http://www.youtube.com/watch?v=BTFASpNOpHw (new window)
i hate banks - Mojo Nixon

timujin: And so the Invisible Hand of the Market slaps BofA right in the nuts.

The issued talking point is that this was the end result of the Dodd-Frank act, specifically the Durbin amendment, so they can just drop it in to their "over regulating/over taxing job creators" dirge they've been bemoaning since they abandoned the "uncertainty of the business climate/financial markets" chorus line they stepped to during most of 2010 and the earlier half of this year.

timujin: And so the Invisible Hand of the Market slaps BofA right in the nuts.

What the hell is invisible about this?

timujin: And so the Invisible Hand of the Market slaps BofA right in the nuts.

From TFA: But customers should be careful about bank-hopping, said Carol Kaplan, a spokeswoman with the American Bankers Assn. Other institutions, including credit unions, could also raise their fees or change their policies in the future, she said.

Oh! So we shouldn't switch to credit unions because, some day, they may suck as much as banks. Well that changes everything.

Not a big fan of BoA but I'm not sure that it would even be worth it to move. The only accounts I have there are 1. a HELOC that I owe about $10k on and 2. a savings account with about $200 in it. The only time I really put any money into the savings account is if I get a tax refund. Although some of their fees are a big pain in the ass. Back in June my AC system went tits up and needed to be replaced. BoA wanted $20 or $30 to make me a bank check so I had them give me all the money in cash instead.

ginandbacon: Good.

DigitalCoffee: Not a big fan of BoA but I'm not sure that it would even be worth it to move. The only accounts I have there are 1. a HELOC that I owe about $10k on and 2. a savings account with about $200 in it. The only time I really put any money into the savings account is if I get a tax refund. Although some of their fees are a big pain in the ass. Back in June my AC system went tits up and needed to be replaced. BoA wanted $20 or $30 to make me a bank check so I had them give me all the money in cash instead.

And that, my friend, is why it's worth it to move. Half an hour to move your funds to a good local CU and you never have to worry about that sort of crap again. And they tend to have better loan rates. And you might make a little bit of interest on your $200. Won't be much, but a little money is better than no money.

Balrog: From TFA: But customers should be careful about bank-hopping, said Carol Kaplan, a spokeswoman with the American Bankers Assn. Other institutions, including credit unions, could also raise their fees or change their policies in the future, she said.

Oh! So we shouldn't switch to credit unions because, some day, they may suck as much as banks. Well that changes everything.

I've been telling people for years, don't try to lose weight, at some point fat might be the new 6 pack abs!

The free market at work.

The funny thing is that BoA was just laughing and daring people to close their accounts. They were taking the attitude of "oh they are just the people without millions of dollars in their accounts, so screw them. If they want to close their accounts go ahead."

We'll I took you up on your offer and continue to urge anyone I come across to do the same. That's what BoA gets for shifting $54 TRILLION of their bad debt onto the backs of the American taxpayers using accounting tricks last week.

Balrog: From TFA: But customers should be careful about bank-hopping, said Carol Kaplan, a spokeswoman with the American Bankers Assn. Other institutions, including credit unions, could also raise their fees or change their policies in the future, she said.

Oh! So we shouldn't switch to credit unions because, some day, they may suck as much as banks. Well that changes everything.



You have come to love your jailer. They screw you over, and you just love them more for it, and think "if I keep giving them my business, then maybe next time they'll be different."

Stockholm syndrome- you has it.

Just closed my BofA account this evening.

F them.

So much for the Netflix/BofA, "we're gonna screw ya over, and we're betting you won't do a damned thing about it" business model. That plan is now 0 for 2.

/Capitalism.
//When it works, it's a beautiful thing, baby.
///If your customers are leaving you by the millions you're doing something wrong.

I love it. $4.5billion dollars in deposits into Credit Unions. How much leverage does that cost the big banks?

From what I've recently read, BofA assets are almost 5 trillion and their leverage has been reported as ranging anywhere from 25 to 50 times their assets.

