"Bank Transfer Day"

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defiantbadgirl -> "Bank Transfer Day" (10/13/2011 8:02:13 AM)
http://finance.yahoo.com/banking-budgeting/article/113658/bank-transfer-day-mainstreet?mod=bb-budgeting I hope Bank of America is hit hard by this. First they took bailout money. Then they announced their plan to lay off tons of workers. Now Bank of America and Wells Fargo are charging customers monthly fees for debit cards. Anyone plan on participating?

Lucylastic -> RE: "Bank Transfer Day" (10/13/2011 8:03:31 AM)
I cant but I have passed on the info to all my friends:)

thishereboi -> RE: "Bank Transfer Day" (10/13/2011 8:06:33 AM)
My money is already in a credit union. I haven't had a bank in over 20 years.

willbeurdaddy -> RE: "Bank Transfer Day" (10/13/2011 8:36:34 AM)
OP I already did, but you left out a couple of steps in your timeline. First they bought Merrill Lynch under pressure from Bernanke and Paulson, a deal they would have backed out of and a deal they have lost billions on. Then they took bailout money. Then they paid back the bailout money with interest.

EternalHoH -> RE: "Bank Transfer Day" (10/13/2011 8:51:21 AM)
"The average consumer uses his or her debit card 24 times per month." Get the masses all hooked on convenience gimmickry while its free, then change your policy to charge for it. See, just like all those Steve Jobs inventions, not all aspects of our 'new economy' turn out to be worth it.

willbeurdaddy -> RE: "Bank Transfer Day" (10/13/2011 8:58:05 AM)
quote: ORIGINAL: EternalHoH "The average consumer uses his or her debit card 24 times per month." Get the masses all hooked on convenience gimmickry while its free, then change your policy to charge for it. See, just like all those Steve Jobs inventions, not all aspects of our 'new economy' turn out to be worth it. Don't like it, get unhooked from it.

slvemike4u -> RE: "Bank Transfer Day" (10/13/2011 9:01:50 AM)
Debit cards save the banking institutions money,they are far cheaper to administer than checks...being electronic and all,far cheaper than handling all of that paper .BoA charging folks for merely having one of their debit cards is unconscionable ,there is only one proper response to this sort of arrogance ....close your BoA account and move your business elsewhere.I am almost sorry I am not one of their customers,closing an account there would bring me great joy [:)]

Lucylastic -> RE: "Bank Transfer Day" (10/13/2011 9:06:35 AM)
I thought someone was making a noise about having an investigation into the fees>>???

SternSkipper -> RE: "Bank Transfer Day" (10/13/2011 11:52:47 AM)
quote: I already did, but you left out a couple of steps in your timeline. First they bought Merrill Lynch under pressure from Bernanke and Paulson, a deal they would have backed out of and a deal they have lost billions on. Then they took bailout money. Then they paid back the bailout money with interest. WTF? You can't SERIOUSLY expect any of us to give a shit what the poor fucking well bailed out bank has has to suffer through, do you? Dude, you live in a fucking bubble or something? Anybody remember baclk to 08 as to what WillBee was blathering about the bailouts when his favorite Banksters were bleeding out the ears?

SternSkipper -> RE: "Bank Transfer Day" (10/13/2011 11:55:02 AM)
I look at ANYTHING Any of The TOO BIG TO FAIL CLUB had to do as Part of a PLEA BARGAIN We OUGHT to be holding a candlelight vigil debating the death penalty over their execs outside some prison in Texas or Georgia

Sanity -> RE: "Bank Transfer Day" (10/13/2011 12:05:20 PM)
quote: ORIGINAL: Lucylastic I thought someone was making a noise about having an investigation into the fees>>??? Any investigation would find that the Senate caused this when they limited swipe fees. Banks cant do what they do for free so when the government forces them to stop covering their costs in one area they are forced to try to make up that loss somewhere else, so here we are. And the majority who are withdrawing their funds from BOA are doing BOA a favor because its not cost effective for them to carry small accounts, the associated overhead makes it cost prohibitive.

Sanity -> RE: "Bank Transfer Day" (10/13/2011 12:06:37 PM)
ARE you RELATED to FARGLEBARGLE because HE does THAT same CAPS on CAPS off THING that YOU do quote: ORIGINAL: SternSkipper I look at ANYTHING Any of The TOO BIG TO FAIL CLUB had to do as Part of a PLEA BARGAIN We OUGHT to be holding a candlelight vigil debating the death penalty over their execs outside some prison in Texas or Georgia

SternSkipper -> RE: "Bank Transfer Day" (10/13/2011 12:18:00 PM)
quote: ARE you RELATED to FARGLEBARGLE because HE does THAT same CAPS on CAPS off THING that YOU do It's an aid to the deaf they can't hear you emphasize to the obtuse. If it bothers you, it's a big internet <wink>...

willbeurdaddy -> RE: "Bank Transfer Day" (10/13/2011 12:31:31 PM)
quote: ORIGINAL: SternSkipper quote: I already did, but you left out a couple of steps in your timeline. First they bought Merrill Lynch under pressure from Bernanke and Paulson, a deal they would have backed out of and a deal they have lost billions on. Then they took bailout money. Then they paid back the bailout money with interest. WTF? You can't SERIOUSLY expect any of us to give a shit what the poor fucking well bailed out bank has has to suffer through, do you? Dude, you live in a fucking bubble or something? Anybody remember baclk to 08 as to what WillBee was blathering about the bailouts when his favorite Banksters were bleeding out the ears? Im just correcting the history. And fyi I was against TARP for a reason that hasnt come to bear...yet... which is moral hazard. TARP money was repaid with interest, and the window dressing it gave to the markets to stabilize them was worthwhile. What the markets need to be made to believe is that future losses will not be socialized.

