Tuesday, November 1, 2011

Watch Your Bank of America Statements Like a Hawk

B of A has buckled on its plan to charge $5.00 per month on debit cards. But that just means BofA will attempt to sneak other charges onto accounts. Writes MarketWatch:
Get ready to lock down your wallet, read fine print and watch your bank statements like a hawk. Bank of America Corp. BAC -2.93% today officially killed the debit-fee charges that generated so much public and political buzz over the last few weeks; it had planned to charge customers $5 per month for buying things with their debit card.. Now that debit-card charges have crashed and burned; the banks are looking for ideas that fly. “They will find more subtle ways to make up for this lost revenue, increases that may fly under the radar,” said Bill Hardekopf of LowCards.com. In short, the next fee idea won’t be as patently offensive, insulting and stupid as the proposed debit-card charges were. That means consumers need to fine-tune their radar for what’s next, whether it is an increase in existing fees, additional ancillary account charges or simply raising interest rates on credit cards. Consumers can only hope to beat back those additional costs by being vigilant, reading changes in card and account terms, and by changing habits and behaviors to minimize the fees they suffer and pay.
Bottom line: The bankster oligopoly protected by hoards of government agencies needs to be broken up so that an honest banking system develops. These characters, like B of A, should be replaced by upstarts that can't now get through the layers and layers of bureaucratic tape that protect the sleazy elitists.


  1. "These characters, like B of A, should be replaced by upstarts that can't now get through the layers and layers of bureaucratic tape that protect the sleazy elitists."

    Indeed, they will. Tech and Telcos are the future of the payments system. Little matter of getting rid of BHA first, though.

  2. "Broken up" by whom? "Be Replaced" by whom? The Bankster-Politico Terrorist Organization owns Armies, Jails, Bombs, Fighter Jets, Tanks, Missles, Drones.... How are you going to get rid of them? (Don't say "Voting" because you know that will just make you look foolish)

  3. The only entities in the country that have the ability and credibility to break up the big banks and the whole Washintonian Empire are the 50 states. If we can get control of them by electing a libertarian majority into each state, they can beat D.C. by nullifying unconstitutional federal laws, reestablishing gold and silver as money, and if necessary seceding. Like Obi Wan, they are our only hope.

  4. If the bank, or any business, does not treat you fairly, then vote with your feet. If enough people do this, the business will either change or fail.

  5. Anon 5:40, you are exactly correct. There is no gov't solution to our problem. The states????? Oh pleeeeeeeeeeeeeeeeeaze. We have to vote with our feet.

    The market is much more powerful than people think. Just a small percentage shift away from the money center banks will have a huge effect, particularly now when they are so weak.

    Try this: http://moveyourmoneyproject.org/ Also look at companies such as prosper.com.

  6. What's next? Here are some possibilities:

    1. Mailing of paper statements;
    2. Making a transaction with a teller;
    3. Swipe fee for using your own bank's ATM;
    4. Charge for looking up your balance online.

    How's that for starters? Need I come up with more?

    Give us one part scumbag Senator like Dick (Turban) Durbin the right to make up rules like the one that inspired the BofA $5 ATM fee, and add one part criminal bankster, and add in a doofus like Benny Bernanke, and you won't recognize what rung of Hell you are in.