Page 2 of 4 FirstFirst 1234 LastLast
Results 16 to 30 of 57

Thread: Bank of America's CEO defends $5 debit-card fees: We Have a 'Right to Make a Profit'

  1. #16
    Elite Member Nevan's Avatar
    Join Date
    Jul 2008
    Posts
    2,100

    Default

    Hey BoA, how about returning some of that monumental size of money you got in the bailout back to the government? Fucking pisses me off beyond belief.

    My husband is graduating with an MBA in finance and information management systems. One of his professors pointed out that $800B would have paid off 90% of the mortgages in the country. Instead they gave it to irresponsible banks with no way for the government to control it.

  2. #17
    Elite Member CornFlakegrl's Avatar
    Join Date
    Apr 2008
    Location
    Hanging with the raisin girls
    Posts
    12,169

    Default

    Quote Originally Posted by Nevan View Post
    Hey BoA, how about returning some of that monumental size of money you got in the bailout back to the government? Fucking pisses me off beyond belief.

    My husband is graduating with an MBA in finance and information management systems. One of his professors pointed out that $800B would have paid off 90% of the mortgages in the country. Instead they gave it to irresponsible banks with no way for the government to control it.
    When the bailout was happening someone suggested divvying it up amongst the American people. I forget the number but it would have been a good chunk of change for folks to save their houses or pay down debt or buy a new car.

    Even if they blew it on tv's and cell phones it would have stimulated the economy. Sounded crazy but it kind of makes more sense then giving it to corporations who either sit on it OR loan it back to the government at a higher interest rate (this happened, too).

  3. #18
    Gold Member laynes's Avatar
    Join Date
    Oct 2007
    Location
    What's round on the ends and high in the middle?
    Posts
    1,360

    Default

    Hey BoA, how about returning some of that monumental size of money you got in the bailout back to the government? Fucking pisses me off beyond belief.

    My husband is graduating with an MBA in finance and information management systems. One of his professors pointed out that $800B would have paid off 90% of the mortgages in the country. Instead they gave it to irresponsible banks with no way for the government to control it.
    Actually Bank of America was one of the banks forced by the Govt. to take TARP funds..and they did pay it back.. rather quickly.

    Maybe I'm in the minority here, but why should the Gov't payoff mortgages or give out tons of money to people who buy way outside of their means or wouldn't use the money to payoff debt, thus contributing further to the problem. Yes.. the banks (and Fannie/Freddie) did some shady lending and should have been dealt with firmer than they were (in my opinion). But trust me.. I know that if I make $50K a year, I cannot afford a $400K house and if I do make a bad decision, I'm certainly not going to ask for a handout. Where does this sense of entitlement come from? (Corporations and Consumers both)

    I do feel bad for those that were living within their means and lost their houses because they were laid off, etc. That is the true travesty.



  4. #19
    Elite Member faithanne's Avatar
    Join Date
    Dec 2007
    Location
    On the Hellmouth
    Posts
    12,425

    Default

    Quote Originally Posted by MontanaMama View Post
    "I have an inherent duty as a CEO of a publicly owned company to get a return for my shareholders," Moynihan said

    And that right there, ladies and gents, is what is wrong with the US and why we are on the situation we're in...as soon as everything began to rotate around "return for shareholders" the whole economic system started sliding off to the abyss.
    I remember my Dad trying to explain to me when I was a little girl why buying shares was a bad thing (Dad was a bit of a Commie). I think there was an Australian mining company throwing local people off their land in Papua New Guinea, and the excuse was "we have to do what's best for the shareholders". That stuck with me and I have never or will never buy shares. Apparently my blood still bleeds red.

    Quote Originally Posted by CornFlakegrl View Post
    When the bailout was happening someone suggested divvying it up amongst the American people. I forget the number but it would have been a good chunk of change for folks to save their houses or pay down debt or buy a new car.

    Even if they blew it on tv's and cell phones it would have stimulated the economy. Sounded crazy but it kind of makes more sense then giving it to corporations who either sit on it OR loan it back to the government at a higher interest rate (this happened, too).
    Last year Aussies were given an "economic stimulus" payment of close to $1,000.00 to each taxpayer. Not a huge amount but it was supposed to generate spending and so far Australia has missed out on most of the global economic gloom.

    ETA: 2,000 posts! And I just outed myself as a latent Communist. Hurrah!
    "You're going to die tomorrow, Lord Bolton. Sleep well."



