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Bank Fee Bandits

Mar 2, 2012|

Bank of America is reported to be considering a major increase in the fees and charges that it levies on customers for keeping a checking account. Under the new plan customers will be paying $12 or more each month for a banking account, with the fees waived only if they maintain a fat cash balance, have a Bank of America mortgage or credit card, or otherwise generate enough business that the bank’s willing to waive the monthly fees. Howie fled from big banks years ago and wanted to know who else had...

Transcript - Not for consumer use. Robot overlords only. Will not be accurate.

It's a story yesterday on the front page via Wall Street Journal and now what's the big story Austin with the Bank of America. And about. The Bank of America is once again you know few months ago they -- to one they they try to put fees on there -- services. And a slap on the big. Big outcry from customers. Sown now they they waited a couple months and now they're back again and and you know I just don't understand what the big deal is I mean. If you want. To gold to the bank where you pay a lot of fees stay at eight of them are one of those big peaks. If you don't want to pay a lot these gold one of the local community banks mean it's -- -- Said what does the poll question what are the results spar have you flood from a big bank yes I've repeatedly. 70% have declined 7% -- -- I just recently -- are in the process of -- Bank of America afford TCU and -- -- When you which do you just stick around a team -- -- wants those wants to rip you walk off. -- That's what they -- menus and in the year. In the -- restaurant right so you'll know how much you have to pay in it doesn't take long to figure out how much -- the tea bag can be given you get one of these letters. They tell -- all of a sudden what was more free checking. Or you know -- you know it's gonna cost you you don't use if you don't. Use the debit card. 600 dollars every month to pornography. I mean it's White House how simple visit to it to make your decision and you -- and public and say well you know a lot of people. Access to one. They have access to Bank of America and it's the nearest it's the nearest bank but c'mon. People don't have a car went out to. And an even if you if you -- mass transit there were other banks were Yugo when you can get you got to do was going to smaller bank or credit union is even better. And just it just they they want your business and that they they want it they wanted Utley. And they'll give you a better deal a tolerance to it. The let's see here that they got a woman here today we use coal or -- she's from a North Attleboro is -- And a she's gonna make the she's gonna make the obvious -- sure she should use got a sixteen dollar -- slap -- business economy checking. Unless she blows or bow to makes at least 250 dollars a month debit card purchases. It's obvious they don't care about the small businessperson -- taste yeah that's true. Some customers when to say it's only sixteen dollars a month but that's 192 dollars a year in this economy means a lot. Cody said -- jump ship Rockland trust the community a community bank that offers no feature lacking mean again I'm I'm surprised it's taken this long to do that. The timing couldn't be better for Eastern Bank to set spokesman in ravens the community bank which capitalized on Bank of America's ill -- five dollar debit card the last fall. Is set to launch 500000 dollar ad campaign next week touting its free checking accounts. We like the way it's going will spend more ravens we expect to continue to attract customers largest competitors as they continued to increase beast. I mean it's pretty basic as amused at some -- -- it is right. Mean you're just use your wife you'd treat banks like you treat anything else to be if you're giving the best deal why do you stick around. 18 I we we move some money over to a bank and in the don't have an a year right now they don't have any ATM cards the ATM. ATMs in the in the area. Soul you know that's that's obviously a big back what they said isn't what most of these what most of these banks smaller banks is. They say -- if you won if you when ATM where -- charges and act which urgent extra nights now the two blocks. The will will pick up the -- sold. I think part of a network like the -- now workers and -- not this new bank involved I used to but I am involved -- some -- something that works but that now warm and I got a I got -- government with 23 banks. None of which -- named Bank of America none of -- I've been. I never like that article -- mentioned this yesterday to remember when they bought them they try to idol update in the bank of in the Bank of Boston which was bought by fleet bank which was bought by Bank of America. Win win based bank was bought by Bank of Boston it was like. The the technology. Win. Ports it regressed ten years all of a sudden -- the the big new ATMs the league moved past. And that could give you automatically give you your -- eat your your balances. They they work. And that was me I was I was a bank and first of Caron and bank and Bank of Boston and out. And now I do I ran I ran away a that's a start. I -- go I had to move somewhere now total I'd go small. But big I -- it's just it's it's a rip off. I don't regularly make maybe they have their old we we do more mortgage business or maybe they I don't know what their excuse my. Visit committee. All I want is the best deal in them on and you know and again. Don't