One for the customers

@savypat (20248)
United States
October 28, 2011 12:39pm CST
This morning came the announcement that no other big banks are following Bank of America's charge for Debit cards. We saw the power of the press combined with the mass communication that is available and the people were heard. I'm glad I waited to change my bank accounts. It is very uplifting that we as customers still do have some power.
5 people like this
7 responses
@paula27661 (15900)
• Australia
29 Oct 11
I wish I could say that about our banks here! They make huge profits each year while charging exuberant fees not only for holding credit cards but for debit cards too. The fee that upset me the most is the $2.50 per transaction we have to pay if we want to use an ATM that is not owned by our own bank especially when there are no other ATMs around!
2 people like this
@inertia4 (26773)
• United States
29 Oct 11
Now that's good news. To hell with Bank of America. Let them go out of business. No one should have to pay a fee to use their debit cards. The Banks are out of hand. It is also criminal. Now, finally, everyone can use a bank that is much better then Bank of America.
@GardenGerty (92278)
• Marion, Kansas
28 Oct 11
I would like to see us having more power or restoring the power we have given up. Life used to work that way, that the customer was always right. I am glad that many banks saw the folly in these charges.
2 people like this
@dragon54u (31352)
• United States
28 Oct 11
I had not heard that news but I'm glad you told us. I have been trying to figure out how to get around the charge--not much, I know, but these things add up. I don't think it's fair what the gov't did, interfering with the contracts the banks made with the merchants, which is why BOA began to charge for debits. I wish gov't would butt out and let the people be heard through their wallets, it's call free enterprise! What a mess this was. Anyway, it's nice to hear some good news for once!
2 people like this
@yoyo1198 (3644)
• United States
28 Oct 11
I saw that on the news too. I was just waiting to see what my bank was going to do. I was all ready to transfer to a credit union. Today's technology with the cell phones and internet is absolutely just changing the world and the way that things are being done. Hopefully, BOA will lose enough business that it will back down and rescind their extra fees.
2 people like this
@pergammano (7756)
• Canada
29 Oct 11
Not being American, I wondered how soon this would trickle into the Canadian banking system and how it would slowly consume, by dribs and drabs your account away! Listening to a Boston news station (I have satellite) this morning, this announcement was made, of course, with accolades...BUT a financial advisor responded that you will have to pay extra caution to your bank statement, as they will devise ways to make up for this loss--one being that the rate will be increased to the retailer for debit cards...and of course, be reflected in your price! They will also start charging a significant amount for paper statements, so as I say, proceed with caution, as they are going to get you one way..or another! Some-one has to pay for the huge bonuses for the CEO's!
@savypat (20248)
• United States
29 Oct 11
Havign worked in Banking most of my life I can tell you that he bank never gives up a charge without transferring it to some other service. Most of the time banks win. Answer to that is buy bank stock.
1 person likes this
• Canada
29 Oct 11
TOOOO funny, I would have to hire "jesse james" to help me ROB them, like they have done us...in order to invest in their license to steal!
1 person likes this
@dorannmwin (36695)
• United States
31 Oct 11
This is one small victory for the customers, but I really believe that there are a lot more victories that need to come for customers. The fact of the matter is that we were the ones that bailed the big banks out when all of this started, but yet, they are trying to find every way that is possible to rip us off further. Luckily, my husband and I have been banking with a local bank and a credit union for years and they have yet to try to find any ways to rip us off. Now if only there could be a mass exodus from BOA so that they will change their cheating ways as well.
1 person likes this