Bank Transfer Day: Another Movement Brewing

[MarieK]

Re: Bank Transfer Day: Another Movement Brewing

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: RichD</div><div class="ubbcode-body"><div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: pleXxY</div><div class="ubbcode-body">
Suh the plan is for the poor people who suppose to dont have any money to withdraw money from the bank and this money that we dont have into the credit union, while the rich people who do have money and who the protest is about let their monies stay in the bank??
A wonder who would be more effective, poor people pulling out the vapour or the wealthy releasing the gas?
</div></div>

look at the bank fee structure...dem charge those who have less more.. </div></div>

b of a is charging 12 per month if you have less than 6,000 in the bank. If THIs isn't class warfare i dont know what is.

[Wendy]

Re: Bank Transfer Day: Another Movement Brewing

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: J kid</div><div class="ubbcode-body"><span style="font-weight: bold">Ah pier incestuous relationships and collusion gwaan inna di financial industry!</span>


<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: WeNdY_PeNdY</div><div class="ubbcode-body"> Unu eva notice seh di banking industry have di most acquisitions dan any odda industry? An it seems that their acquisitions have little to no regulations

I seem to recall many a times when airlines try to gobble up another one, the government step in before it can goh troo and sometimes the merger gets denied..same with tech companies. But di bank dem gobble up one aneda every adda week \o/ </div></div> </div></div>

Very much so J_Kid

Tanks fi dat History Kia .. cause mi realize seh dem a di only industry dat can merge up widout any scrutiny an den dem lay off people and den come waan suck poor people dry of dem money.

I could not believe when Capitol One had the nerve to send out letta seh dem ago charge $8.00 a mont fi checking account unda $2,500. I ws like WHAT???

I march in dere di next day an tell dem fi gimme mi $3.00 weh inna mi account. Den di Manager a tell mi seh dem might change di policy in the coming year. Mi tell im seh &quot;might change&quot; cyaan help mi now cause when dem tek $8 fram mi $3 ..dat put mi inna di red. Peace out!

[X]

Re: Bank Transfer Day: Another Movement Brewing

done!

went to the bank and withdrew all my money.. all<span style="font-weight: bold"> $25!!!</span>
the bank charges $30 for admin fee and closing the account.

take THAT big bank!

[kia027]

Re: Bank of America Backs down

on $5 monthly fee for debit card use -- NY times article

Bank of America said Tuesday that it was abandoning its plan to charge its customers a $5 fee to use their debit cards, just a month after announcing the new fee.
The reversal follows a huge backlash from customers, one of whom collected more than 200,000 signatures urging the bank to rethink its plan.

The bank listened, but only after other large banks had indicated that they would not impose similar fees. Wells Fargo, JPMorgan Chase, SunTrust and Regions Financial have all pulled back on their plans.

“We have listened to our customers very closely over the last few weeks and recognize their concern with our proposed debit usage fee,” David Darnell, co-chief operating officer at Bank of America, said in a statement. “As a result, we are not currently charging the fee and will not be moving forward with any additional plans to do so.”

Wells Fargo said Friday that it was canceling a test that would have imposed a $3-a-month charge on debit card holders in Georgia, Nevada, New Mexico, Washington and Oregon. JPMorgan Chase, which was testing a $3-a-month charge, decided it would not impose a stand-alone debit card use fee. And SunTrust and Regions have both said they would no longer charge the fees.

But Bank of America, the nation’s second-largest bank after JPMorgan Chase, took the brunt of the criticism, which came from all corners, including Capitol Hill and the White House. Days after the bank announced that it would charge the fee, President Obama said customers should not be “mistreated” in pursuit of profit, while Vice President Joseph R. Biden Jr. called the move “incredibly tone deaf.”

The debit card fee was supposed to have gone into effect in January.

The new fees were part of efforts by the banks to raise revenue lost elsewhere.

In October, a new rule went into effect that limits the fees banks can levy on merchants every time a consumer uses a debit card to make a purchase. The new limit is expected to cost the banks about $6.6 billion in revenue a year, beginning in 2012, according to Javelin Strategy and Research. That comes on top of another loss, of $5.6 billion, from new rules restricting overdraft fees, which went into effect in July 2010.

But consumers have little sympathy for the banks’ loss of revenue. In fact, consumer groups have called for Saturday to be “Bank Transfer Day,” where customers of big banks move their accounts to community banks and credit unions.

“Bank of America’s new debit card fee was the last straw for many consumers who are tired of banks that got bailed out that are now turning around and hiking fees,” Norma Garcia, manager of Consumer Union’s financial services program, said in a statement.

This article has been revised to reflect the following correction:

Correction: November 1, 2011

Because of an editing error, an earlier version of this article incorrectly referred to Bank of America as the nation’s largest bank. JPMorgan Chase has overtaken Bank of America in assets, according to third-quarter results released in October.

[WitchyOoman]

Re: Bank of America Backs down

So BoA gave up when it realized ---

-- that it had alienated all of it's customers

-- that its fellow banks were not going to follow suit (had gotten smarter than BoA faster)

-- that it stood to lose a lot of it's customers... after having just lost th title of th biggest bank to Chase, this quarter

-- that people were just not going to stand for it


Smart move, BoA: Too bad you didn't have that smarts before starting up and upsetting everybody!


And still, I'm exploring USAA Bank. now that I started the dialogue with USAA... might as well go through with it. I might find USAA is the better deal than BoA and all of it's nastily expensive fees.

[Wendy]

Re: Bank of America Backs down

Thanks for posting Kia.. mi did hear it pan di news an started laughing ..Bugga dem!

oooo the powers of numbers!!

Dem days of people jus standing idle by an teking it fram banks are over.
I remembered when I switched banks and mi did tell di guy dat was setting up mi account was a welcome mi to di bank and seh dem happy to have mi as a customa.
Mi seh to im tanks but mi nat gwine get too cozy wid unu cause anyday unu start wid almshouse ... I am outtie 5-O!

[j-kid]

Re: Bank Transfer Day: Another Movement Brewing

http://www.consumersunion.org/pub/core_financial_services/018179.html

Bank Transfer Day Set for November 5 as Activists Encourage
Consumers to Switch to Credit Unions and Smaller Banks

http://www.mainstreet.com/article/money/investing/how-quit-your-bank?cm_ven=yahoomspromo

Consumers Union’s “How-To-Change Banks” Video
&amp; Handy Tips Available at www.DefendYourDollars.org

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