don't don't write a letter to the secretary of Stater took the state commission just called out to the bank and get all your money out and credit union -- small community bank. Pat your next without Carnoy. War when you have the choice to build it do these type of thing and that's what -- what you -- regulation but you're able to do that people have a choice they can do expect the what you're talking about credit unions are great. I'll play you know it should point out the Mike Carrick. You get locate your credit union that with the character around at the dealership was open -- your credit union bacon back backing up. And can interest rates right now -- there was nothing I mean there it is you can't be of this community banks agreed to a deal with all you know an end. The humidity thank you -- in the field getting counselor -- idea I don't know if that's why should pick extra Green that the bigger they get. Right exactly and then there in the they're always you never -- get to know anybody at a big bag because they either lately either lay people off or they move him around somewhere you know there's always somebody knew what a big bank. You know you -- never get that you can never get to know anybody at the who might touch little slack if you need it. Have a look. You have a little better appreciate your best that -- didn't you know that when you walk in the door. Right exactly I just got so. I'm still surprise anybody you eat if there's anybody left that these big banks you know I just -- I don't understand it. Thanks for the call 1877469432218774694322. Join the -- surprises me is that the Bank of America you know they they Stacy and I get it there. That this new thing that was on the front page of the Wall Street Journal yesterday -- knew was. Their their new basic -- the why would they pick Massachusetts has won three states I mean I would think that Massachusetts would be one of the Mora. I would think it would go to the sort of the states that. That are have -- less. Less vocal public's you know I wouldn't have picked and -- the president though but. The president of Bank of America now lives in Wellesley as a matter factors in this morning and let me maybe it's because it's his home state I don't know why wouldn't I wouldn't start at an experiment to raise fees in Massachusetts. Jack I -- started experiment to race these anywhere come to think I would that be cutting fees I'd be trying to compete with the credit unions and the community banks. Jack you're next with how -- cargo ahead Jack. It's I had been working with -- -- of opting out of banks for almost thirty years we get some of the strongest. Community financial institutions Massachusetts actually into England and have been alt country I mean. You know where I started my career for the last banking crisis and we had some problems agreement. But in terms of capital and income are we they learned their lesson on -- -- practiced -- -- extremely. Strong institutions and you actually have a very good. Great community back in your backyard welcome back but they can't I can't. You know that session up about credit and then in an inspector cooperative -- just that you're a great great job in in knowing him. That's just a particular. Yeah I there's no there is now and again they almost all of them have these visa programs where. If you're if -- -- if your -- from ups -- Wellesley bank and you need to use an ATM they'll pay for you know. And you know -- in the last -- that point you know lack of regulation in these choices if if the government and in the current administration had their way. We have a banking system much like Canada's -- has basically expects -- like utilities. So they sent the interest rates you know basically nationwide we don't want that we were less regulation not more. Right exactly that's why I can't you know when when I hear -- it agree any Warren you know was running for the senate talking about. She's gonna help me with this new one this new consumer regulatory agency that she set up. I just you know I shot you know I. -- at six unit won a lot of bureaucracy. -- -- -- -- -- -- -- -- Right well the thing is Jack they did the SEC did such a marvelous job of policing. Bernie Madoff right. -- so I honestly we need another SEC type of organization to do the same kind of wonderful policing job that but the original SEC yet. But I'm I'm here from the government I'm I'm here to help you with your bank. Thanks for the called Jack 18774694322. What I mean what does that what does the government really need to tell you about banking I mean all you do eat you get a letter and the fees the fees go -- Right. It's critical last year while box to use the ATM machine it's now a year your -- debit cards I'm gonna cost you one ten dollars a month Alicia used 300 boxed. So what he would be do you need do you need some bureaucrats opted to -- caught -- -- have to call up a bureaucrat and who's probably not gonna pick up the phone and may or may not get back to you probably won't. Or do you just need to go to your neighbor and say she's look at this. 18774694322. Belliard -- with how we cargo ahead bill. Stay out there who thought they would you know that actually go out triple Berry gets work -- -- -- to a. Oh yeah the bank of amigo yeah you're absolutely right I'd forgotten about that bill. They couldn't open that the bet quite enough to get it ready illegal into the banking facility but I think that it took that out yet know what the but the so. Would have altered and -- got to -- the -- walked wanted