kdsub -> RE: "Bank Transfer Day" (10/13/2011 12:41:01 PM)
Thanks for the info...I am a customer with Bank of America and I have already talked with customer service... They tell me that they are still in the planning stage and my account may not be affected...But... I told them that the day I receive the 30 day notice I will be closing all accounts.... I encourage everyone who has an account with them to send them a message. If nothing else they may wave the fee for those that threaten to close accounts. Butch

slvemike4u -> RE: "Bank Transfer Day" (10/13/2011 2:22:24 PM)
quote: ORIGINAL: Sanity quote: ORIGINAL: Lucylastic I thought someone was making a noise about having an investigation into the fees>>??? Any investigation would find that the Senate caused this when they limited swipe fees. Banks cant do what they do for free so when the government forces them to stop covering their costs in one area they are forced to try to make up that loss somewhere else, so here we are. And the majority who are withdrawing their funds from BOA are doing BOA a favor because its not cost effective for them to carry small accounts, the associated overhead makes it cost prohibitive. Bullshit(as usual) electronic transfers save the banks money, the banks lost the ability to soak their customers in this area so BoA tried to recoup these unjustified profits by charging for simple possession of the card itself.Americans should not expect nor wait for their representatives to outlaw this practice...they should show their displeasure by moving their business from BoA....I believe that is referred to as a free market remedy. By the way Sanity if enough "small accounts" move B o A might find that "cost prohibitive" too.

DomKen -> RE: "Bank Transfer Day" (10/13/2011 2:32:41 PM)
quote: ORIGINAL: Sanity quote: ORIGINAL: Lucylastic I thought someone was making a noise about having an investigation into the fees>>??? Any investigation would find that the Senate caused this when they limited swipe fees. Banks cant do what they do for free so when the government forces them to stop covering their costs in one area they are forced to try to make up that loss somewhere else, so here we are. And the majority who are withdrawing their funds from BOA are doing BOA a favor because its not cost effective for them to carry small accounts, the associated overhead makes it cost prohibitive. Are you really claiming it costs more than $0.40 per swipe? IIRC the average swipe fee being charged retailers was $0.42. It's a secure webserver, some top end database boxes, a bunch of dedicated connections from the clearinghouses to the banks and the POS hardware. The whole infrastructure has been paid for for years. the ongoing costs are minimal. This has simply been a huge profit center for the banksand clearinghouses.

slvemike4u -> RE: "Bank Transfer Day" (10/13/2011 2:36:49 PM)
And a hell of a lot cheaper that what was the precious method ,ie: paper checks.Debit cards have led to a windfall for the banks( dhal weeks USA the obscene fees that kick in should you inadvertently spend more than you have...anyone here ever buy a 36 dollar cup of coffee...lol)there has never been and will never be any reason to charge folks an additional fee simply for having the damm card.

Sanity -> RE: "Bank Transfer Day" (10/13/2011 3:54:39 PM)
They dont get forty cents a swipe, not even close. And you are not accounting for the costs of maintaining all these millions of small accounts in thousands of brick-and-mortar buildings, and there are numerous other costs. Just face facts, your beloved government did this to you, just as I wrote earlier. So when someone says I am from the government and I am here to help, tell them to fuck off. quote: ORIGINAL: DomKen quote: ORIGINAL: Sanity quote: ORIGINAL: Lucylastic I thought someone was making a noise about having an investigation into the fees>>??? Any investigation would find that the Senate caused this when they limited swipe fees. Banks cant do what they do for free so when the government forces them to stop covering their costs in one area they are forced to try to make up that loss somewhere else, so here we are. And the majority who are withdrawing their funds from BOA are doing BOA a favor because its not cost effective for them to carry small accounts, the associated overhead makes it cost prohibitive. Are you really claiming it costs more than $0.40 per swipe? IIRC the average swipe fee being charged retailers was $0.42. It's a secure webserver, some top end database boxes, a bunch of dedicated connections from the clearinghouses to the banks and the POS hardware. The whole infrastructure has been paid for for years. the ongoing costs are minimal. This has simply been a huge profit center for the banksand clearinghouses.

DomKen -> RE: "Bank Transfer Day" (10/13/2011 4:08:49 PM)
quote: ORIGINAL: Sanity They dont get forty cents a swipe, not even close. And you are not accounting for the costs of maintaining all these millions of small accounts in thousands of brick-and-mortar buildings, and there are numerous other costs. Just face facts, your beloved government did this to you, just as I wrote earlier. So when someone says I am from the government and I am here to help, tell them to fuck off. quote: ORIGINAL: DomKen quote: ORIGINAL: Sanity quote: ORIGINAL: Lucylastic I thought someone was making a noise about having an investigation into the fees>>??? Any investigation would find that the Senate caused this when they limited swipe fees. Banks cant do what they do for free so when the government forces them to stop covering their costs in one area they are forced to try to make up that loss somewhere else, so here we are. And the majority who are withdrawing their funds from BOA are doing BOA a favor because its not cost effective for them to carry small accounts, the associated overhead makes it cost prohibitive. Are you really claiming it costs more than $0.40 per swipe? IIRC the average swipe fee being charged retailers was $0.42. It's a secure webserver, some top end database boxes, a bunch of dedicated connections from the clearinghouses to the banks and the POS hardware. The whole infrastructure has been paid for for years. the ongoing costs are minimal. This has simply been a huge profit center for the banksand clearinghouses. They most certainly were charging more than 40 cents per swipe. CNN says 44 http://money.cnn.com/2011/06/29/news/economy/debit_card_fees/index.htm So does USAToday http://www.usatoday.com/money/perfi/credit/2011-06-29-fed-debit-card-swipe-fees-retailers-banks_n.htm Are you done lying now?

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