The country’s biggest bank, and Charlotte’s own Overlord, Bank of America, has a special message for its customers who helped bail out their greedy, incompetent asses: Fuck You. The bank’s happy greeting comes in the form of a new $5 monthly fee for customers who use a BofA debit card. According to The New York Times, Wells Fargo and Chase are currently testing $3 debit card fees, and those charmers over at SunTrust also charge $5.
Here’s my one and only question: Since the big banks have made it abundantly clear how little they give a rip about their “valuable customers,” over and over and over again, and in so many ways, why does anyone still do business with them?
For a while after the bank bailouts, there was a movement asking Americans to “Move Your Money,” out of the banking behemoths and into smaller banks and credit unions. At our house, we moved our vast fortune (ahem) to a credit union, and believe me, it makes a difference. No sneaky crap crammed into your statements, and employees who act as if you’re a likable human being rather than just the latest pain in the butt to walk in off the streets. With these new debit card fees, the banking Overlords are practically begging you to move your money somewhere else. For crying out loud, take ‘em up on it.
This article appears in Sep 27 – Oct 3, 2011.
This article says everything I was thinking and will be doing. Well done!
It’s refreshing to read another person’s thoughts without painting a polite picture of the subject. I am a X wall-streeter and I have on hands experience at this greed driven industry, I can assure you that they are far from the brightest bulbs in the chandelier that are running our financial institutions or our government. Here is a recommendation for your next outrage, take a look at the X 9 month tenure CEO of Hewlett-Packard, did you read or hear of his severance package, $13 Million, YES… $13 Million payout, and that doesn’t include the company compensating him for his devalued home and his moving expenses to the country of his choice, either France or Belgium, he’ll most probably use the company jet to get there. A nice payday for loosing up to $40 Billion of the company’s value. I would have taken the job for a quarter of what they were paying him and done a far better job, I wish I could screw-up that bad and be glorified like this clown. Talk about the brightest bulb in the chandelier… he was the 3rd CEO in less than 3 years, the new chosen one is soooooo good that the stock has tanked since her announcement. Like I’ve been telling everyone that asks, don’t complain, it’s your vote that has you dropping your pants every morning and taking it like a man.
I worked for a church for 7 years trying to make a difference in the lives of teens. Lost my job because of the economy, receive no unemployment because the church doesn’t pay into that system. I am not on any statistical unemployment radar and have had to take a part time retail position at minimum wage. It’s been 18 months, countless resumes and applications and still no gainful employment…or health insurance. I’ve had maybe 3-4 interviews…and one of those was at the retail store because I literally put on a suit and walked the pavement. My savings is gone.
Before all that a major bank was a client of mine for 10 years as I helped them through all the mergers from a facilities and physical plant stand point.
Don’t get me started. Oh and yes…I also have a Master’s degree.
If you want to be angry about the $5 charge then I suggest you direct your anger towards congress. The Dodd/Frank bill eliminated the banks ability to charge for overdraft fees. This revenue was not going to be simply negated, it was going to come from somewhere else. Instead of charging deadbeats that couldn’t live within their means the banks are forced to charge all customers now. Unintended consequences.
Yes, let’s blame Congress. God forbid that BofA doesn’t turn a profit… oh wait, they are making record profits after being bailed out by the American people. Executive management of these banks see no problem with gouging consumers to keep their profits high so they can justify paying themselves absurd bonuses. Americans should be appalled by this and BofA should be ashamed.
Well of all the postings I have seen from John Grooms this is the first one I actually agree with. lol To be fair I haven’t read that many (5). John’s last comment spoke of how they are practically begging you to take your business else where. Well he’s right. Today while watching a CNN interview of Warren Buffett he was asked about being such a large holder in Bank of America and how did he feel about how Americans will react to this fee and he said, Well they can take their business elsewhere if they are not happy but there going to find the same thing at the next one. WTF!! REALLY ?? Did I hear that right. Oh yeah. I asked the person standing next to me and their jaw was on the ground as well. That’s not all he said. As far as the money they took when they where on their backs Warren responded well the government got paid back and at a high interest rate so I guess it was just good business. So let’s take Mr. Buffett’s advice and move along. What’s the difference what bank it’s in if it’s FDIC. If that fails well what does it matter! My departure from B of A is imminent.