to -- book that they have Alpert. I don't want to deal with the but the tax -- Tim Geithner how. I don't know and grit award this year -- I only had three cars in my driveway when I was it to when I was a teenager I'm here to help you I'm here to help you pour government. -- -- -- -- Ali but I also knew I was given the tipster called and so. You double for the ego that that that -- create very heavily lastly -- that. You know again like America it's I saw it also it's a good it won't do that the law argued that should have been an -- itself. Look let's not forget the man with a beard to bill. Jon Corzine. You know I mean he was a guy who was supposed to be a no line he was in the bullpen warming up to take Geithner -- place and tell like MF global fell apart you know. They just I don't want to you. Yeah. How are the priority Geithner and most -- I double. I don't know if you -- -- did you find your folder and equality people don't realize that I don't think that's what appeared at the the -- the -- The whole deal it's a double. But that's certainly the Freddie you'll a troubled directed. He waiting to me yesterday how -- war course also hopeful that we that the original -- They have it was a store -- there was a headline today or yesterday I can't even -- -- read the stories anymore but Fannie or Freddie was looking for another four point six billion handouts from the government I mean just or just it's just me yeah I mean it's it's like -- It's it's a financial hemophilia. Is it can't stop the bleeding you know it just goes. On and on and on. But that was the politics how you look at the derby salty you're desperate to fit you won't question looked like a typical. I know it does your absolutely right thanks for the call bill 18774694322. Was a bag of mercker charging fees because of the government. For a bank and frank dog act I. Yeah yeah I mean I mean I'm sure that that's part of the problem that they have to why you know they they're supposedly these ball Lisa financial institutions via made for a commercial banks are having to one hire run hundreds and hundreds of lawyers and accountants Detroit doo -- plow through this. Plow through this masts that the bid that is that ought frank -- but but again I mean that's. You know. The the the -- the financial institutions try to play ball with these people they got screwed as they should've known they or delegates -- but don't come to me with your problems I'm just gonna go somewhere were I don't have to pay for her mother or payables Ken -- 187 Yemen at Bank of America was in the news handling loans for illegal aliens some years back I think they were making you -- They they weren't making -- what come up with any kind of Social Security numbers -- they were letting you use the fake Social Security numbers to get that to get loans. Again I it's you it's like it's like Romney care you know -- So I if that is so American citizens have to pay more money. So but he illegal aliens doll. And you know Bank of America they're gonna take care illegal aliens but then I'm gonna -- hear me so I -- -- squirrel -- later and I don't need you. 18774694322. What is happened to Corzine. They were investigating him in the story went away. The story hasn't gone away it's just -- on the back burner right now whether they're trying to figure out of bacon if they can indict him they yet. It's pretty clear there there was of that and a couple of stories lately up first -- that burst or some stories to three weeks ago that they didn't think they can prove intent. And they might not they said they might not be able to invite him these were the sources were saying. And now they've got a -- trail of emails where the were one time at them like 355. Right before the end of the the banking today. They moved to 165000165. Million just to try to one. Just to try to staunch losses of course as a Corzine several I was planning on on giving them horrors. Ortiz it's. It's in for werder that he that he was gonna give the money back or right you know it's just find another source about a 165 million. But then of course there was -- there was known source of 165 millions images vanished. 18774694322. From officer mark on just how he's credit union all ATM fees cheerfully refunded with proof of purchase a copy Pittman. Yes a purchase of hit man and a at a purchase of hard knocks officer mark let's give it though let's give air advertising straight here. A -- your next with how we cargo ahead Joseph. Kealii. Like and many I just want to agree and disagree I move my money to a small commercial bank. It's terrific for all the reasons you mentioned they know -- -- they pull some strings on -- sometimes that never happened that Bank of America. But the one being -- just have a problem where. And I disagree with you because of cricket final one community bank that would pick up the cost of the user makes operate PM. -- whatever I dry. I might yeah it has actually PM that's it and I get charged believe box. You'll like Joseph you'll Europe on bank that you're still the wrong bank I haven't paid any -- I've I have abandoned Bank of America for at least ten years I haven't paid an AT&T. Your. Make sure you understand that you are saying -- community bank -- usually yeah I'm in the different wherever you -- shall ever grab some action any -- They don't charge at all. -- the they charged me but -- -- the money is reimbursed by the -- -- bite -- -- to the banks -- -- -- I never knew that was available on our moved to that bank in the second dimension -- on the air. Well I