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View Full Version : Bank of America Site Crashes, Day After $5 Debit Fee Rule



RANDY IN INDY
10-04-2011, 03:20 PM
http://abcnews.go.com/blogs/business/2011/09/bank-of-america-site-temporarily-down/

Getting ready to close my accounts with BOFA. Site has been down for at least 5 days. Called this morning and no one can give me any explanation of what is wrong or when to expect the site to be back up. "We just don't know," doesn't work. Unbelievable for a bank of that size.

pedro
10-04-2011, 04:22 PM
Interesting. I haven't had any issues logging in from Oregon.

Redsfaithful
10-04-2011, 09:31 PM
Good for you Randy. I've got a US Bank account and a credit union account, and right now I use the US Bank account more, but if they pull anything like this I'm going to move everything over to the credit union.

oneupper
10-04-2011, 09:49 PM
I don't use my debit card for payments so this won't affect me. I'll stick with BofA because they give me FREE Payroll processing for my business. (I used to pay $40/month for that).

Shameless plug aside, expect more of this. There has always been an implicit cross-subsidy with payments processing subsidized by low or no interest rate on checking balances.
But when a 3-month T-bill (which is where the bank can put that money risk-free) yielding 0.02%, the bank really doesn't get much from having your account.

Maybe some banks will wait on these charges, but they'll get you with something else.
It's like the baggage fees on airlines. The services will tend to become unbundled.
Not everyone will charge for every little thing, but they'll all get you somehow.

GAC
10-05-2011, 05:47 AM
This thread should probably be moved over to the political discussion forum because the actions by BoA, which has implemented a fee on debit card users, is simply a reaction to the knee-jerk regulation of the Dodd-Frank Bill, and the Durbin amendment. The government hits them, and what do they expect banks to do? .... they pass it on to consumers.

Yeah - one can be mad at BoA; but the blame shouldn't stop there IMO.

RBA
10-05-2011, 06:08 AM
This thread should probably be moved over to the political discussion forum because the actions by BoA, which has implemented a fee on debit card users, is simply a reaction to the knee-jerk regulation of the Dodd-Frank Bill, and the Durbin amendment. The government hits them, and what do they expect banks to do? .... they pass it on to consumers.

Yeah - one can be mad at BoA; but the blame shouldn't stop there IMO.

And the "consumer" can just move on to a different bank or credit union.

RANDY IN INDY
10-05-2011, 10:31 AM
I'm not mad at the debit fee. If I don't like that, I can switch banks. What I'm mad about is that the system has been down for a week and I can't pay my bills online, as promised, and they cannot give me a straight answer as to what the problem is or when it will be fixed. Put a check in the mail? They would never get there on time at the point when the system went down.

WVRed
10-05-2011, 10:34 AM
And the "consumer" can just move on to a different bank or credit union.

Don't know so much about credit unions, but I think more banks are going to ultimately follow suit. I'm following this somewhat since I switched a couple months ago from a local bank here to Chase and they have been rumored to be doing the same thing next.

oneupper
10-05-2011, 11:40 AM
Don't know so much about credit unions, but I think more banks are going to ultimately follow suit. I'm following this somewhat since I switched a couple months ago from a local bank here to Chase and they have been rumored to be doing the same thing next.

And here comes Citi!!

http://finance.yahoo.com/news/Citi-announces-new-fees-on-cnnm-215283525.html;_ylt=Ai59WcrErAEVFPwNoBdwuqC7YWsA;_ ylu=X3oDMTE1cGRqcGY0BHBvcwM4BHNlYwN0b3BTdG9yaWVzBH NsawNjaXRpYW5ub3VuY2U-?x=0&sec=topStories&pos=5&asset=&ccode=



Citi announces new fees on checking accounts

The fees keep coming. Citi is the latest big bank to slap customers with a round of fee hikes. This time, on its checking accounts.

juvey21
10-05-2011, 11:52 AM
Time to pull your cash out of the big banks and stash it in a local community one or keep it in your house. Somethings up.

RBA
10-05-2011, 12:00 PM
Time to pull your cash out of the big banks and stash it in a local community one or keep it in your house. Somethings up.

I think I will risk it.

bucksfan2
10-05-2011, 02:00 PM
This thread should probably be moved over to the political discussion forum because the actions by BoA, which has implemented a fee on debit card users, is simply a reaction to the knee-jerk regulation of the Dodd-Frank Bill, and the Durbin amendment. The government hits them, and what do they expect banks to do? .... they pass it on to consumers.

