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(Komo)   Bank of America introduces a new, innovative way to annoy the hell out of you   (komonews.com) divider line 50
    More: Obvious, community banks, Diebold, ATM card, National Catholic Reporter  
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4055 clicks; posted to Business » on 01 Aug 2013 at 12:48 AM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



50 Comments   (+0 »)
   
View Voting Results: Smartest and Funniest
 
2013-07-31 11:54:45 PM  
stompmud.com
 
2013-08-01 12:35:21 AM  
DO.NOT.WANT
 
2013-08-01 01:07:03 AM  
dont be surprised
if the person speaks with an Indian accent
    (outsourcing)
 
2013-08-01 01:17:42 AM  
Remotely controlled ATMs? This will end well.
 
2013-08-01 01:30:03 AM  
Bank of America can suck my Cash Out Cleanly Keen.
 
2013-08-01 01:41:49 AM  
YOU CAN FIRE YOUR BANK. Seriously, I've fired BOA and Chase and lived to tell the tale. Credit Union, man
 
2013-08-01 01:48:14 AM  
It sounded plausible until I heard the name "Diebold".
 
2013-08-01 01:49:41 AM  
"The phone is secure because your account information is stored in the cloud, not on the device."

FFS, can we please stop calling all non-local data storage "in the cloud?"
 
2013-08-01 02:19:56 AM  

zerkalo: YOU CAN FIRE YOUR BANK. Seriously, I've fired BOA and Chase and lived to tell the tale. Credit Union, man


Seriously. All this crying about what Bank Xyz is doing... you don't have to give them your money. For fark's sake, just don't do business with them. It's so tiring listening to people whine about how much Bank of This and WalThat sucks. Just don't be a customer.
 
2013-08-01 02:20:09 AM  
There isn't a BoA within... 112 miles of me now. A few ATMs, but that's it.
 
2013-08-01 03:16:56 AM  
As much as I hate all banks, i have to give bofa credit for knowing their customer base. in 2008, they rolled out these newfangled atms that no longer need envelopes for deposits. Damn units didnt have the software to accept more than 20 bills at a time, and one check fed each, up to 20 checks. They paid me good money to explain how to use the atm, to a lot of both smart and stupid folks. I loved that job- i got a lot of reading done after the first week as folks showed up and waved ( i had already given them the demo ) . They ( bofa ) still messed it up as they didnt go the wells fargo route and allow multiple checks at once, from the beginning.

By the way- a check is a paper form of money from a bank or a person ( with the backing of a bank ) to you. where i live, there are a lot of SAG  and AFTRA members who get royalty checks, for work they did in the past. Some checks are for .50 . I am not making this up. As of 2008, a person was still spending 35 cents for postage and 5 cents in paper and 1 cent in print and labour costs to send someone .50 . Yeah.
I still miss that gig though. Oh, there were 2 of us demo folks- one guy who showed up late got the name badge and i had to convince folks i wasnt a well dressed mugger. I read gardening books and he read his bible.
 
2013-08-01 03:20:40 AM  
I think I've used an ATM twice in the past year, both times was for a quick dash for cash when I went to eat somewhere and realized they didn't take plastic.

Everything else, I do either via USAA's website or over the phone. I fired BoA shortly after they announced the debit card fees and haven't looked back.
 
2013-08-01 04:42:53 AM  
People still have money?
 
2013-08-01 06:15:30 AM  
I'm guessing that at some point after they roll these things out, there will be a 'small fee' involved in even using the damned thing....
 
2013-08-01 06:16:06 AM  
Bank of America says customer feedback has been "tremendous."


Well, to be fair, anything short of pitchforks and torches is going to seem like tremendous feed back to BoA customer support.

/ can you IMAGINE working that desk?
 
2013-08-01 06:33:06 AM  
Another credit union convert with one caveat: try to get a locally-owned one. Sometimes the nationals are as bad as the big banks.

/actually free checking is no longer free, and they discontinued a "pay-a-friend" service that allowed you to send money via e-mail. Very cool for families who live and travel to different countries quite often. Mergers in credit unions suck as bad as when any other country does it.
//free market fail: I'm in Los Angeles and I'm having a helluva time finding a local credit union. They're almost all national/federal. Ugh!
 
2013-08-01 07:20:50 AM  
What's money?
 
2013-08-01 07:49:21 AM  

AtlanticCoast63: I'm guessing that at some point after they roll these things out, there will be a 'small fee' involved in even using the damned thing....


I was thinking more along the lines of "Hey! I understand you'd like to withdraw $60 in cash, but first let me tell you about this exciting opportunity to purchase a credit monitoring subscription..."
 
