Page 4 of 4 FirstFirst 1234
Results 46 to 57 of 57

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

  1. #46
    Elite Member greysfang's Avatar
    Join Date
    Jul 2006
    Location
    Burning Down Your Windmill
    Posts
    49,359

    Default

    LOVE this!

    Bank dumping days begin


    By Blake Ellis November 4, 2011: 1:57 PM ET



    NEW YORK (CNNMoney) -- Customers are dumping their banks in droves ahead of the nationwide "Move Your Money" and "Bank Transfer Day" movements this Saturday.


    Given the recent spotlight on attempts -- and ultimate failures -- by some of the nation's biggest banks to tack on new debit card fees, thousands of disgruntled consumers have already either left or pledged to leave their current bank for a community bank or credit union, which are known for having fewer and/or lower bank account fees.

    At least 650,000 consumers have already joined credit unions since Sept. 29, the day Bank of America (BAC, Fortune 500) announced plans to impose its controversial $5 debit card fee, according to a nationwide survey of credit unions by the Credit Union National Association.

    That's more than a year's worth of members in a single month -- with credit unions adding 600,000 members in all of 2010.

    The new memberships in October amount to $4.5 billion in new savings accounts, CUNA said.

    And while Bank of America and other banks have since backpedaled on imposing the fees, consumers are making it clear they are still fed up. More than four in every five credit unions said new customers cited days like "Bank Transfer Day" and new fees imposed by their banks as reasons for opening accounts.

    I ditched my big bank!

    "We must flee all those banks now!!! They will be adding hidden fees shortly! Drop the credit cards and go to credit unions to avoid this pitfall," one CNNMoney reader wrote.

    Meanwhile, the Independent Community Bankers of America said a poll of its 5,000 members conducted on Oct. 17 found that nearly 60% of community banks are gaining customers who are sick and tired of the big financial institutions. The association's community bank locator has seen more than 5,000 inquiries in the last few weeks -- an increase of nearly 500%.

    By the end of this weekend, accounts at these credit unions and community banks could grow by tens of thousands more.

    "Move Your Money Day" and "Bank Transfer Day" are backed by consumer groups like MoveOn.org and the Progressive Change Campaign Committee (PCCC), which are urging customers to switch banks by this Saturday -- and turning to social media outlets like Facebook to do their convincing.

    0:00 / 1:33 Protesters want more from Bank of America

    "Bank Transfer Day," was started by a Facebook user who had heard about Bank of America's $5 fee and posted an event on Facebook. So far, 75,061 Facebook users have said they will be attending, while 16,007 will "maybe" attend.

    The PCCC said it has already received pledges from about 52,500 people to take their money out of major financial institutions by Saturday as part of the Move Your Money "banxodus," with just under 22,000 consumers planning to remove their money from Bank of America specifically. About 6,900 customers told the PCCC they have already moved their money.

    "They take your deposits and use them to buy politicians to de-regulate, give them immunity, interest-free loans and bailouts. Then they turn around and charge you fees to make them even richer," said one "Move Your Money" flyer posted on a Facebook page dedicated to the initiative (which has 43,679 "likes"). "Take your money to a credit union or a community bank that will use your money in your community and not to pervert the rule of law and fill their own pockets."

    7 banks that are still awesome

    Occupy Wall Street has formed a separate united front, called "Dump Your Bank Day," which will take place on Tuesday, November 8.

    Even though Bank of America and other banks canceled plans to introduce the new debit card fee -- thanks to the mass uproar -- the momentum is still going strong. Plus, experts in the banking industry predict more fees -- and higher existing fees -- will be popping up soon.

    "The big banks will not be charging me a dime in additional fees. I moved my accounts to a great credit union last week," a CNNMoney reader wrote. "Next week I get to tell Wells Fargo, to put it nicely, to take a hike."
    FUCK YOU AND GIVE ME MY GODDAMN VENTI TWO PUMP LIGHT WHIP MOCHA YOU COCKSUCKING WHORE BEFORE I PUNCH YOU IN THE MOUTH. I just get unpleasant in my car. - Deej

    http://www.gossiprocks.com/forum/signaturepics/sigpic4098_9.gif Healthy is merely the slowest possible rate at which one can die.