  5. #20
    fgg
    fgg is offline
    Elite Member fgg's Avatar
    Join Date
    Apr 2008
    Posts
    29,635

    Default

    Quote Originally Posted by faithanne View Post
    That stuck with me and I have never or will never buy shares.
    so you don't have a 401k? how exactly are you saving for retirement?
    can't post pics because my computer's broken and i'm stupid

  6. #21
    Elite Member CornFlakegrl's Avatar
    Join Date
    Apr 2008
    Location
    Hanging with the raisin girls
    Posts
    12,169

    Default

    Quote Originally Posted by laynes View Post
    Maybe I'm in the minority here, but why should the Gov't payoff mortgages or give out tons of money to people who buy way outside of their means or wouldn't use the money to payoff debt, thus contributing further to the problem. Yes.. the banks (and Fannie/Freddie) did some shady lending and should have been dealt with firmer than they were (in my opinion). But trust me.. I know that if I make $50K a year, I cannot afford a $400K house and if I do make a bad decision, I'm certainly not going to ask for a handout. Where does this sense of entitlement come from? (Corporations and Consumers both)

    I do feel bad for those that were living within their means and lost their houses because they were laid off, etc. That is the true travesty.
    The point of giving money to the people instead of corporations isn't about bailing out those that overextended themselves (yes, that happens but it's not the point). It's about stimulating the economy. Most people would want to save their houses so the money would end up with banks, keeping them solvent. Others would buy things, again stimulating the economy, and creating jobs.

    Our economic engine relies very, very heavily on banks lending. So we gave the money to the banks, they are not lending at the rate they need to speed up the economy (or make the profits they are used to) and forclosures continue, job growth halts and consumers stop spending.

    They were bailed out to help the economy, not save their own hides and then sit tight.

  7. #22
    Hit By Ban Bus!
    Join Date
    Dec 2007
    Posts
    5,757

    Default

    Quote Originally Posted by msdeb View Post
    we have Chase, and so far they are free for checking. Its a pain in the ass to switch banks since we have direct deposit, but if they charge me, i will take the money and find a free place.
    You and me both!

  8. #23
    Elite Member cherrypye's Avatar
    Join Date
    Oct 2005
    Location
    The Great State
    Posts
    1,942

    Default

    Our family banks with Wells Fargo. I worked for them for years and understand their little tricks, and I'd rather deal with a monster I know than one that I don't know.

    We were with BOFA for some time before Wells went bicoastal...BOFA deactivated our cards every time we would travel, and we were traveling quite a bit. There was no better feeling than walking into their bank and taking out every cent we had with them.

    I would never go back to BOFA. Wells is testing the debit card fee in certain markets to see what happens. If they start with that, we'll leave them too.

    There was a time when banks were pushing for you to use your debit cards, providing bonuses for using them, etc, Funny how things have changed in just 10 years.

  9. #24
    Elite Member Brookie's Avatar
    Join Date
    Feb 2008
    Location
    In the "D"
    Posts
    21,033

    Default

    I think consumers are more able and more savvy today than they were even 5 or 10 years ago. If my credit union started charging fees like that (they don't even have an ATM charge), I'd shop around for a new "home" too and I've been there for 40 years and am well established. You have to look out for yourself.
    Life is short. Break the Rules. Forgive Quickly. Kiss Slowly. Love Truly.
    Laugh Uncontrollably. And never regret ANYTHING that makes you smile.

    - Mark Twain

  10. #25
    Elite Member faithanne's Avatar
    Join Date
    Dec 2007
    Location
    On the Hellmouth
    Posts
    12,425

    Default

    Quote Originally Posted by fgg View Post
    so you don't have a 401k? how exactly are you saving for retirement?
    I don't know what that is. I'm in Australia, we have compulsory employer-funded superannuation and an old age pension. I'm sure my superannuation fund invests in shares but I have no control over it, I just don't personally want to own them.
    "You're going to die tomorrow, Lord Bolton. Sleep well."



