Tag Archives: Bank of America

Bank of America: Breaking Up is Hard to Do

The latest BofA ad….

My friend Kirk sent this to me and I thought it was cute, fun, accurate and worth sharing…

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Bank Of America Charges Debit Fees for Unemployment Benefits Debit Cards

This is just disgusting….

I can’t say this often enough:  If States, Federal and Local Governments are going to contract with these banks to manage Government Benefits, these contracts should specify that these banks cannot charge these poor people fees to use the benefits.

This is robbery of the poor and most vulnerable by the rich, politically powerful, government bailed-out banks who assume these people don’t have the power to fight back.

B of A already gets a percentage of each charge from the merchant.  That’s fine as that’s how the credit/debit card system is meant to work.  The cost is- or should be- built into consumer  pricing….

These additional fees are at the very least immoral and should be illegal.

I’ll say it again:  Bank of America is just plain evil….

From the Huffington Post:

Bank of America recently aborted plans to charge ordinary banking customers $5 a month to use their debit cards in the face of national outrage. But the bank has quietly continued to mine another source of fees: jobless people who depend upon the bank’s prepaid debit cards to tap their benefits. Bank of America and other financial firms — including U.S. Bank, Wells Fargo and JP Morgan Chase — have secured contracts to provide access to public benefits in 41 states. These contracts typically allow banks to collect unlimited fees from merchants and consumers.

In short, the same banks whose speculation delivered a financial crisis that has destroyed millions of jobs have figured out how to turn widespread unemployment into a profit center: The larger the number of people who are out of work and dependent upon the state for sustenance, the greater the potential gains through administering their benefits.

“It’s absolutely ridiculous,” said Sue Berkowitz, director of the South Carolina Appleseed Legal Justice Center, a Columbia nonprofit that represents low-income people facing foreclosure, food insecurity and other problems. “It should not cost you any more to use a debit card than if they had issued you a check.”

For the state, handing Bank of America responsibility for unemployment benefits secured cost savings, said Berkowitz, but they have come at vulnerable people’s expense.

via For Bank Of America, Debit Fees Extend To Unemployment Benefits.

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Quote of the Day: Andy Borowitz

“Bank of America is like a man who’s been saved from a burning building and then kicks the fireman in the nuts.”

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Citigroup To Start Charging Per-Month Fees On Low-Balance Accounts

Evil.

These big banks are simply evil….

I really don’t understand why anyone would do business with them.

I’m very happy with my local credit union and have been for 20 years.  I get all the same services as a big bank, but pay no fees on any of my accounts.  I really wish people would wise up and stop giving their business to these big banks.  I just don’t understand why anyone would support them…

From The Huffington Post:

 

Citigroup Inc said it will start charging a monthly fee of $10 on checking and savings accounts with combined balances of less than $1,500, joining a growing list of banks seeking to recoup revenue lost under new financial industry regulations.

The fee will be waived if a customer completes one direct deposit and one online bill payment per month through an account, or maintains a balance of at least $1,500 in checking and savings accounts, Citigroup said on Friday

The change takes effect in December.

Under Citi’s current fee structure, customers are not required to maintain minimum account balances but must complete five transactions a month through an account to avoid a monthly fee of $8.

Citigroup said it will not charge for debit card use or online bill payment.

Stephen Troutner, head of banking products for Citi’s U.S. consumer bank, said free debit card use could woo customers from other banks that are weighing whether to charge for debit card use, such as JPMorgan Chase & Co and Wells Fargo & Co.

“Customers have told us in no uncertain terms that is a huge source of irritation,” Troutner said.

New York-based Citi is the latest bank to tinker with its fee structure following changes in U.S. consumer banking regulations and laws over the last two years.

New regulations — part of a broad financial sector reform effort — limit overdraft fees and other penalty fees banks can charge.

In response, many banks have begun introducing monthly service fees for accounts, debit card use and visits to branches.

Bank of America Corp, the largest U.S. bank by assets, added checking account fees last year. The BofA changes include an ebanking account, which allows customers to use ATMs and online banking for free but charges a monthly fee of $7 for teller visits or receiving paper statements.

via Citigroup To Start Charging Per-Month Fees On Low-Balance Accounts.

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Filed under The Economy