So, nearly 5 billion bucks is funny money ranging from $125 to 250 billion dollars that they can't conjure up out of thin air.

Not a bad start.

On this note, anyone in MA know a good local credit union that has free savings/checking and covers ATM fees?

I don't mind an online bank either, as long as all fee's are covered.

If i'm not getting interest, I'll be damned if I'm going to be PAYING for deposit.

Summer Glau's Love Slave: So much for the Netflix/BofA, "we're gonna screw ya over, and we're betting you won't do a damned thing about it" business model. That plan is now 0 for 2.

/Capitalism.
//When it works, it's a beautiful thing, baby.
///If your customers are leaving you by the millions you're doing something wrong.

In Netflix defense, that was Hollywood doing their damndest to shoot themselves in the foot by raising fees on them. Hollywood has been at war with them, RedBox and even studio-owned Hulu because their successful and convenient models of distribution cost Hollywood money they think they are owed. Granted, the average Hollywood executive probably still can't program a VCR, so understanding the Internet as a profit center is beyond them.

Seeing as how small accounts actually cost a bank money now that debit card fees and overdraft fees have been curtailed, I'm guessing BofA welcomes anything that causes these customers to leave. And since credit unions are penalized when their retained earnings go below 7% of total assets, I'm guessing a big inflow of money to them -- money that might be tricky to place in a paying investment these days -- is more of a headache than a boon.

In short, this is probably a victory all right. For BofA. If you really wanted to stick it to them, you'd be better off opening a new checking account for a hundred bucks.

I moved everything from BofA to a credit union after getting bitten by their ridonculous fee structure in March or so. Of 1994, IIRC. I have never, not once, ever had even the slightest twinge of regret. Not when I've traveled to other countries, not when stuck in some uncivilized part of the American south miles from BFE, never. There is absolutely no reason to stay with them.

Just sayin'.

jjorsett: Seeing as how small accounts actually cost a bank money now that debit card fees and overdraft fees have been curtailed, I'm guessing BofA welcomes anything that causes these customers to leave. And since credit unions are penalized when their retained earnings go below 7% of total assets, I'm guessing a big inflow of money to them -- money that might be tricky to place in a paying investment these days -- is more of a headache than a boon.

In short, this is probably a victory all right. For BofA. If you really wanted to stick it to them, you'd be better off opening a new checking account for a hundred bucks.

It doesn't cost them shiat. It's all done digitally, and the systems are already in place. They want us to pay them for the privilege of investing our money for themselves.

I have BofA and I want to switch over. All I have is a checking/debit card account worth about 18k. What do I need to do, and what do I need to watch out for?

/I remember someone saying that I need to make sure to open the CU account first, but I don't remember why.

I closed my savings today to move it over to a local bank.

It was way awkward. I had 3 people falling all over themselves trying to (not so) discreetly convince me to stay.

/it was hilarious watching the first one double-take when she realized the poor college student (she thought) was going to walk out with good chunk of business.
//csb

Mike Chewbacca: jjorsett: Seeing as how small accounts actually cost a bank money now that debit card fees and overdraft fees have been curtailed, I'm guessing BofA welcomes anything that causes these customers to leave. And since credit unions are penalized when their retained earnings go below 7% of total assets, I'm guessing a big inflow of money to them -- money that might be tricky to place in a paying investment these days -- is more of a headache than a boon.

In short, this is probably a victory all right. For BofA. If you really wanted to stick it to them, you'd be better off opening a new checking account for a hundred bucks.

It doesn't cost them shiat. It's all done digitally, and the systems are already in place. They want us to pay them for the privilege of investing our money for themselves.

Then by all means, punish them by taking your business to that credit union that will welcome you with open arms. If you're right, BofA will be weeping bitterly as it flings itself from the nearest bridge span, and it will serve it right.


2wolves: You sound... concerned.

