By Quentin Fottrell
- iStockphoto
Populist anger pushed Bank of America to abandon its proposed $5 debit-card fee last year. But for some customers, experts say new fees the bank plans to introduce in its place may be even worse.
America’s second-largest bank may roll out higher monthly charges on customers who fail to maintain a certain balance, buy other products, or bank strictly online, the Wall Street Journal reports. Accounts currently being tested in Arizona, Georgia and Massachusetts carry monthly fees ranging from $6 to $25 a month — well over the debit-card fee. (Bank of America and the American Bankers Association did not respond to requests for comment.)
These higher monthly checking fees would be charged to customers who can least afford the higher rates, experts say. But the bank will spare its most valuable customers, says Odysseas Papadimitriou, chief executive of CardHub.com. “If they execute this correctly they will only alienate their most unprofitable customers,” he says.
As a result, this could be even worse than the debit card fee debacle, some contend. With the earlier $5 fee, customers could still choose to abandon their debit cards, but giving up a checking account really isn’t an option. Ironically, free checking accounts had been subsidized in part by the transaction fees charged to merchants each time a debit card was used, says Ben Woolsey, spokesman for CreditCards.com. Now that those transaction fees have been reduced, the subsidy is going in reverse: customer checking fees are being used to cover the cost of debit cards, he says.
The debit-card fee, along with the Occupy Wall Street movement, inspired thousands of customers to abandon big banks for credit unions. Though switching banks can be arduous, customers have less and less patience for requirements to buy certain products or maintain certain balances, especially if they can’t afford it, says Woolsey. Nearly one-in-three adults said they would leave their bank if it introduced similar fees or any other overnight charges, according to a survey by consulting firm The Research Intelligence Group.“Consumers now understand that they have choices and can vote with their feet,” says Ed Mierzwinski, consumer program director for the U.S. Public Interest Research Group.
By WebOsPublisher
COLUMBUS,Ohio,July 7.–The forthcoming July crop report of the State Board of Agriculture will give the following estimates,based on the returns from 780 regular township correspondents of the board.
THE CROPS IN OHIO. – Article – NYTimes.com
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THE CROPS IN OHIO.
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COLUMBUS, Ohio, July 7.–The forthcoming July crop report of the State Board of Agriculture will give the following estimates, based on the returns from 780 regular township correspondents of the board.
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By WebOsPublisher
free emtion icons video folder icons icon private 3d icon pack design icon xp arielle kebbel icons
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Comments
Dirk: January 20, 2012, 21:26
[TEXT]
Andrius: February 05, 2012, 06:42
[TEXT]
John: February 18, 2012, 22:16
[TEXT]
By WebOsPublisher
Aim icons?
Aim icons?
(1/7) > >>
dMs827LK:
Does anyone kno if there are any CW icons out there? if not, is it possible for someone to make one?
Western_Rose:
I could make some, how big did they have too be?on another note Orla’s old official site used to have AIM icons though there gone now.
dMs827LK:
Oh that would be amazing!Icons can only be 50×50 pixels and 7,000 bytes in size or smaller due to restrictions in AIM. Icons should be 48×48 for best results.48 x 48 pixels and no more than 7K size. i got the second one directly from AIM so that size might work betterThank you for trying…even if it doesn’t workDayna
Western_Rose:
I’ll try my best!
CelticWomanFan425:
Quote from: dMs827LK on September 10, 2009, 06:53PMOh that would be amazing!Icons can only be 50×50 pixels and 7,000 bytes in size or smaller due to restrictions in AIM. Icons should be 48×48 for best results.48 x 48 pixels and no more than 7K size. i got the second one directly from AIM so that size might work betterThank you for trying…even if it doesn’t workDaynai have tried to get cw pictures as my aim icon but i cant figure out how to do it correctly. Saving it in my pictures wont work because there is no way to upload it to the internet. so i havent figured out how to do it. does anyoene know how to make it work?
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Banking is about choice and there are thousands of options. You get what you pay for. This article is as much of a waste of time as my response.
EFF BoA, I’m moving my $228K to another bank. Dumb management got them into this mess and they want the little people to bail them out. Looks like your strategy isn’t going to work, jerks.