BOFA to charge $5 a month for check card use

[Broncojohnny]

Instead of B of A being free to charge a fee and deal with the consequences in a capitalist market, THIS below is what we have. People wonder why no one is hiring? People wonder why there is uncertainty. Take a look at what this piece of shit has to say about how this country should work. B of A jacking up fees should not concern people, they should change banks if they don't like it. What this asshole is saying should alarm every American, even the ones who hate every bank, this will be the downfall of this country:

http://www.cnbc.com/id/44770831

Obama Blasts Bank of America's Debit Fee
Published: Tuesday, 4 Oct 2011 | 9:39 AM ET
Text Size
By: John Carney
Senior Editor, CNBC.com


Barack Obama
CNBC.com
Barack Obama blasted Bank of America's [BAC 5.24 -0.29 (-5.24%) ] plan to charge $5 a month for debit card purchases.

“This is exactly why we need this Consumer Finance Protection Bureau that we set up that is ready to go," Obama said. "This is exactly why we need somebody who's sole job it is to prevent this kind of stuff from happening. ... You can stop it because if you say to the banks, ‘You don't have some inherent right just to – you know, get a certain amount of profit. If your customers – are being mistreated. That you have to treat them fairly and transparently.”

The President said this in an interview with ABC. Ben White of Politico's Morning Money drew attention to his remarks.

The quote startled bankers because it seemed to imply that the CFPB would be micro-managing banks.

In some ways, the Bank of America fee is the most transparent imaginable. Bank customers will pay for it directly, and the fee has garnered so much publicity that it is hard to imagine that many customers will be taken off-guard.

On the other hand, the only way that this fee will generate substantial revenue is if customers are caught unaware or unable to pay by alternative means. So it may well be a good test-case for CFPB paternalism.

Nonetheless, the bankers are outraged. With Bank of America shares trading at lows not seen since the depths of financial crisis, many believe that Obama should not be hammering banks.

[EW]

Yes Barry, banks (and every other business) do have a right to make a certain amount of profit.

[Broncojohnny]

Yes Barry, banks (and every other business) do have a right to make a certain amount of profit.

They have a right to earn as much profit as they can. And their customers have a right to go somewhere else if that profit is excessive.

Which industry will Obama deem to be out of control next?

It is even more bizarre when you consider that B of A had no subprime mortgages, didn't want TARP money and was forced by the government to take TARP money. Then was sweet talked into buying Countrywide. Hmmm...what is going on here? Is B of A out of control or is the government out of control?

And people wonder why unemployment is still 9.1%. It isn't rocket science.

[onemeangixxer7502]

I opened a usaa account yesterday, Ill keep one of my boa accounts but not use the debit. I have to have a bank branch that's all over the country.

[Denny]

I wonder where Barry banks.

[Denny]

I don't know a single person outside of people on the internet blogs doing that. Even then it is people talking a big game. Even if they do, that is how it is supposed to work in a free market. If enough people leave then B of A will have to do away with the fee or reduce it and accept lower profits.

I do.

[racrguy]

I wonder where Barry banks.

The treasury.

[Denny]

The treasury.

Ya, no doubt.

[Denny]

Sen. Durbin:

[SMKR]

http://finance.yahoo.com/news/Bank-o...381425092.html

Anyone have a bank they like? Need online banking and billpay.

Chase

my bro is a bank mgr there and i like
how if i need anything i can call him.

[kingjason]

Everyone is being nickle and dimed to death. Not only are trips to the grocery story higher, cable/internet is inching higher, and fing sprint is going to raise all their rates a lot come December. Hell all we need is gas to hit 5 bucks a gallon again and I say full blown recession worse then we have ever seen.

I know I am solid lower middle class while the wifey is finishing school and I live right. I am being screwd left and right by all these damn programs and crap designed to help the poor suffering people out that have zero common sense when it comes to dealing with money. Cant pay your mortgage, hell we will reduce it. Cant afford cell phones, how about a free one. Drive an old ass car, hey we can give you money for that to get a new one. Last but least, overdraft your bank account often? Well hell we will make sure the banks cant get you anymore for that and stick it to everyone else that has been living right. I am so tired of this shit.

[SMKR]

Everyone is being nickle and dimed to death. Not only are trips to the grocery story higher, cable/internet is inching higher, and fing sprint is going to raise all their rates a lot come December. Hell all we need is gas to hit 5 bucks a gallon again and I say full blown recession worse then we have ever seen.

I know I am solid lower middle class while the wifey is finishing school and I live right. I am being screwd left and right by all these damn programs and crap designed to help the poor suffering people out that have zero common sense when it comes to dealing with money. Cant pay your mortgage, hell we will reduce it. Cant afford cell phones, how about a free one. Drive an old ass car, hey we can give you money for that to get a new one. Last but least, overdraft your bank account often? Well hell we will make sure the banks cant get you anymore for that and stick it to everyone else that has been living right. I am so tired of this shit.

X2

its the small foxes that spoil the vine

[Broncojohnny]

Sen. Durbin:

Oh look, it is a sitting Senator encouraging a run on the largest bank in the United States. And blaming them for adapting to regulation that he and his Democrat friends helped craft. That is about as comforting as a president who says the government should determine how much profit a company should be able to make.

[Denny]

Oh look, it is a sitting Senator encouraging a run on the largest bank in the United States. And blaming them for adapting to regulation that he and his Democrat friends helped craft. That is about as comforting as a president who says the government should determine how much profit a company should be able to make.

Exactly! Leave it to us to tell BofA to take a hike. It's government's intervention that caused the bank to do this in the first place, now they want to demonize them for the sake of "looking out for the people."

Fuck them both!

[Broncojohnny]

Exactly! Leave it to us to tell BofA to take a hike. It's government's intervention that caused the bank to do this in the first place, now they want to demonize them for the sake of "looking out for the people."

Fuck them both!

It is government intervention that caused the mortgage crisis and that same intervention that went right into TARP. Their bullshit goes all the way back to B of A buying Merrill Lynch. They encouraged all of this shit by agreeing to backstop Merrill and Countrywide with TARP money in addition to the $15 billion in TARP funds they forced B of A to take. Now that they have paid back all the TARP money and the TARP bailouts are considered a political liability, it is all B of A's fault that they bought Merrill and Countrywide rather than the regulators who cried about systemic risk and forced a shotgun wedding.

This government is out of control.