Yeah - one can be mad at BoA; but the blame shouldn't stop there IMO.

I agree. Could stir up a great debate.

cumberlandreds
10-05-2011, 02:05 PM
http://abcnews.go.com/blogs/business/2011/09/bank-of-america-site-temporarily-down/ (http://abcnews.go.com/blogs/business/2011/09/bank-of-america-site-temporarily-down/)

Getting ready to close my accounts with BOFA. Site has been down for at least 5 days. Called this morning and no one can give me any explanation of what is wrong or when to expect the site to be back up. "We just don't know," doesn't work. Unbelievable for a bank of that size.

Site was up for me but very slow. They had a note at the beginning that things were very slow and to make sure you logged out properly if you could not wait. I only have a mortgage account with them and only go into their site to make sure my payments have been applied correctly. I had a problem with a few years back applying some things incorrectly so I only go in to do that.

GAC
10-05-2011, 05:14 PM
And the "consumer" can just move on to a different bank or credit union.

Very true. But the other financial institutions can follow suit if they see the consumer will pay it without too much protest. Me? I cut up the one BoA card I had several years ago. I don't like them. I have one CC, a Visa, which is from my employer credit union.

RedsManRick
10-06-2011, 11:11 AM
I'm not sure I remember seeing an industry pull such a blatant "we're going to drastically raise our prices on you, not because of our costs but because we want to maintain a certain, quite high level of profitability." I mean, heck, it's completely their right to do so -- but I guess their seeing the market react.

kbrake
10-06-2011, 12:34 PM
I tend to think this will be a complete disaster for BOA and the other large banks will take note and scrap any future similar plans they may have had.

JaxRed
10-06-2011, 12:48 PM
My recommendation of USAA (online) Bank stands..... they just confirmed that they are NOT imposing a debit card fee.

oneupper
10-06-2011, 09:52 PM
I'm not sure I remember seeing an industry pull such a blatant "we're going to drastically raise our prices on you, not because of our costs but because we want to maintain a certain, quite high level of profitability." I mean, heck, it's completely their right to do so -- but I guess their seeing the market react.

Happens all the time. The Netflix unbundling (and price increase) was amply commented upon on this board. (Don't make me look for it).
I mentioned bag fees on airlines. (and seating and pre-boarding fees and....).
Ever been charged a "resort fee" at a hotel?
The list goes on...

bucksfan2
10-07-2011, 08:26 AM
I'm not sure I remember seeing an industry pull such a blatant "we're going to drastically raise our prices on you, not because of our costs but because we want to maintain a certain, quite high level of profitability." I mean, heck, it's completely their right to do so -- but I guess their seeing the market react.

The Dodd Frank bill put limits on the amount of money banks can make. In essence they gave them a price increase. If costs rise the company will pass that on to the consumer, across every industry. Heck just last night I was talking with someone about how just a few years ago a Chipotle burrito was $4.75 and now it stands at $6.25. We don't hear people griping about that?

I think this is a bad move by BAC but it is also a move that has been rumored to be in the works for months now. I would move my money if my bank started to charge for use of a debit card. But I don't use my debit card for anything other than to withdraw cash from an ATM. I have had my credit card hacked before and I was able to get the charges taken off my statement. If someone hacks my debit card they can wipe out my account.

cincinnati chili
10-08-2011, 01:35 PM
Free legal advice forthcoming:
If you are a compulsive spender, then it might make sense to use debit cards over credit cards (this is sort of like why compulsive eaters like myself don't keep junkfood in the house).

For everyone else, don't use a debit card; use a credit card. The way the Truth in Lending Act is set up, it's much, much easier to reverse a fraudulent credit card charge than fraudulent debit card charge. Simply review your bill every month before you pay it, and protest anything that looks fishy.

Rojo
10-10-2011, 07:20 PM
Didn't see this over here.

I finally gave BofA the boot about a year ago after banking with them for 20 years. I went with the San Francisco Firefighters Credit Union. Great decision.

The SFCU not only doesn't charge me to use another ATM, they reimburse me any fee that other bank charges. I can use any ATM and know it's free.

I don't think moving to a "local" bank makes much different but moving to nonprofit credit union does.

Also, is Frank-Dodd responsible for the Netflix price hike?

paulrichjr
10-10-2011, 07:32 PM
And the "consumer" can just move on to a different bank or credit union. :thumbup:

GAC already said it but this should be moved...

OK here goes.....That is a very "free market", capitalistic idea you have there. Welcome to the dark side.

Rojo
10-11-2011, 01:55 PM
NM