You aren't even trying, are you? What, do you have a keyboard macro that just inserts this reply when your synapses short out at being presented with an argument where you might have to actually engage instead of spouting slogans?

jjorsett: Seeing as how small accounts actually cost a bank money now that debit card fees and overdraft fees have been curtailed, I'm guessing BofA welcomes anything that causes these customers to leave. And since credit unions are penalized when their retained earnings go below 7% of total assets, I'm guessing a big inflow of money to them -- money that might be tricky to place in a paying investment these days -- is more of a headache than a boon.

In short, this is probably a victory all right. For BofA. If you really wanted to stick it to them, you'd be better off opening a new checking account for a hundred bucks.

Right. You sound like you don't understand investment banking. All those billions in deposits just sit there and BOA hires a guy to watch over it.

/Hint, there's a thing called interest
//BOA takes the interest that historically was due to you, and gives it to their shareholders
///Then charges you a fee on top of that.
////bend over and touch your toes pleb!

TyrantII: On this note, anyone in MA know a good local credit union that has free savings/checking and covers ATM fees?

I don't mind an online bank either, as long as all fee's are covered.

If i'm not getting interest, I'll be damned if I'm going to be PAYING for deposit.

DCU. The only catch is that if you don't work at a certain company or live in a certain area, you may have to donate $10 or so to one of their approved charities in order to join.

If fired my bank and set myself up as a "shareholder" in a CU, paying myself more interest on deposits.

As soon as I can get my work schedule under control (read: find time between 9-5) I am switching over to a credit union. Screw BBVA compass and their $30 worth of fees they extracted from me last month.

I'm getting a kick as Bank of America bounced my 2650.00 mortgage payment when I had 2601.00 in my account and had a pending 2700 deposit, yet they decided to charge me a 38.00 NSF fee and not pay my mortgage company. This is in a checking account that regularly sees 8-12k/mo flow through it.

Fark Bank of America.

The All-Powerful Atheismo: I have BofA and I want to switch over. All I have is a checking/debit card account worth about 18k. What do I need to do, and what do I need to watch out for?

/I remember someone saying that I need to make sure to open the CU account first, but I don't remember why.

Withdraw ~$50 from Boa account.
Go to a credit union.
Open a new account with the $50.
Go to BoA and take all your money out and close the account.
Go to the credit union and deposit money withdrawn from BoA.

Just make sure to update any accounts that may do auto withdrawals and you are basically done. I just opened an account here:

Link (new window). If you live in the city, you are in.

And watch out for poisonous snakes, spiders. Kimodo dragons are to be avoided. And never, ever watch the Lifetime network.

Holy cow, I can't believe anyone still keeps an account with BofA.

I've been a member of a federal CU since 1984, by far the best financial decision I've ever made. The strange thing is that they are by far more conservative than any of their commercial peers, which is how I like it. Why should I bankroll the careless distribution of 100s of thousands of credit cards to people I know (and BofA knows) won't be good for it?

CalamitousCrasher: And never, ever watch the Lifetime network.

I accidentally the Lifetime Movie Network. Is this bad?

jjorsett: Seeing as how small accounts actually cost a bank money now that debit card fees and overdraft fees have been curtailed, I'm guessing BofA welcomes anything that causes these customers to leave. And since credit unions are penalized when their retained earnings go below 7% of total assets, I'm guessing a big inflow of money to them -- money that might be tricky to place in a paying investment these days -- is more of a headache than a boon.

In short, this is probably a victory all right. For BofA. If you really wanted to stick it to them, you'd be better off opening a new checking account for a hundred bucks.

Is it just me or does this guy sound concerned?

Bukharin: http://www.youtube.com/watch?v=BTFASpNOpHw (new window)
i hate banks - Mojo Nixon

If you don't got Mojo Nixon then your store could use some fixing.

The All-Powerful Atheismo: I have BofA and I want to switch over. All I have is a checking/debit card account worth about 18k. What do I need to do, and what do I need to watch out for?

/I remember someone saying that I need to make sure to open the CU account first, but I don't remember why.