  11. #26
    Elite Member NVash's Avatar
    Join Date
    Oct 2009
    Posts
    5,473

    Default

    Quote Originally Posted by OrangeSlice View Post
    After being screwed over by Wachovia/Wells Fargo repeatedly, I managed to switch everything to the local credit union. Now, there is no other way to go for me. Minimal fees and they're not looking to make a massive profit off of their customers. I'd encourage anybody that can to switch to their local or state credit union.
    I recently left Wells Fargo once they tried to hit me with some fees. They told me if I dont have $1500 in my Checking at all times or set up direct deposit theyll hit me with a fee every month. Im not rich. Im sure everyone knows that by now. However I cant think of anyone, even well to do people I happen to know, who has that kind of cash just sitting in an account. Maybe a Savings but a Checking? All of us have bills to pay and our balances fluctuate. I doubt the bank cares. They gave me a months warning. Put more money in, direct deposit or have some fees. The manager told me this and proceeded to make me wait three days for a $50 check to cash. Month later I walked in and shut down my account. I had been with them for at least ten years.

    Thing is I see a lot of banks are jumping on this bandwagon. Many banks are getting rid of free checking and its a darn shame. I dont understand it. I keep asking myself "Are these the same guys Obama bailed out so many years ago". Why are they charging us, people they know have no money? I can understand Overdraft fees but charging us for just having an account? Charging for not having $1500? Thats just crazy.

  12. #27
    Elite Member Brookie's Avatar
    Join Date
    Feb 2008
    Location
    In the "D"
    Posts
    21,033

    Default

    Greedy bastards.
    Life is short. Break the Rules. Forgive Quickly. Kiss Slowly. Love Truly.
    Laugh Uncontrollably. And never regret ANYTHING that makes you smile.

    - Mark Twain

  13. #28
    Elite Member dolem's Avatar
    Join Date
    Jul 2006
    Posts
    2,212

    Default

    I've been banking with our local credit union since 2000. I did my Jr. year of college in Europe and found that working with credit unions was much easier to transfer money, etc. I've been with them ever since. No ATM fees at any credit union I use, even if it's not the one I belong to. It's not that difficult to leave one bank and go to another. You just have to do some planning and keep both up and running for a few months to ensure everything is moved and that you didn't miss something. If your bank is charging you and you want to move, just do it. Look out for yourself and the money you've earned. It's lazy to say it's too hard to move banks so you'll just deal with extra charges.

  14. #29
    Elite Member Grimmlok's Avatar
    Join Date
    Oct 2005
    Location
    In WhoreLand fucking your MOM
    Posts
    55,372

    Default

    Why are they doing it?

    Because they can.

    Obama said 3 days ago that Wall Street and the banks haven't done anything wrong, they've just found "loopholes" to exploit.

    What a fucking sellout. I guess all those homes foreclosed on WHEN THEY DIDNT EVEN HAVE THE MORTGAGE PAPERS ISN'T A CRIME.

    Wall Street plutocrat shithead.
    I am from the American CIA and I have a radio in my head. I am going to kill you.

  15. #30
    Elite Member o0Amber0o's Avatar
    Join Date
    Nov 2006
    Location
    Glens Falls, NY
    Posts
    3,572

    Default

    Credit unions are definitely the way to go it seems. Since you're basically becoming an owner when you go into one they don't nickle and dime you each month for their services.

    I bank with TD Bank, but I got a checking account when I was in high school and signed up for "student checking" which never seems to change so fees have yet to have been tacked onto it with all the TD Bank changes that happened in the past. I'm going to hold onto that sucker for as long as I can. You wouldn't give up $60 up front for a year of debit card use, so why would you accept a $5 monthly fee? Just because it's spread out? Sorry, but I need my $60.
    All you can do at life is play along and hope that sometimes you get it right.

Page 2 of 4 FirstFirst 1234 LastLast

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

Similar Threads

  1. Replies: 0
    Last Post: October 27th, 2010, 06:11 PM
  2. U.S. banks to make $38 billion from overdraft fees: report
    By celeb_2006 in forum U.S. Politics and Issues
    Replies: 3
    Last Post: August 10th, 2009, 03:49 PM
  3. Using your debit card to pay for gas?
    By msdeb in forum News
    Replies: 6
    Last Post: June 27th, 2008, 02:43 PM
  4. Bank issues credit card to cat
    By celeb_2006 in forum News
    Replies: 7
    Last Post: January 18th, 2007, 01:30 PM
  5. FEMA Katrina Debit Card purchases report
    By UndercoverGator in forum U.S. Politics and Issues
    Replies: 0
    Last Post: February 15th, 2006, 04:08 PM

Tags for this Thread

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •