Bank of America: $60 per year just to use their debit card.

[gilby]

Just one more reason to follow Dave Ramsey's plan. Pay Cash!

 

[Kies99]

Just one more reason to follow Dave Ramsey's plan. Pay Cash!

All of this applies to Debit cards which are paying cash.

 

[Swimalie]

All of this applies to Debit cards which are paying cash.

I'm confused. How is paying cash using a debit card?

 

[SaraJayne]

I'm confused. How is paying cash using a debit card?

When you use a debit card, the money comes directly out of your checking account.

 

[scrapquitler]

instead of paying with a debit card and risking that an error of some sort will cause my account to become overdrawn, I will continue (as I have done for YEARS) to pay for all my purchases with a CREDIT CARD, then pay off the balance each and every month as soon as the bill comes in the mail. There's no monthly fee for that, and I haven't paid the credit card company a penny in interest in years and years.

I don't even HAVE a debit card. When the bank sent me one, I brought it in and told them I don't want it. Instead they gave me a regular ATM card which I use to withdraw cash at the branch (no charge for that, even if it was a Bank of America atm card, and that's going to remain true even with the new charges according to what I heard on the news yesterday).

 

[Swimalie]

When you use a debit card, the money comes directly out of your checking account.

But it's not the same. Paying cash is handing a cashier money. Paying with a debit card is swiping a card. Both cary risks but only one is free to obtain and use (unless you go to a bank where you don't have an account to use their ATM)

 

[SaraJayne]

But it's not the same. Paying cash is handing a cashier money. Paying with a debit card is swiping a card. Both cary risks but only one is free to obtain and use (unless you go to a bank where you don't have an account to use their ATM)

My debit card is free to use. For me, there is absolutely no difference between using cash or my debit card (though I use it as "credit"). It all comes from the same account.

 

[TIAMOMMA]

instead of paying with a debit card and risking that an error of some sort will cause my account to become overdrawn, I will continue (as I have done for YEARS) to pay for all my purchases with a CREDIT CARD, then pay off the balance each and every month as soon as the bill comes in the mail. There's no monthly fee for that, and I haven't paid the credit card company a penny in interest in years and years.

I don't even HAVE a debit card. When the bank sent me one, I brought it in and told them I don't want it. Instead they gave me a regular ATM card which I use to withdraw cash at the branch (no charge for that, even if it was a Bank of America atm card, and that's going to remain true even with the new charges according to what I heard on the news yesterday).

That's exactly what I have done as well, and at least I get the rewards from the cc too. The banks will automatically send out debit cards but if you ask you can get just a plain ATM card.

 

[Crystal824]

If a bank ever tried to charge me to use my own money, they'd lose our business immediately.

I'm so glad we use a local bank and credit union.

I hope every single customer of BOA and Suntrust take their money elsewhere.

Agreed. I know $5.00 per mo. isn't a huge expensive in the grand scheme of life, but I just don't think it is right to charge me to use my OWN money especially when the bank is using those funds to earn interest for itself. I don't have a BoA account. If i did, I would be switching banks. If my bank were to do this, I would just stop using the debit card and start using my cc and paying it in full each month or find a new bank.

 

[ccgirl]

$5 per month if you use a debit card with BoA. Swiping it as debit/credit doesn't matter. I hope to see a mass exodus from this crooked bank. And yes, other large banks are following suit. Hopefully, "supporting your local merchant" will become a thing of the new, instead of a thing of the past.

I have BoA and actually like them. I had TDBank and they charge $15 a month if your balance drops below $100 for 1 day. So, that is $100 a month I can't use and they get to collect interest on. I'll just switch back to cash....no biggie.

 

[ccgirl]

All of this applies to Debit cards which are paying cash.

No, it's not. Cash is that green paper money.

I'm confused. How is paying cash using a debit card?

It's not. Cash is cash.

When you use a debit card, the money comes directly out of your checking account.

It doesn't come out of your checking account directly. It is routed through a third party gateway first, which charges a fee to the retailer. Then, it is deducted from your account. They are not passing the fee to the consumers as well.