2013-08-01 07:50:20 AM  
Your ATM transaction is important to us.
All representatives are currently busy assisting other customers.
Please hold until the next representative is available... current hold time is approximately 350 minutes.
 
2013-08-01 07:50:21 AM  
I hardly look like my drivers license... Damn, I'm going to have to trim my beard before I go for my renewal in September.
 
2013-08-01 07:55:36 AM  
First, who uses ATMs any more? Almost every business accepts debit cards these days and for the few who don't you can get cash back at most places as well.

Second, these don't sound very secure to me, unless they're in some kind of enclosed/secure kiosk, you're going to have some jack-off standing 12 inches behind you listening to every word you say.
 
2013-08-01 07:57:02 AM  

zerkalo: YOU CAN FIRE YOUR BANK. Seriously, I've fired BOA and Chase and lived to tell the tale. Credit Union, man


I had a checking account at Bank of America that I stopped using. After a few months the account fees put it a few dollars into the negative so I wrote BoA a check against my new bank account for the amount, plus fees for going negative. When I went to my local BoA branch to close my account, they refused to do it. They demanded that I justify why I wanted to close my account. When I said it was none of their business, they told me I'd have to call a special number and talk to an account manager first. This of course meant they wanted someone trained in retention to harass me into staying. Instead I went to the ATM, got my account to exactly zero and then went online and used the chat on their website to ask that the account be closed.

Why they thought acting like jerks would make me want to stay, I don't know. Maybe the douche didn't want an account closure on his file. Do they even track that? Whatever was the situation, I know I'll never open up another account at Bank of America.
 
2013-08-01 07:59:10 AM  

DarthBart: I think I've used an ATM twice in the past year, both times was for a quick dash for cash when I went to eat somewhere and realized they didn't take plastic.

Everything else, I do either via USAA's website or over the phone. I fired BoA shortly after they announced the debit card fees and haven't looked back.


Absolutely this. Switched from BoA to USAA, and haven't looked back since. Unfortunately, they own me now. At least they're nice about it.
 
2013-08-01 08:04:24 AM  

Peki: Another credit union convert with one caveat: try to get a locally-owned one. Sometimes the nationals are as bad as the big banks.

/actually free checking is no longer free, and they discontinued a "pay-a-friend" service that allowed you to send money via e-mail. Very cool for families who live and travel to different countries quite often. Mergers in credit unions suck as bad as when any other country does it.
//free market fail: I'm in Los Angeles and I'm having a helluva time finding a local credit union. They're almost all national/federal. Ugh!


By definition all credit unions are owned by the depositors. Most credit unions have the word national or federal in the name, that doesn't mean they aren't local, that only means they're a member of the NCUA (National Credit Union Administration) and are operated under federal credit union regulations rather than state banking laws. At least that's my layman understanding of it.
 
2013-08-01 08:10:27 AM  

stiletto_the_wise: zerkalo: YOU CAN FIRE YOUR BANK. Seriously, I've fired BOA and Chase and lived to tell the tale. Credit Union, man

Seriously. All this crying about what Bank Xyz is doing... you don't have to give them your money. For fark's sake, just don't do business with them. It's so tiring listening to people whine about how much Bank of This and WalThat sucks. Just don't be a customer.


What, and give up the sweet validation and sense of entitlement that comes with being a helpless victim of corporate malfeasance?
 
2013-08-01 08:12:20 AM  
So how long will it take until someone either moons or flashes a teller?
 
2013-08-01 08:17:34 AM  

ReapTheChaos: First, who uses ATMs any more? Almost every business accepts debit cards these days and for the few who don't you can get cash back at most places as well.


Lots of people use ATMs for the exact reason you just mentioned. If I work downtown and there's some festival going on, maybe I don't feel like walking a bunch of blocks to find a store to buy something I don't want just so I can get some cash out to get some delicious Thai tacos or something.
 
2013-08-01 08:19:28 AM  
25.media.tumblr.com
 
2013-08-01 08:20:45 AM  
I closed my accounts in national banks. The Wells Fargit asked why I was leaving at the same time charging me fees on my last day after 16 years with them.
 
2013-08-01 08:35:06 AM  

Eddie Adams from Torrance: Your ATM transaction is important to us.
All representatives are currently busy assisting other customers.
Please hold until the next representative is available... current hold time is approximately 350 minutes.


Basically this.  Going to make my trips to the ATM fun when I have to wait in line behind the guy who wants to talk to a human about something that the automated interface can easily do for him.
 
2013-08-01 08:38:53 AM  
Fark Banco de Amerique.
 
2013-08-01 08:43:44 AM  
What this means is that they will eventually charge you to use an actual factual in person teller if you need to some time.  Of the few tellers that they retain on limited hours after they let the remainder of them go.  Another way to squeeze old people and foreigners I guess.

What will add to the continuing crappy job environment is the additional low skill tellers they let go (although I guess they have a leg up in that they were trusted enough to be a bank teller)

/grumpy today, need more coffee
 
2013-08-01 10:04:41 AM  

ImpendingCynic: "The phone is secure because your account information is stored in the cloud, not on the device."

FFS, can we please stop calling all non-local data storage "in the cloud?"


But if we did this, the executives wouldn't have any catchy marketing term to sprout so they don't sound like they only got the position because daddy was the company president.
 
2013-08-01 10:07:22 AM  

ReapTheChaos: Peki: Another credit union convert with one caveat: try to get a locally-owned one. Sometimes the nationals are as bad as the big banks.

/actually free checking is no longer free, and they discontinued a "pay-a-friend" service that allowed you to send money via e-mail. Very cool for families who live and travel to different countries quite often. Mergers in credit unions suck as bad as when any other country does it.
//free market fail: I'm in Los Angeles and I'm having a helluva time finding a local credit union. They're almost all national/federal. Ugh!

By definition all credit unions are owned by the depositors. Most credit unions have the word national or federal in the name, that doesn't mean they aren't local, that only means they're a member of the NCUA (National Credit Union Administration) and are operated under federal credit union regulations rather than state banking laws. At least that's my layman understanding of it.


I'm talking more of the business philosophy than the legalities. Yes, I know I'm a member-owner, as I get dividends. I also own 20 shares of Corning, doesn't mean I get to sit on the Board of Directors.
 
2013-08-01 10:29:27 AM  
I'm old enough to remember when the first ATM's rolled out.  I think it's funny back then all the excitement was about not needing a teller.

Now BoA is excited to put the teller back in. Funny how the world works.
 
2013-08-01 11:07:41 AM  

Peki: Another credit union convert with one caveat: try to get a locally-owned one. Sometimes the nationals are as bad as the big banks.

/actually free checking is no longer free, and they discontinued a "pay-a-friend" service that allowed you to send money via e-mail. Very cool for families who live and travel to different countries quite often. Mergers in credit unions suck as bad as when any other country does it.
//free market fail: I'm in Los Angeles and I'm having a helluva time finding a local credit union. They're almost all national/federal. Ugh!


Didn't know we were allowed to say anything negative about credit unions.  Fark's filter must be slipping.
 
2013-08-01 01:20:28 PM  
So, I work for BofA and just wanted to clear up a few misconceptions.

bindlestiff2600: dont be surprised
if the person speaks with an Indian accent
    (outsourcing)


Actually, the tellers will on be on-shore.

ReapTheChaos: Second, these don't sound very secure to me, unless they're in some kind of enclosed/secure kiosk, you're going to have some jack-off standing 12 inches behind you listening to every word you say


They actually are in a secured kiosk.

DarthBart: I fired BoA shortly after they announced the debit card fees


So everyone is aware, we never actually implemented debit card fees.  It was being explored but never went past the theoretical stage.

Eddie Adams from Torrance: Your ATM transaction is important to us.
All representatives are currently busy assisting other customers.
Please hold until the next representative is available... current hold time is approximately 350 minutes.


You will always be able to use standard ATM functions without interacting with a teller.  The Teller Assist functions are more for non-customer check cashing, or if you lost your ATM card for example.

For those of you who have had bad experiences with BofA, I really am sorry.
 
2013-08-01 01:32:51 PM  

Stile4aly: So, I work for BofA and just wanted to clear up a few misconceptions.

bindlestiff2600: dont be surprised
if the person speaks with an Indian accent
    (outsourcing)

Actually, the tellers will on be on-shore.

ReapTheChaos: Second, these don't sound very secure to me, unless they're in some kind of enclosed/secure kiosk, you're going to have some jack-off standing 12 inches behind you listening to every word you say

They actually are in a secured kiosk.

DarthBart: I fired BoA shortly after they announced the debit card fees

So everyone is aware, we never actually implemented debit card fees.  It was being explored but never went past the theoretical stage.

Eddie Adams from Torrance: Your ATM transaction is important to us.
All representatives are currently busy assisting other customers.
Please hold until the next representative is available... current hold time is approximately 350 minutes.

You will always be able to use standard ATM functions without interacting with a teller.  The Teller Assist functions are more for non-customer check cashing, or if you lost your ATM card for example.

For those of you who have had bad experiences with BofA, I really am sorry.


You stepped into it there.  I think you missed one though.  The real savings/strategy is more of a "bank in a box" approach which doesn't so much upgrade the standard ATM as much as it does move transactions out of the lobby of the bank thereby allowing effectively a remote branch-like capability without a multi-million dollar building.  Presumably any/all transactions handled by a teller at a standard bank could one day be handled by a simple kiosk.
 
2013-08-01 01:41:59 PM  

brandent: Stile4aly: So, I work for BofA and just wanted to clear up a few misconceptions.

bindlestiff2600: dont be surprised
if the person speaks with an Indian accent
    (outsourcing)

Actually, the tellers will on be on-shore.

ReapTheChaos: Second, these don't sound very secure to me, unless they're in some kind of enclosed/secure kiosk, you're going to have some jack-off standing 12 inches behind you listening to every word you say

They actually are in a secured kiosk.

DarthBart: I fired BoA shortly after they announced the debit card fees

So everyone is aware, we never actually implemented debit card fees.  It was being explored but never went past the theoretical stage.

Eddie Adams from Torrance: Your ATM transaction is important to us.
All representatives are currently busy assisting other customers.
Please hold until the next representative is available... current hold time is approximately 350 minutes.

You will always be able to use standard ATM functions without interacting with a teller.  The Teller Assist functions are more for non-customer check cashing, or if you lost your ATM card for example.

For those of you who have had bad experiences with BofA, I really am sorry.

You stepped into it there.  I think you missed one though.  The real savings/strategy is more of a "bank in a box" approach which doesn't so much upgrade the standard ATM as much as it does move transactions out of the lobby of the bank thereby allowing effectively a remote branch-like capability without a multi-million dollar building.  Presumably any/all transactions handled by a teller at a standard bank could one day be handled by a simple kiosk.


You're not wrong, but my understanding is that these teller machines will be used in places where it might not be feasible to put a full banking center, not to eliminate teller jobs, though I wouldn't be surprised if this happens in the future.

Let me be clear, I don't think BofA is a perfect company by any stretch, I just want to make sure that the discussion is accurate.
 
2013-08-01 01:55:39 PM  

Stile4aly: brandent: Stile4aly: So, I work for BofA and just wanted to clear up a few misconceptions.

bindlestiff2600: dont be surprised
if the person speaks with an Indian accent
    (outsourcing)

Actually, the tellers will on be on-shore.

ReapTheChaos: Second, these don't sound very secure to me, unless they're in some kind of enclosed/secure kiosk, you're going to have some jack-off standing 12 inches behind you listening to every word you say

They actually are in a secured kiosk.

DarthBart: I fired BoA shortly after they announced the debit card fees

So everyone is aware, we never actually implemented debit card fees.  It was being explored but never went past the theoretical stage.

Eddie Adams from Torrance: Your ATM transaction is important to us.
All representatives are currently busy assisting other customers.
Please hold until the next representative is available... current hold time is approximately 350 minutes.

You will always be able to use standard ATM functions without interacting with a teller.  The Teller Assist functions are more for non-customer check cashing, or if you lost your ATM card for example.

For those of you who have had bad experiences with BofA, I really am sorry.

You stepped into it there.  I think you missed one though.  The real savings/strategy is more of a "bank in a box" approach which doesn't so much upgrade the standard ATM as much as it does move transactions out of the lobby of the bank thereby allowing effectively a remote branch-like capability without a multi-million dollar building.  Presumably any/all transactions handled by a teller at a standard bank could one day be handled by a simple kiosk.

You're not wrong, but my understanding is that these teller machines will be used in places where it might not be feasible to put a full banking center, not to eliminate teller jobs, though I wouldn't be surprised if this happens in the future.

Let me be clear, I don't think BofA is a perfect company by any stretch, I just want t ...


I don't think I'm suggesting they are wanting to get rid of tellers but rather just what you are saying.  They can extend their reach into locations and compete with other banks where a regular bank can't.  All at a tiny fraction of the cost.  However it will ultimately result in branch consolidation as branches are effectively the "book store" of the banking industry.  Largely a thing of the past.
 
2013-08-01 02:03:38 PM  
Stile4aly:
DarthBart: I fired BoA shortly after they announced the debit card fees

So everyone is aware, we never actually implemented debit card fees.  It was being explored but never went past the theoretical stage.


Not quite...DarthBart is more correct (the best kind of correct?), From what I recall, BofA announced they were going to implement fees.  AFTER the announcement is when customers left BofA.  AFTER BofA saw their customers' reaction to the plan is when they withdrew the idea.  If it truly was just being explored or in the theoretical stage, they wouldn't have made an announcement (which in turn lost them a lot of business).  In fact, it sounds like it never entered an exploratory phase of doing some basic market research before acting.  I am sure a survey asking if customers would stay with a bank that charged them fees while others didn't, would have given them the foresight that it was a bad idea.