Corporations’ ability to gouge their customers whenever the government makes them act like decent human beings is a big problem in itself. It never occurs to either the BofA’s of the world, or the government, that the company’s stockholders should eat that loss, not the customers. It’s as if they think they’re entitled to a certain profit margin, reality be damned, whether they’ve been smacked down by the govt. or not. It’s easy to blame the govt. for everything, but the banks dug their own graves in recent years, and now they expect the rest of us to dig them back out. Let ’em crumble — isn’t that a more “free market” approach, or ARE the banks guaranteed a profit by US citizens?
If you don’t like the fee, move to a credit union. I really don’t see the big deal. If you don’t like a corporation’s business practices, don’t do business with them. Instead of whining, do something about it. If enough people take their business elsewhere, BofA (and other big banks) will either change the offensive practice or, as a result of lost business, no longer be “to big to fail” and go under. Either way you win.
I moved to a credit union years ago and could not be any happier. No fees, higher interest rates paid on my accounts and lower interest rates on my auto loan.
BOA doesn’t not want or care about the average person. That is why the top clients have the platinum card and do not have to pay any fees. I think it would be such a slap in their collective face if ALL the small frys left at once and then they would see why it was better to take care of the many and not the few. As a group your funds are more than than the platinum crowds. Wake up. Send your message today. Close your accounts with BOA
Tell the BOFA CEO(brian.t.moynihan@bankofamerica.com) what you think of BOFA’s plan to charge debit card fees
A businesses ability to generate revenues and profit is directly correlated to the ability to employ people. If you don’t want businesses to turn profit then I suggest you get used to complaining about 9%+ unemployment for a long time. Also, you may act like an ostrich and hide your face from the fact that government regulations have unintended consequences or, you can act like an adult and open your eyes.
Common Sense, you are partially correct, but last time I checked, BofA was having no problem generating VERY healthy profits. They just want more. More profits = more dividends for stock owner = higher bonuses for executives. I guarantee that the extra profits generated by debit cards will not generate any significant new jobs. Rather, it will result in loss of business for BofA (customers electing to bank with Credit Unions) which will probably cause BofA to lay off more employees. Businesses hire when there is sufficient demand to justify an expansion of business to go after potential profits. Raising fees on debit cards will actually reduce demand for BofA’s services. There will probably be some level of profit generated (otherwise BofA would never pursue this plan), but don’t be fooled, these extra profits will go directly to shareholders.
DonPietro82 – you are aware that BofA hasn’t been able to pay above a dividend above a couple of pennies per share for a while now, right? And that the stock price has fallen by 50% this year… shareholders aren’t exactly rolling in BofA cash right now.
DonPietro,
Bank Of America reported LOSSES of $1.65 a share for the previous twelve months.
“Instead of charging deadbeats that couldn’t live within their means the banks are forced to charge all customers now. Unintended consequences.”
This is the single most ridiculous statement I’ve ever read on Creative Loafing.
Your simplistic, myopic understanding of the world is truly something to marvel at.
Furthermore, I love how the two morons (Statboy & John Doe) are seemingly incapable of discerning the difference between cause and effect.
About three years ago when the local Suntrust bank in my area bricked up their teller windows and attached small video chat windows to poles at the drive up, I knew right then to bail on big banks. How impersonal can a business get? The final straw came when the bank made an error on my account, after navigating my way through their automated menu it took nearly an hour to reach a real person and that person was at corporate headquarters four states away! I moved my money to a small local bank where the service is impeccable, I can call the office and talk to a real human, I have free checking, no fees on my debit card, and I earn interest on my money too! I like banking at a place where they actually appreciate my business.
I already moved my money to a credit union – no fees, free checking and no minimums.