2 time(s). Last edit at 11/01/2011 12:09PM by NewtonMP2100.
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Re: ABOUT FACE [forward march]?!.....we did it, we did it.....we beat the bank......
Posted by: cbelt3
Date: November 01, 2011 12:10PM
.. don't celebrate too much. Nothing is Fee Free. They'll git ya another way...

TANSTAAFL
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Re: ABOUT FACE [forward march]?!.....we did it, we did it.....we beat the bank......
Posted by: N-OS X-tasy!
Date: November 01, 2011 12:15PM
A Pyrrhic victory - they will find some other way to extract their pound of flesh.



It is what it is.
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Re: ABOUT FACE [forward march]?!.....we did it, we did it.....we beat the bank......
Posted by: GGD
Date: November 01, 2011 12:27PM
Translation: The other banks didn't fall in line behind us, this gave our customers other choices, we didn't anticipate that. We'll still give a big bonus to the guy who thought this up.
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Re: ABOUT FACE [forward march]?!.....we did it, we did it.....we beat the bank......
Posted by: Lew Zealand
Date: November 01, 2011 12:34PM
^^^^^^ What those guys said. Profits will be made elsewhere.
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Re: ABOUT FACE [forward march]?!.....we did it, we did it.....we beat the bank......
Posted by: rjmacs
Date: November 01, 2011 12:52PM
Quote
N-OS X-tasy!
A Pyrrhic victory - they will find some other way to extract their pound of flesh.

PHORUM DATABASE ERROR: Your post exceeds the maximum metaphoric allusional density limit!
Please rephrase using plain and non-literary language. [ERROR CODE: PLUTC/SHKSP]




rj
AKA
Vreemac, Moth of the Future
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Re: ABOUT FACE [forward march]?!.....we did it, we did it.....we beat the bank......
Posted by: N-OS X-tasy!
Date: November 01, 2011 01:09PM
God forbid I make a literary post.



It is what it is.
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Re: ABOUT FACE [forward march]?!.....we did it, we did it.....we beat the bank......
Posted by: DeusxMac
Date: November 01, 2011 01:47PM
Quote
N-OS X-tasy!
A Pyrrhic victory - they will find some other way to extract their pound of flesh.

If BofA just shuffles the $5 to another customer charge somewhere else, would it really be a "Pyrrhic" victory?

The cost of victory would not exceed what was won. It would be a wash.

Pyrrhic - (of a victory) won at too great a cost to have been worthwhile for the victor.
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Re: ABOUT FACE [forward march]?!.....we did it, we did it.....we beat the bank......
Posted by: DaviDC.
Date: November 01, 2011 01:50PM
I closed out a 24 year old account with Regions last month because of this.
The only downside was that after so long, the account number was etched into my brain.



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Re: ABOUT FACE [forward march]?!.....we did it, we did it.....we beat the bank......
Posted by: graylocks
Date: November 01, 2011 01:50PM
i've already started the process of moving to usaa. usaa did a trial credit to verify my account as eligible for ACH transfer from boa. i'm sure that's not the only little 'trialcredits' boa saw.



"Success isn't about how much money you make. It is about the difference you make in people's lives."--Michelle Obama
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Re: ABOUT FACE [forward march]?!.....we did it, we did it.....we beat the bank......
Posted by: NewtonMP2100
Date: November 01, 2011 01:51PM
....could it be VamPYRRHIC [vampiric]....?????



_____________________________________

I reject your reality and substitute my own!
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Re: ABOUT FACE [forward march]?!.....we did it, we did it.....we beat the bank......
Posted by: blooz
Date: November 01, 2011 01:55PM
B od A sucks. When i first got laid off almost 4 years ago, they were the only credit card company to not let me go on a reduced payment plan until i sorted thing out. Now that i have that account paid off, they will never see me again.



And we should consider every day lost on which we have not danced at least once.
—Friedrich Nietzsche
Western Massachusetts
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Re: ABOUT FACE [forward march]?!.....we did it, we did it.....we beat the bank......
Posted by: threeprong
Date: November 01, 2011 02:26PM
I "moved my money" last week.

3P
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Re: ABOUT FACE [forward march]?!.....we did it, we did it.....we beat the bank......
Posted by: Winston
Date: November 01, 2011 03:59PM
Quote
DaviDC.
I closed out a 24 year old account with Regions last month because of this.
The only downside was that after so long, the account number was etched into my brain.

I'm about to do that with my old bank. Been with them over 25 years.

And they actually have an executive dedicated to "loyalty".


Good luck.

- Winston



------------------------
Be seeing you.
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Re: ABOUT FACE [forward march]?!.....we did it, we did it.....we beat the bank......
Posted by: N-OS X-tasy!
Date: November 01, 2011 05:10PM
Quote
DeusxMac
Quote
N-OS X-tasy!
A Pyrrhic victory - they will find some other way to extract their pound of flesh.

If BofA just shuffles the $5 to another customer charge somewhere else, would it really be a "Pyrrhic" victory?

The cost of victory would not exceed what was won. It would be a wash.

Pyrrhic - (of a victory) won at too great a cost to have been worthwhile for the victor.

Indeed. My literary allusions are amiss today.



It is what it is.
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Re: ABOUT FACE [forward march]?!.....we did it, we did it.....we beat the bank......
Posted by: ztirffritz
Date: November 01, 2011 05:27PM
I joined a local credit union. Dumped my 13 year old USBank account. I didn't use it for much so I don't really care where the money sits, but USBank was charging me $10/month for 'Lack of Use'. WFT?!? You're a frickin' bank. You should WANT me to leave my money in your account and not use it. That means that you can use it. I just wanted to have a bank with a local office so that I could talk to a human if necessary. Local credit union not only took my money with a smile and didn't charge me a monthly fee, they actually pay me interest. It isn't much, but I'd rather receive 10¢ than give away $10 each month.



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