patrick.net

This whole protest was about a $5 fee?

Well at least now they can all pack up and go home. lol.

I think this is pretty funny. Mostly because it just shows their customers that the bank is just looking to squeeze them as much as they can get away with. Even with the fee rescinded, if I banked there I would be looking for a credit union.

Probably has absolutely nothing for do with the Wall Street Protesters. They have been bleeding customers since there $5 a month fee. My mom works at a small bank that has no debt fee and she says every day people were coming in to move accounts from BoA to her bank.While it hasn't been exactly lines of panicked people, it's been a steady flow of a few people a day. Multiply that by hundreds of small banks all over the country and you get a steady customers loss of a thousand a day from BoA. These numbers start to add up into the hundreds of thousands over months.

Maybe BOA did this as a publicity stunt knowing it would create lots of press coverage. Now they can pat themselves in the back and tell the world, "Look, we're benevolent for rescind the debit card charge! We listened to the people." If they succeed, well, they've earned the trust of millions and will be prosperous. If they fail, the gov't can bail them out. So no matter what path take, they win.

HousingWatcher says

Bank of America is dropping their $5 debit card fee.

There was a time when you as a bank account holder had to stand in line to make a weekly withdraw from you savings to pay for stuff in cash.

In order to have ATMs and networked merchants, for the sake of consumer convience it takes a huge cost in creating and maintaining that infrasture. Its not cheap, but the consumer doesnt want to pay for that EXTRA convience. 7-11 prices are higher because your paying for the extra convience. Many just dont get that.

In a few a years, some will claim withdraws of bank funds anyplace, anytime will be a human right.

thomas.wong1986 says

There was a time when you as a bank account holder had to stand in line to make a weekly withdraw from you savings to pay for stuff in cash

And there was a time when banks had to have many, many more tellers to handle all that stand in line business.

thomas.wong1986 says

In order to have ATMs and networked merchants, for the sake of consumer convience it takes a huge cost in creating and maintaining that infrasture

And the bank's labor savings pays for that cost.

thomas.wong1986 says

Its not cheap, but the consumer doesnt want to pay for that EXTRA convience. 7-11 prices are higher because your paying for the extra convience. Many just dont get that

Of course not. I want to pay as little as possible for the best quality. Isn't that the foundation of capitalism? Just like the banks want to make as much profit as possible.

Not Sure says

it doesn't steal or commit 'accounting errors'

Yes, in fact, an ATM would rather not give you money than make an error. It's very difficult for the ATM to give you the wrong number of bills.

thomas.wong1986 says

There was a time when you as a bank account holder had to stand in line to make a weekly withdraw from you savings to pay for stuff in cash.

There was a time banks had to hold actual money against account holders to be able to let them withdraw their money. Debit cards allow direct transfer from account to account thus making cash reserves practically obsolete.

michaelsch says

There was a time banks had to hold actual money against account holders to be able to let them withdraw their money.

You mean like in the 1700s?

michaelsch says

Debit cards allow direct transfer from account to account thus making cash reserves practically obsolete.

I don't understand what this means. What does a debit card have anything to do with cash reserves?