BofA was fully invested into executing the plan, they only stopped after the announcement drove customers away.  Unless that was the plan in the first place, get rid of the "poors" with less than $5000 in their accounts.
 
2013-08-01 02:07:56 PM  
I bet the girls on those camwhore websites have a lot of downtime between sessions.  BoA should put them on call for overflow traffic.  Their usual $3/minute wouldn't be that much more expensive than the ATM fees the bank is going to charge you anyway.
 
2013-08-01 02:28:36 PM  

ImpendingCynic: "The phone is secure because your account information is stored in the cloud, not on the device."

FFS, can we please stop calling all non-local data storage "in the cloud?"


If I can do nothing to stop the progress of "could of" and "should of" on the Internet, then there isn't a damn thing you can do about "in the cloud."

Sorry.
 
2013-08-01 02:31:35 PM  

Hyjamon: Stile4aly:
DarthBart: I fired BoA shortly after they announced the debit card fees

So everyone is aware, we never actually implemented debit card fees.  It was being explored but never went past the theoretical stage.

Not quite...DarthBart is more correct (the best kind of correct?), From what I recall, BofA announced they were going to implement fees.  AFTER the announcement is when customers left BofA.  AFTER BofA saw their customers' reaction to the plan is when they withdrew the idea.  If it truly was just being explored or in the theoretical stage, they wouldn't have made an announcement (which in turn lost them a lot of business).  In fact, it sounds like it never entered an exploratory phase of doing some basic market research before acting.  I am sure a survey asking if customers would stay with a bank that charged them fees while others didn't, would have given them the foresight that it was a bad idea.

BofA was fully invested into executing the plan, they only stopped after the announcement drove customers away.  Unless that was the plan in the first place, get rid of the "poors" with less than $5000 in their accounts.


Here's what happened.  Chase, Wells, and a couple of smaller banks began testing debit card fees.  It was then leaked that BofA planned to test a $5 fee.  BofA then confirmed that it was planning to test.  Then the customer backlash began which resulted in all of the banks cancelling their debit card tests.  BofA never charged a single customer for a debit card fee.  Perhaps the term "theoretical" is an understatement, but suffice to say it never went beyond discussing how it could be done.  And, yes, the customer response made a big difference.  If people had reacted with the same indifference as they had with Chase and Wells then today such a fee would exist.
 
2013-08-01 02:42:36 PM  
Been using credit unions all the way back to the "Negotiable Order of Withdrawal" days. Aka NOW accounts, because credit unions back then were not allowed to have checking accounts.
 
2013-08-01 02:54:30 PM  
Want singles or five dollar bills rather than 20's?

A lot of people don't realize that change is a two-way street. You can come in with sixteen quarters, eight dimes, and four nickels - we can give you a five-dollar bill. Or we can give you five singles. Or two singles, eight quarters, and ten dimes. You'd be amazed at the variety of the options you have.

I have had people come in with wrinkled ten-dollar bills to exchange for new crisp bills to put in birthday cards. We can handle special requests like that, usually in the same day.

All the time, our customers ask us, "How do you make money doing this?" The answer is simple: Volume. That's what we do.

lh5.googleusercontent.com
 
2013-08-01 03:58:32 PM  
Hey, at least they're not Goldman Sachs.
 
2013-08-01 04:10:29 PM  

dryknife: Want singles or five dollar bills rather than 20's?

A lot of people don't realize that change is a two-way street. You can come in with sixteen quarters, eight dimes, and four nickels - we can give you a five-dollar bill. Or we can give you five singles. Or two singles, eight quarters, and ten dimes. You'd be amazed at the variety of the options you have.

I have had people come in with wrinkled ten-dollar bills to exchange for new crisp bills to put in birthday cards. We can handle special requests like that, usually in the same day.

All the time, our customers ask us, "How do you make money doing this?" The answer is simple: Volume. That's what we do.

[lh5.googleusercontent.com image 200x111]


Thread over.
 
2013-08-01 06:03:42 PM  
25.media.tumblr.com
24.media.tumblr.com
 
2013-08-01 11:51:29 PM  
I've been with BoA for 9 years and have had exactly 0 problems.  I don't pay any sort of debit fees, and their cashback card is great for gas.  I profit about $100 a year from the banks, but then again I'm that guy that pays in full and on time, every time.   Seems the people who complain the most are the ones with money management issues.

I should also add that I don't keep that much money in my accounts, so I really doubt they're waiving any fees for me.
 
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