BofA's new $5 debit card fee

[FONT=&quot]Bank of America's decision to charge consumers $5 per month to utilize a debit card has started a firestorm of protest that has gotten to the executive office of United States federal government. ABC News reports that during a public interview with George Stephanopoulos, President Obama cut into Bank of America for what he sees as customer price gouging. The president's words caused a heavy reply from the banking industry. Obama criticizes Bank of America $5 monthly debit card fees. I must to conclude on this issue that merchants don't want to pay for the transaction fee so they pass it on to the customers. Banks are sophisticated thieves that will charge customers for using their own money. The government should have consulted with the citizens before blindly hand out bail money to these banks. Who’s agreeing with me?
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Dang, I was hoping you had some shoes to sell.

 

Dumbass press. As usual, the whole story hasn't been told regarding the debit card fees. Talked with a BofA banker today and there are several ways to avoid the fee. Mortgage, $$ in accounts, # accounts, combined accounts, etc are all a way to avoid the fee.

 

LOL. Congress was outsmarted and now it is pissed. Kind of reminds me of going after S&P after the credit downgrade. Congress has no more right to tell a bank what it can charge than it has to tell McDonalds what it can charge for a burger.

Probe sought of debit card fees

 

Ways to avoid the fee.

Of course easiest way is to switch to a smaller bank because all the big banks will eventually have these fees.

Ways to avoid debit card fee

 

I'll simply stop using the debit card and put everything on a credit card, pay it at the end of the month. fuck'em

 

Yeah, that's another way to avoid the fee. Most people can't do that though because they'll just screw themselves by not paying the CC off each month and wind up paying more than $60/month in interest. So many Americans are financial illiterates.

 

also says if you have a home mortgage with them you're exempt


The debit-card fee is also waived for customers who have a mortgage with the bank.
The debit-card fee was announced Sept. 29. The bank said it was a response to new federal regulations as part of the Dodd-Frank financial overhaul law.



Read more: http://www.charlotteobserver.com/20...ising-the-bar-for-avoiding.html#ixzz1bMHdB16r

 

Kind of sounds like you answered your own question...

Now, can you please dumb it down a few more levels so 49erputz can follow along?