  2. #47
    Elite Member MontanaMama's Avatar
    Join Date
    Jan 2008
    Location
    Evading P6 & P7
    Posts
    13,275

    Default

    That's the only way anything will change, when people stop working with the big banks. Too big to fail, my ass.
    If i hear one more personal attack, i will type while drunk, then you can cry! - Bugdoll
    (716): I'd call her a cunt, but she doesn't seem to have the depth or warmth
    Quote Originally Posted by shedevilang View Post
    (Replying to MontanaMama) This is some of the smartest shit I ever read

  3. #48
    Elite Member
    Join Date
    Oct 2005
    Posts
    4,103

    Default

    Can anyone enlighten me about why "Bank Transfer Day" was selected to be on SATURDAY Nov. 5? Most banks and credit unions are closed on Saturdays.

    We became all credit union all the time years ago. When we built our house, they had some deal with a local bank to reduce closing costs if we financed with the local bank. Within the first year, the bank sold our mortgage to some company in Louisiana, which pissed me off, because we were making additional principal payments at the time and I had to call someone in another state to make sure they were posted properly. Fortunately at the same time, interest rates were dropping, so we quickly refinanced to the credit union and haven't looked back since. We have had other loans with the credit union too, car loans, home equity lines of credit, etc.

    BTW our first mortgage loan was in 1997 and our rate was 8.25% for a 30 year fixed. Can you believe that! When we refinanced the first time we got a 7% rate and thought we were living large. Now we're at 4.25, refinanced sometime last year. Currently we could get a 15 year fixed with the credit union for 3.25%. Unbelievable, isn't it?

  4. #49
    Elite Member
    Join Date
    Oct 2005
    Posts
    4,103

    Default

    Oh, and get this. My SIL works for a regional bank. It's big in the South. They have a "investment services" arm of the bank that is separate from its regular banking. So she works as a glorified "personal banker" (I will not say her real title here), and handles clients with assets over a certain large amount. It's just every day banking stuff but she is required to push certain products the bank is promoting, whether or not it is in the client's best interest. But she has been to training/brainwashing so much, she actually believes that pushing that high profit product is actually helping her clients.

    But here is the jaw dropper. In her position, she can suggest/refer her clients to use the banks investment services arm. She has nothing to do with managing the portfolio from that point, she just makes the referral and someone takes over from there. But she recently told me she not only gets paid for the referral, she gets a percentage commission every single year the client stays invested with the brokerage segment. Even though she provided a one time referral. When she told me that (after some probing where I determined that she did no actual work on the portfolio), my jaw dropped and I just blurted out "What a ripoff!"

    So basically the bank charges higher fees to her clients to keep paying her year after year for clients retained by her one time referral. There is just no excuse for that. This is why we invest our money with no-load mutual funds like Vanguard and Fidelity and not stinking banks who charge you coming and going.

  5. #50
    Elite Member
    Join Date
    Jan 2008
    Posts
    5,543

    Default

    Quote Originally Posted by travelbug View Post
    Oh, and get this. My SIL works for a regional bank. It's big in the South. They have a "investment services" arm of the bank that is separate from its regular banking. So she works as a glorified "personal banker" (I will not say her real title here), and handles clients with assets over a certain large amount. It's just every day banking stuff but she is required to push certain products the bank is promoting, whether or not it is in the client's best interest. But she has been to training/brainwashing so much, she actually believes that pushing that high profit product is actually helping her clients.

    But here is the jaw dropper. In her position, she can suggest/refer her clients to use the banks investment services arm. She has nothing to do with managing the portfolio from that point, she just makes the referral and someone takes over from there. But she recently told me she not only gets paid for the referral, she gets a percentage commission every single year the client stays invested with the brokerage segment. Even though she provided a one time referral. When she told me that (after some probing where I determined that she did no actual work on the portfolio), my jaw dropped and I just blurted out "What a ripoff!"

    So basically the bank charges higher fees to her clients to keep paying her year after year for clients retained by her one time referral. There is just no excuse for that. This is why we invest our money with no-load mutual funds like Vanguard and Fidelity and not stinking banks who charge you coming and going.
    I'm dying to know which bank this is. If you feel comfortable giving me a hint by PM, please do!

    My SO has worked for the big banks, on and off, for years. You people have no idea how sleazy they are, nor how careless they are about customer security and services.

    Remember when Bank of America's online services went down for a week not to long ago? Tip of the iceberg...get out while you can. Do you think the banks care if they fire all their US workers who developed and managed their products to hire cheap, incompetent, Indians who fake their degrees and credentials to get jobs here? Do you think your money is more important then the bonuses their execs make?

    One of the biggest banks ordered $2000 paper shredders for all their executives to use at home and delivered them all on the same day last spring. The truck drivers with the delivery service were abuzz with the weight of those machines. Yet not one journalist could dig up the story.

    My husband did something wonderful and got us into an overseas US bank with limited online services, person-to-person help and applications, and free withdraws all over the world. I don't know how he found them, but there are still good banks out there that offer good, everyday, services and aren't geared towards the Rolls Royce accounts.
    CHILLY FREE!
    i have to zero the contain to your level -bugdoll
    you can't even be ogirinal - Mary

  6. #51
    Elite Member Mel1973's Avatar
    Join Date
    Apr 2006
    Location
    Cuntopia
    Posts
    42,951

    Default

    Quote Originally Posted by olivia View Post
    I'm dying to know which bank this is. If you feel comfortable giving me a hint by PM, please do!

    My SO has worked for the big banks, on and off, for years. You people have no idea how sleazy they are, nor how careless they are about customer security and services.

    Remember when Bank of America's online services went down for a week not to long ago? Tip of the iceberg...get out while you can. Do you think the banks care if they fire all their US workers who developed and managed their products to hire cheap, incompetent, Indians who fake their degrees and credentials to get jobs here? Do you think your money is more important then the bonuses their execs make?

    One of the biggest banks ordered $2000 paper shredders for all their executives to use at home and delivered them all on the same day last spring. The truck drivers with the delivery service were abuzz with the weight of those machines. Yet not one journalist could dig up the story.

    My husband did something wonderful and got us into an overseas US bank with limited online services, person-to-person help and applications, and free withdraws all over the world. I don't know how he found them, but there are still good banks out there that offer good, everyday, services and aren't geared towards the Rolls Royce accounts.
    Dude, what the everloving fuck is wrong with you?
    Kill him.
    Kill her.
    Kill It.
    Kill everything... that IS the solution!
    П(_)П
    twitchy molests my signature!

  7. #52
    Elite Member
    Join Date
    Jan 2008
    Posts
    5,543

    Default

    Quote Originally Posted by Mel1973 View Post
    Dude, what the everloving fuck is wrong with you?
    Concerning?

    Look, I know Indians who have lied outright to get a job at the banks in the USA in the tech fields.

    There are even people who I like tremendously who have fudged their experience and qualifications to get a job and an H-1 Visa. The banks don't care. They never check. They only want cheap, compliant, labor.

    Stories, I got them.

    Not a dude, not that it matters.
    CHILLY FREE!
    i have to zero the contain to your level -bugdoll
    you can't even be ogirinal - Mary

  8. #53
    Elite Member stef's Avatar
    Join Date
    Sep 2006
    Location
    germany
    Posts
    11,364

    Default

    Quote Originally Posted by travelbug View Post
    Can anyone enlighten me about why "Bank Transfer Day" was selected to be on SATURDAY Nov. 5? Most banks and credit unions are closed on Saturdays.
    they chose november 5th because that date plays an important role in the movie "v like vendetta", which is where the mask the people from "anonymous" and the occupy-protesters use comes from.
    "This is not meant to be at all offensive: You suffer from diarrhea of the mouth but constipation of the brain." - McJag

  9. #54
    Elite Member Mel1973's Avatar
    Join Date
    Apr 2006
    Location
    Cuntopia
    Posts
    42,951

    Default

    Quote Originally Posted by olivia View Post
    Concerning?

    Look, I know Indians who have lied outright to get a job at the banks in the USA in the tech fields.

    There are even people who I like tremendously who have fudged their experience and qualifications to get a job and an H-1 Visa. The banks don't care. They never check. They only want cheap, compliant, labor.

    Stories, I got them.

    Not a dude, not that it matters.
    and it's only the cheap labor Indians who do it. Awesome.
    Kill him.
    Kill her.
    Kill It.
    Kill everything... that IS the solution!
    П(_)П
    twitchy molests my signature!

  10. #55
    Elite Member
    Join Date
    Jan 2008
    Posts
    5,543

    Default

    Quote Originally Posted by Mel1973 View Post
    and it's only the cheap labor Indians who do it. Awesome.
    No, they don't.

    The Banks and the US IT industry has vigorously lobbied OUR government for more H1 Visas for Indians with the excuse that there are not enough "qualified US Americans" for the jobs they need filled.

    Guess what. There aren't many qualified Indians either, but there are plenty of lying Indians who organize shared credentials and phony degrees to take advantage of Microsoft and BofA's greedy desire for cheap labor.

    Want a story? Indian recruit gets interviewed on the phone. He's in Bangalore. He aces the technical portion of the interview. The team takes him on. The guy who passes all the security clearances and joins the team a month later in the USA knows nothing about coding or programming. It took the team six months to get him fired AFTER he was given full access. Human resources wouldn't admit that they didn't check his identity at all. Evidently, he paid a friend or helper to take the interview for him.

    How long before something horrible happens to customers accounts under conditions like this? This is not an isolated story, either.
    CHILLY FREE!
    i have to zero the contain to your level -bugdoll
    you can't even be ogirinal - Mary

  11. #56
    Elite Member Mel1973's Avatar
    Join Date
    Apr 2006
    Location
    Cuntopia
    Posts
    42,951

    Default

    Quote Originally Posted by olivia View Post
    No, they don't.

    The Banks and the US IT industry has vigorously lobbied OUR government for more H1 Visas for Indians with the excuse that there are not enough "qualified US Americans" for the jobs they need filled.

    Guess what. There aren't many qualified Indians either, but there are plenty of lying Indians who organize shared credentials and phony degrees to take advantage of Microsoft and BofA's greedy desire for cheap labor.

    Want a story? Indian recruit gets interviewed on the phone. He's in Bangalore. He aces the technical portion of the interview. The team takes him on. The guy who passes all the security clearances and joins the team a month later in the USA knows nothing about coding or programming. It took the team six months to get him fired AFTER he was given full access. Human resources wouldn't admit that they didn't check his identity at all. Evidently, he paid a friend or helper to take the interview for him.

    How long before something horrible happens to customers accounts under conditions like this? This is not an isolated story, either.
    That sounds like a bigger problem for BofA than anything. I mean, this story sounds like you should be able to laugh it off as fucking ridiculous. If stories like this are true then I'm going to have to look forward to Wells Fargo taking over.
    Kill him.
    Kill her.
    Kill It.
    Kill everything... that IS the solution!
    П(_)П
    twitchy molests my signature!

  12. #57
    Elite Member
    Join Date
    Oct 2005
    Posts
    4,103

    Default

    Quote Originally Posted by stef View Post
    they chose november 5th because that date plays an important role in the movie "v like vendetta", which is where the mask the people from "anonymous" and the occupy-protesters use comes from.
    I support the Occupy and Move Your Money groups, but associations with Anonymous and the movie V for Vendetta can only hurt the movement. I joined Move Your Money Project and the Coffee Party's Facebook pages 2 years ago, and they have nothing to do with Anonymous.

    And as far as my SIL's bank, it is a large regional bank in the Southeast. That's all I'm saying.

Page 4 of 4 FirstFirst 1234

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
  •