Western Journalism: Bank of America is facing backlash over what many are calling a slight against dedicated customers.
The Charlotte-based bank announced that they would be eliminating free checking account options for eBanking customers, charging them a monthly fee of $12 unless they met certain standards.
The quota that customers must meet in order not to be charged is a minimum daily account balance of $1,500 or if the account holder has a direct deposit of $250 or more, according to the Charlotte Observer.
It was back in 2010 that the widespread bank introduced their eBanking accounts in an attempt to promote online banking, as it was a time when new federal regulations were expected to limit certain fees the industry had been charging.
The company promised customers no monthly fee in return for the account holder handling all transactions and statements online. However, the bank eventually stopped offering new customers that same service as it began transitioning into digital banking, though existing customers were permitted to keep their original eBanking accounts.
This month has marked that years-long phaseout of the accounts, which started in 2015 — a move that has continued to anger customers who have even gone so far as to set up a Change.org petition against the company. read more
Can’t we get Elizabeth Warren’s financialoversight board to fine these banks and give that money to her friends?
I finally got so fed up with the banks I switched to a credit union. The service I get now makes me wish I’d done it long ago.
Wells Fargo has been doing this to me for the last 15 years. They have rules that change once a year. I have to watch every month to make sure they don’t charge me a monthly fee. I’ve had to call them once a year to find out they, yet again, changed their rules. They always have reversed the fee when I acquiesce to their changes.
The last time was just a few weeks ago. I was so mad that I told them I’m going to close my account with them (had it for 33 years) because I’m so tired of their games. They reversed the fee, but I’m still looking for a new bank.
$12 a month? My gawd. When the markets hear about this it will be 1929 all over again.
The Horror.
Bank of America, like California, wants to reap (take) the tax savings of businesses and individuals that Trump just got passed.
Leeches want to redistribute wealth by taking what little others have received in tax cuts and take it for themselves.
You think BofA treats their customers like crap, you ought to try being one of their vendors.
I don’t have the bank of the criminals illegal aliens. Everything you past to a back of criminals illegal aliens is full of maggots .
Banks are in business to make money, it’s called capitalism.
If you don’t have $1500 nor earn more than $250 per paycheck, then you may as well keep all your money in your sock drawer.
there’s no loyalty for long time loyal customers any more. they’re not doing you any favors. in fact you’re doing them a favor and yourself a disfavor by staying with these banksters and their bankster gang like mentality in their money laundering business they call investment banking. move to your credit unions where your money is in better company and used to help real people not the banksters.
more banksters need to learn to fly from the rooftops of banks.
This is a non-story. The banks need to make a profit. And because of the Obama treasury fiasco, there is no interst and no money in repo or treasuries. These banks still deserve to earn a profit.
Credit Union. 40 years, great service. Not all may be good but a lot are, and mine is.
@cato: I’m guessing you already know that Bank of America originated in California, right?
San Francisco, queerly enough.
I use a military affiliated bank for my direct deposits and monthly bill paying/check writing. No fees.
I use a local credit union for savings, local transactions, and cash.
I’ve le sevelol. Website crash……
I’m fine with profit but $12 q month? As far as I know that’s way above the going rate of five. My CU charges five per month unless you have direct deposit, in which case there is no fee.
AlaskaUSA, also in several L48 states. Nearly 20 years.
Navy credit union almost 30 years.
Bank Of Hawaii mortgage. They never sale them off.👍 good banks.
I have belonged to a credit union since the late 70’s and refuse to do business with banks especially since Seattle First Natl. Bank (now B of A) screwed up our first mortgage on our house back in the early 80’s. My Credit Union 3 years ago miraculously refinanced my house after my wife died and helped lower my house payment by $280 a month, I don’t think a bank would’ve done that.
I am a conservative and LOVE capitalism. I understand and applaud companies that make a profit because without profit there are no employers only the slave masters in government.
Having said that let me tell you of the Bank of America that I know…
I was serving as active duty Air Force with 20+ years of service when I was injured. I was medically retired and suddenly my pay dropped by 2/3rds (I had a lot of special and hazardous duty pays). We had not planned on my retirement happening so soon and that suddenly. We were as they say between a rock and a hard place. We had entirely too much debt and suddenly not enough income.
I went to a “credit counseling agency” and they helped us quite a bit, I told them and they agreed that no matter how long it took, I would pay back ALL of my creditors every penny I owed them. After explaining the situation and my desire to pay all of my debts, Everyone worked with us to restructure the payments. Everyone except Bank of America that is.
BOA refused to consider a different payment plan than what we had up until this time. They are the creditor and they have that right. I was the one who borrowed the money and agreed to pay it back, and I was the one wanting to change terms. What got me about BOA is how they did it.
We continued to pay BOA what we could every month and continued to send them letters monthly letting them know what we were doing and why. We also continued to ask them to accept lower monthly amounts with the understanding that we would pay off every penny, just not as fast as we had originally planned to do. Then came the month that they sent us a letter stating that they would no longer talk to us on the phone or accept letters from us. After this they closed our access to the payment site and would no longer accept any payments.
Not what I wanted, but I could not force them to accept my money. Case closed. At least I assumed it was closed.
Fast forward 6 years, We have paid every single creditor every penny we owed and have cut back on expenses and debt until we are in much better shape financially. Then our eight year battle with the VA, They not only do the right thing but back date the decision to the beginning of this epic journey.
Apparently BOA heard about this (how they heard I do not know). Do you think they contacted me and asked for the money we owed them? No, they had their legal beagles sue us in court for the amount of the loan plus penalties for late payment plus interest for the last six years. The penalties and interest added up to much more than the original debt.
I told the legal firm what had happened six years ago, provided them with copies of the BOA letter cutting off all communication and refusing to accept any more payments from us. I told them I would pay what we owed on the original debt, but NO interest or penalties because it was BOA who refused payment while we were still trying to pay them off. They agreed to this. We paid. End of story.
Well not quite the end as BOA still had one more turn of the knife in our back. After we paid BOA ALL that we owed them as soon as they would accept our payment, BOA had a nice little letter included in our credit report saying “This person did not pay all of their debt to BOA and they have “WRITTEN OFF” part of that debt due to non-payment.”.
So i do support companies making a profit, I love capitalism…but what BOA does is NOT capitalism.
MSG Grumpy
Years ago they announced that they have accounts with no identification required for illegals. I can’t do anything without three forms of ID. I wouldn’t have anything to do with them.
The gov’t wants the financially solvent to pay the way of the financially insolvent. If I remember correctly, this was a big push by the Obolites (socialists), though it may never have been legislated. There is a tacit “wink and a nod” agreement between some industries and gov’t to preclude punitive, foundation-less, but highly expensive legal actions. “Red-Lining” by insurance companies, loaning mortgage money to maggots who have no intention of repaying, and the various schemes that make credit-card excesses financed by the prudent.
Bank of America doesn’t give a flying fig about America or Americans – never have; never will. It appears to be a giant shell game – but I know nothing of banking.
izlamo delenda est …
Not to worry old Mad Hatter Bernie Sanders will sponsor legislation making it free once again by having the taxpayers fund the fee!
I’ve heard a LOT of bad things about BoA.
I’ve had a lot of bad experiences with B of A’s inane policies. I fired them with one exception, a credit card with 5.9% interest rate. It’s gotta piss them off as I use it just enough to keep it open.
BofA screwed with both our personal and business accounts. Wells Fargo is no better. We’ve done business exclusively with credit unions since about 2000. We’ll never go back.
My credit union has been excellent. Been a member for decades. Never going back to banks.