visited there's a cut there's there's 11 republic which is absorbed a bigger you got to put more money in there. But there's another Middlesex savings bank is is another one. Met in middle I don't Middlesex savings bank is -- is it is a very very good bank. In the last six wanna say is I believe in capitalism -- Bank of America wants to chat Elway just prices than people on board that the might -- to stay right and I know I'd -- -- by my you know. Yeah I agree I just don't see while these people are complaining and getting all this you know 'cause it's so simple. If I if it's so simple to -- two to move your money around and for a have to put up with -- you know expects the call -- you couldn't find. What did you call that said the the what does that bit busier consortium of banks but it's -- it is a call -- is that what it is not good. One of the networks is a luncheon -- summit on other networks via the ECU which I which I've applied to. Is because of some networks like news while TCU banks are only it basically metro west and western. I can use any ATM it's -- eight Jimenez went down the street from my house liking -- right. Right it's yeah there's no meat that they rowly I mean there it doesn't take much much effort to find a a way around medium please note I -- we -- -- new car and I got to rate of two point 99 from DC and Bank of America was offering me like five well what the deal what a deal. 18 sevenths with 46943221877469. 432 to a bank of American foreign collars up fingerprinting -- cash a check. -- -- that they're fingerprinting yeah oh OK I I have never you know what I've never been fingerprint that the cash a check. -- -- -- One 8774694322. 77 forces Bank of America charges six dollars to cash a check if you don't have an account and fingerprint you. It's crazy -- you. Why does anybody go to Bank of America that's my question. You don't have to put you have to put up what this crap. This is like the price of gasoline where you know year you're dealing with a very narrow range you know you may be can get -- for 365. Somewhere and that's the cheapest in the league most expensive is for a five. We don't have to do it the you have more choice at a bank. Are you channeling Peter mentioned there. I know I'm not I'm not I'm just saying I. And I that is non not to take it anymore I just don't understand why people that don't figure this I -- Heidi it was just -- you don't -- and I remember the old days to win but on on Friday afternoons there was always rush to the banks because -- that the -- we have banks in the counties in the counties where they were. Incorporated. The word -- it may be a couple of exceptions but basically you know. I -- -- and an account at the first national Bank of Boston so lived in Somerville so I had to get paid the money out for the weekend. In Boston. Before. Before. Work clock on on Fridays in the -- porno ATMs or just -- huge lines in it was. You know I know Barack Obama thinks that the ATM's are adding to unemployment but personally I'll. They're great by the way I'm told in an email that first republic is owned by Bank of America I got it from Merrill Lynch in the bail out I was with them until then great bank BLA ruined them. Well it's maybe it's -- first Republicans something like first public it's it's a name like that I can never remember the name exactly but it's doing pretty well right now. And that they're not gateway once based at any time a bank ripped me off -- out there I don't have any what what loyalty to idea to idea or bank you know. Mean getting immediate post -- it'll give me give up posters anymore when you set up an account 1877469432218774. -- 694322. Bank of America nobody can take advantage of you -- you'll -- exactly well you know there's some places where it's harder to one exercise Jerome writes but the answer. Bank city you in you enough that would very easily. Paul your next without -- -- going at all. Ali -- the Big Bang for years ago -- doing so then would they wanna take cash check credit and yeah is a muddy lot. What the big bank. Five dollar -- -- don't know we got the same account checking account. I -- Next one Internet in credit union. But got it brought the girl Rihanna countless that you go to the post I think you want for a dollar. And -- -- the life was like we're yes and how the credit union. If you keep the balance they give you a quarter percent on your balance and that kind of washes out these maintenance fees for ejecting. On the dollar a month some. -- -- Right and plus they do they know we are and you you know that you and you know they're not going to be the -- at the they don't have enough customers that they can afford the preacher like excrement. Right at. Right right and there's no ATM fees and -- -- that yeah. Great place to -- Thanks for the call -- 18774694322. Whenever they you don't ever see these things like you know like Bank of America last year when they tried that stuffed with the debit cards and they shall we lost 8% of our our customers and keep the -- up only 8%. That's -- -- -- -- -- twelve people that just walked away. Jerry your next with how we cargo ahead Jerry. How we haven't ever called a cultural in my life. And to create a -- if the Bank of America. My wife. And the critic. Can't quite a bit of purchases on it at the time and she ran into a problem we should need it and cash. So she went to an ATM machine combines a little cash. At that time even though. You paid more than the minimum payments -- and just applied it to dole -- story. Debt cash advance appears. Every month. And you know -- it and -- -- well they do it continually put the interest. And I'm content all you can eventually came to the point. That's 500 dollar cash advance. And 500 zone and that's hundred per -- I went into the bank and try to explain to them. They game you know actually two different that's the way it is now the -- change to if you make amends and. So yeah date jewelry to. That portion idea. That the time I just thought it was disgraceful. That great oracle into a shot clock. 