Because if you close your account with BofA first, they like to pull slick accounting and then report that you owe them money still and are not in good standing. Then the CU won't let you open a new account. So, yeah, open new account first. Then close the other

In the process of switching over to a credit union. I'm just waiting on getting my checks from the CU so I can pay rent before I tell BofA to fark off once and for all.

Fark Me To Tears: FTFA: But customers should be careful about bank-hopping, said Carol Kaplan, a spokeswoman with the American Bankers Assn. Other institutions, including credit unions, could also raise their fees or change their policies in the future, she said.

"Just as your cable or phone company has many different plans to choose from, your bank may have a new product that better meets your needs," she said.

Yes. This is the same bullsh*t line fed to me by a SunTrust manager a few weeks ago when she was trying to justify to me why SunTrust was imposing a $5 per month debit card fee PLUS changing my account from fee-free w/$5K minimum to a $15K minimum. If I fall below the $15K minimum, my monthly fee will be $17. This does not include the $5 debit card fee. Needless to say, I'm shopping credit unions right now. I hope to switch before the end of the year.

USAA if you can't find one.

maq0r: Fark Me To Tears: FTFA: But customers should be careful about bank-hopping, said Carol Kaplan, a spokeswoman with the American Bankers Assn. Other institutions, including credit unions, could also raise their fees or change their policies in the future, she said.

"Just as your cable or phone company has many different plans to choose from, your bank may have a new product that better meets your needs," she said.

Yes. This is the same bullsh*t line fed to me by a SunTrust manager a few weeks ago when she was trying to justify to me why SunTrust was imposing a $5 per month debit card fee PLUS changing my account from fee-free w/$5K minimum to a $15K minimum. If I fall below the $15K minimum, my monthly fee will be $17. This does not include the $5 debit card fee. Needless to say, I'm shopping credit unions right now. I hope to switch before the end of the year.

USAA if you can't find one.

I live in the bay area. I don't know where to go to do actual banking such as depositing cash or whatnot if I switch to USAA.

The All-Powerful Atheismo:
I live in the bay area. I don't know where to go to do actual banking such as depositing cash or whatnot if I switch to USAA.

USAA, most credit unions, and some of the online banks (ING, Schwab) either participate in a network of free ATMs, or will reimburse your fees for using whatever ATM you want to use, up to $10-15 per month. Many credit unions also don't (or at least didn't) charge a fee to non-account holders for using their ATMs, so you only get dinged with your own bank's fee for using another bank's ATM.

John Henry Eden: The free market at work.

The funny thing is that BoA was just laughing and daring people to close their accounts. They were taking the attitude of "oh they are just the people without millions of dollars in their accounts, so screw them. If they want to close their accounts go ahead."

We'll I took you up on your offer and continue to urge anyone I come across to do the same. That's what BoA gets for shifting $54 TRILLION of their bad debt onto the backs of the American taxpayers using accounting tricks last week.

Exactly! We opened our new Credit Union account last weekend and will be closing our BofA accounts as soon as the last checks go through. We banked with them for 30 years for everything, loans, checking, savings, etc., but they lost us.

You're too big to exist and too evil to exist, BofA.

/sorry that a local bank started by an Italian immigrant as part of the American dream got bought out by North Carolina farkers and turned to shiat

TyrantII: On this note, anyone in MA know a good local credit union that has free savings/checking and covers ATM fees?

Check out St Mary's CU in Marlborough

UnspokenVoice [TotalFark]
Gotfire: I'm getting a kick as Bank of America bounced my 2650.00 mortgage payment when I had 2601.00 in my account and had a pending 2700 deposit, yet they decided to charge me a 38.00 NSF fee and not pay my mortgage company. This is in a checking account that regularly sees 8-12k/mo flow through it.

Fark Bank of America.

The alternative is to not kite checks. Or, you know, getting overdraft protection if they offer it. But the first one is probably the more acceptable choice and certainly the more ethical choice.

Unless BofA held the 2700 deposit knowing it would throw you into overdraft.
/BofA has a serious image problem. If they do not do something soon, they will be the first "big" bank to fail.