 

[hopemax]

We are trying to decide what to do, but I think we will end up closing our BoA account. DH has had it for 25 years, and it started out as a Seafirst account, before BoA bought them. BoA never integrated those accounts (you may have noticed in fine print something like "not valid for WA and ID accounts") into their system, and it has caused us a bunch of hassles since we moved out of WA in 2003. In AZ, it meant having to go into a branch to deposit checks because we couldn't use the ATM's.

Currently, we live in CO and there are NO branches here. There is one gas station chain that has BoA ATM's. We've gotten by with direct deposit, and getting cash with our debit at point of sale. Now debit card fees. There is no good reason for us to keep the BoA account.

Now to find a good credit union.

 

[The Pluto People]

instead of paying with a debit card and risking that an error of some sort will cause my account to become overdrawn, I will continue (as I have done for YEARS) to pay for all my purchases with a CREDIT CARD, then pay off the balance each and every month as soon as the bill comes in the mail. There's no monthly fee for that, and I haven't paid the credit card company a penny in interest in years and years.

I don't even HAVE a debit card. When the bank sent me one, I brought it in and told them I don't want it. Instead they gave me a regular ATM card which I use to withdraw cash at the branch (no charge for that, even if it was a Bank of America atm card, and that's going to remain true even with the new charges according to what I heard on the news yesterday).

This is the ABSOLUTE smartest way to handle your money transactions. A credit card offers more protection than a debit card. If fraud occurs with your debit card the bank will refund the amount in question. But it will NOT refund bounced check charges or other fees you may be charged by THOSE to whom you wrote out checks or who receive direct debit payments from your account. Wake up people!!!! Change your debit cards to "ATM only" cards and start using your credit cards instead!!!

 

[mrseace711]

Even local banks will be changing their ways I work for a local bank and yesterday we were taking in to a meeting to find out our own changes. "Free Checking" is no more. Small banks did alot to keep up with the big banks, our bank was NOT part of the 'bail out'. With our changes we are encouraging our customers to go digital by using their ATM/Debit for all purchases and withdraws, not writting paper checks there will be a small fee for each check, and signing up for e-statements there is a $5 fee to mail those out. We will lose customers to big banks and gain customers from big banks. The $5 a month charge for the BOA debit cards could be a deal breaker. But its a give and take. BOA shuts down then what? People could lose their money invested, oh and how about all the jobs lost? Look at the bigger picture. Everything in life is NOT free. If you dont want to pay the bank fees then close your accounts and keep your money in your back pocket. You manage your own finances that means no more over draft fees because when you dont have it you just dont have it. You pay to cash your payroll checks at walmart $3 a week or biweekly, pay for money orders to pay your bills. Even prepaid debit cards have fees.

 

[gilby]

I don't get charged a fee for handing the cashier the green stuff which is cash. Plus using cash you have better control over your money, you can see what you are spending, using a debit card (yes it comes out of the checking) but it is too easy to go over your budget using a debit card.

 

[VirataMama4]

Well, I just finished opening a new account with Navy Fed. We had been throwing the idea around for awhile, but didn't want to deal with the hassle since we have so many different accounts with BofA. In a few months we'll completely close all our accounts with them. I can't stand to have to pay to use my own money...

 

[AnjieNet]

And now BoA website is down with no access to online banking. NOT helping your cause BoA!!

 

[ccgirl]

And now BoA website is down with no access to online banking. NOT helping your cause BoA!!

Still?!?!? I tried to sign on at 9am and received a message they were experiencing higher than normal volume. Ugh!

 

[AnjieNet]

Still?!?!? I tried to sign on at 9am and received a message they were experiencing higher than normal volume. Ugh!

Yep, still. Bet they are experiencing a mass exodus of funds leaving the bank. I just want to make sure the paycheck is in there so I can pay some bills!

 

[LilyWDW]

Yep, still. Bet they are experiencing a mass exodus of funds leaving the bank. I just want to make sure the paycheck is in there so I can pay some bills!

I just got on with no problem to online banking. However, some of the rest of their site is still down.