Thursday, March 11, 2010
News...
I was watching the evening news when they announced Bank of America's new line of marketing concerning bank fees. This caught my eye because even though I was retired I had invested over 30 years working for various banks and try to keep up with the financial aspect of them. I was amazed that B of A had decided to DROP the fees on debit cards for over drafts. I mean any one with half a brain would have put a cap or block on all debit cards so you could not spend more than what was in your account. Oh, but then the bank could not collect the huge fee associated with this, but then the bad press they received and I would imagine the many canceled accounts and lets face it customer retention is a primary goal of financial institutions, maybe it would be a better idea to say "drop the fee altogether". What a brainstorm and I wonder how many people they had to pay to come up with that one. Watch closely for I fear fees will be on the rise...
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We have a 0 balance on one of our credit cards. I was just notified that if we DO NOT charge 2,400 on the card annually we will be charged a $60.00 fee. If we do charge 2,400.00 annually they will reimburse us the fee. Amazing.
ReplyDeleteBank reform is nothing more than more creative ways for the banksters to fleece the public.
The bank will say that once you agreed to the terms of the card originally they have the right to change the terms whenever they want and I say no one has the right to make you charge just to avoid a fee. This bank is trying to make money anyway they can if not by interest hikes then by annual fees. I say close the account, there are far too many other cards that do not charge a fee and make sure when you close this account you state you want it noted as a customer closed not bank closed this makes a big difference on your credit report!
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