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Fuck BoA!

What's wrong with charging for convenience? If you don't like it, go somewhere else or use cash. It's not rocket science. This is a witch hunt similar to toyota with the gas pedals.

If pizza hut raised the price of their pizza by a few bucks, would it make national news and warrant discussion on the senate floor? I think not.

>> ^Nexxus:

What's wrong with charging for convenience? If you don't like it, go somewhere else or use cash. It's not rocket science. This is a witch hunt similar to toyota with the gas pedals.
If pizza hut raised the price of their pizza by a few bucks, would it make national news and warrant discussion on the senate floor? I think not.


Because they are charging us $5 a month for what costs them pennies to do. That's what's wrong with it.

why wouldn't the retailer implement a minimum $5 to swipe?

That is the case in Sweden - stores usually have a minimum SEK100 charge - which is about USD15. I think VISA charge USD0.70>> ^Trancecoach:

why wouldn't the retailer implement a minimum $5 to swipe?

>> ^Nexxus:

What's wrong with charging for convenience? If you don't like it, go somewhere else or use cash. It's not rocket science. This is a witch hunt similar to toyota with the gas pedals.
If pizza hut raised the price of their pizza by a few bucks, would it make national news and warrant discussion on the senate floor? I think not.


Because if one huge bank does it's likely that the other HUGE banks will do it and then there's a serious problem. Like when you have a monopoly or only 5 media companies in the United States, that's a serious problem.

I agree pull your money out and don't give them anymore business but just having a solution doesn't mean this doesn't warrant discussion or outrage. You can say "If you don't like the TV propaganda turn off the TV." That isn't the answer because you're going to have to deal with people all the time that have been influenced by said propaganda. We're a society, this kinda shit effects all of us when it's on a large enough scale.

Comment hidden because you are ignoring dag.(show it anyway)

This is one of the little reasons to not do business with BofA - but whatever works.

As with all things, go where you are happy. But realize that this colossal moron (Durbin) is the reason why BoA (and eventually everyone else) is charging you 5 bucks a month for a debit card. It was his rider that put a cap on the fee BoA could charge to vendors.

That $5 a month you're so mad about? Yeah - you've been paying it all your life. Banks have always charged vendors for credit transactions. And they don't cost 'pennies'. Such a statement demonstrates astounding ignorance about finances. It costs major cash to handle all the transactions that happen on a daily basis. The more convenient it became, the more EXPENSIVE it became. Yeesh.

So when Dummy Durbin puts his STUPID rider in the FRA, it capped what banks could charge vendors. Banks got to make up that cost. That means the money you USED to pay in slightly higher costs at the vendor is now directly going from you to the bank instead of through the middleman.

Will there be a decrease of costs at the vendor level to match it? Who knows? But you lunkheads whining about having to pay the bank fee for what you were used to getting for free have only one logical target. Dummy Dick Durbin and his party stupid Democrats. Getting mad at the bank is literal hubris.

Durbin cites a Federal Reserve study which estimated the actual cost of the transactions. I'll trust that and not your uncited assertion.

And as Durbin says, the entire reason this is necessary is because of the Mastercard/Visa duopoly. If it were a free market, you're right -- it would be stupid for the government to step in and regulate this.

>> ^Winstonfield_Pennypacker:

As with all things, go where you are happy. But realize that this colossal moron (Durbin) is the reason why BoA (and eventually everyone else) is charging you 5 bucks a month for a debit card. It was his rider that put a cap on the fee BoA could charge to vendors.
That $5 a month you're so mad about? Yeah - you've been paying it all your life. Banks have always charged vendors for credit transactions. And they don't cost 'pennies'. Such a statement demonstrates astounding ignorance about finances. It costs major cash to handle all the transactions that happen on a daily basis. The more convenient it became, the more EXPENSIVE it became. Yeesh.
So when Dummy Durbin puts his STUPID rider in the FRA, it capped what banks could charge vendors. Banks got to make up that cost. That means the money you USED to pay in slightly higher costs at the vendor is now directly going from you to the bank instead of through the middleman.
Will there be a decrease of costs at the vendor level to match it? Who knows? But you lunkheads whining about having to pay the bank fee for what you were used to getting for free have only one logical target. Dummy Dick Durbin and his party stupid Democrats. Getting mad at the bank is literal hubris.

>> ^dag:

This is one of the little reasons to not do business with BofA - but whatever works.


hehehe, i just found this on their site:

Bank of America Corporation today reported a net loss of $8.8 billion, or $0.90 per diluted share, for the second quarter of 2011, compared with net income of $3.1 billion, or $0.27 per diluted share, in the year-ago period. Excluding certain mortgage-related items and other selected items, net income was $3.7 billion1, or $0.33 per diluted share, in the second quarter of 2011.

I wonder what those "certain mortgage-related items" were.

I'm going to wait till they implement this plan, lose share value, and then I will buy a 100 block of their devalued stock on a serious gamble.... It worked out for me with BP.

>> ^Nexxus:

What's wrong with charging for convenience? If you don't like it, go somewhere else or use cash. It's not rocket science. This is a witch hunt similar to toyota with the gas pedals.
If pizza hut raised the price of their pizza by a few bucks, would it make national news and warrant discussion on the senate floor? I think not.


You're actually equating a purchase with a fee? Besides, Interac and the other Point of Sale "cash equivalents" were brought in so that you would STOP actually coming in to the brick and mortar and wasting their time with non-sales matters. Debit is for THEIR convenience and profit. Now they're just getting greedy.