20%. Right now is an equipment -- -- -- Face thanks for the call -- 18774694322. Cumberland farms 99 cents for money order. A credit union no lower no fees and you can use the you can use ATMs and any other credit union. 18774694322. The ones getting it up for six bucks and print to the ones that don't have a regular bank account anywhere. -- don't want get a regular bank account. Now I mean even if you're on welfare you can have regular bank account I mean don't think -- have more. You'd you'd be more likely to have won anyway if you want welfare right. 18774694322. -- what happened to the bar rooms where we cashed their checks or -- I was the other thing you do you'd you'd do if you YE you while they do have ATMs but if you were known bar room you can almost cash check -- a bar room. Bob your next -- like just like you always get booze on on a Sunday at our Ali yeah go ahead. I'll I don't my bank will be on your armor never go back another bank. I had it. -- go right here all golf went -- about -- Support for older bankruptcy everything. Out of that bank. Have with the smaller local bank. There every day our manager our our work -- 08. Op established in all saving that Jack being credit everything or nine -- The bank went public. When an air I'd opt for my company went public they are all. Senator. Along with the matter had no say I'll have ball. Out and do it. In all corporate corner as now. Ali Al all -- your -- and I think they'd like what got you -- -- -- Not going to work out not what your money out. I took the next thing all the work. On the clock at democratic. I wouldn't let -- -- current year. O'clock in the morning credit union I -- all of my money converted over next -- are well yeah. Well I think the banks as they figure what they other money or your money out off the ball anywhere here. I think they're I think there mr. judging the -- loyalty that the modern consumer has to the bank which is non. Com yeah I think it's called power from the local banks awaited it would it went public. Now when it matters sort of opposite. -- no control anymore. We're a year out there every -- established report everybody in that thing. -- now I have a what a credit union and I'll never go back and other banks. Thanks for the call Bob 1877469432218774694322. Elks -- checks for members up to forty bucks for -- When I go out of -- I get cash -- grocery stores. Tom you're next with how we cargo ahead com. It I love my big bank customer service for one reason. There's a lot of critical four -- speak with people that don't speak my language. And I have names that -- I can't pronounced but also fact -- mostly enjoyed a twenty minute hold. -- -- around trying to find an answer is that a -- went down my credit here and I haven't respective it's great I'm kind of senior citizens like me could have and travel and speaking another language -- -- a learning experience that is. It's absolutely outstanding. Are you maybe -- maybe you can get a spot on the one of the new TV ads for a Bank of America as they try to explain this latest increase in the fees. Yeah I could do that mean for the most let me go to land of Google lock up big but you need. Speak block walk -- and Colin and oh by the way TD bank also requires fingerprints. Thanks for the call -- 18774694322. -- -- -- -- 18774694322. Bill your next -- powered car go ahead -- It in the principal or negligible that I worked. Yes so I I think it's only product and and kind of makes things pointed out you are all. We sure charge six dollars a don't think that there's a service not a not often institution. -- -- you sell your name or your voice to prodigy service you get paid sports books and or your Eric. Likely forty duke and -- out the bank let our dollar and all accounts we -- Go to the crimes were looking to charge monthly fees there are various. I'll see an understanding you know people if people don't wanna pay that they should go somewhere else caught my periodically they can get I think they can get a free and a lot of other places. No you're you're you're right those are -- are -- -- -- -- shoot well Larry and maybe they should go to local its smaller banks are remarkably smaller banks closing. Because they are not charged fees can they argue either -- in each account or credit Yuxi. So you know -- bank makes you realize we're not a nonprofit institutions we need to make money. I -- -- the other one I just I would just rather I'd I'd rather deal with the bank where I feel like there bill where I feel like they're taking less advantage of me. And I think I can you or them and of course there that you write it Israeli. When you look at globally the bank no matter where trouble there's going to be nature you know you're not aware huge problem there's going to be. It's damned things in the large thing. We have the technology beat out with -- or the other off on the conflict people need to -- first -- Some people don't why don't I personally don't think -- for Bank of America services like can do just fine with a lot of things now to our.