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Thread: Bank of America Site Crashes, Day After $5 Debit Fee Rule

  1. #1
    Matt's Dad RANDY IN INDY's Avatar
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    Bank of America Site Crashes, Day After $5 Debit Fee Rule

    http://abcnews.go.com/blogs/business...porarily-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.
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    Please come again pedro's Avatar
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    Re: Bank of America Site Crashes, Day After $5 Debit Fee Rule

    Interesting. I haven't had any issues logging in from Oregon.
    Get your nunchucks and the keys to your dad's car. I know where we can get a gun

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    A Little to the Left Redsfaithful's Avatar
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    Re: Bank of America Site Crashes, Day After $5 Debit Fee Rule

    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.
    We are all in the gutter, but some of us are looking at the stars.
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    Danger is my business! oneupper's Avatar
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    Re: Bank of America Site Crashes, Day After $5 Debit Fee Rule

    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.
    "A person is smart. People are dumb, panicky, dangerous animals and you know it."

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    THAT'S A FACT JACK!! GAC's Avatar
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    Re: Bank of America Site Crashes, Day After $5 Debit Fee Rule

    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.
    "panic" only comes from having real expectations

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    CELEBRATION TIME RBA's Avatar
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    Re: Bank of America Site Crashes, Day After $5 Debit Fee Rule

    Quote Originally Posted by GAC View Post
    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.

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    Matt's Dad RANDY IN INDY's Avatar
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    Re: Bank of America Site Crashes, Day After $5 Debit Fee Rule

    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.
    Talent is God Given: be humble.
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    C-A-T-S CATS! CATS! CATS! WVRed's Avatar
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    Re: Bank of America Site Crashes, Day After $5 Debit Fee Rule

    Quote Originally Posted by RBA View Post
    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.
    Quote Originally Posted by savafan View Post
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    Danger is my business! oneupper's Avatar
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    Re: Bank of America Site Crashes, Day After $5 Debit Fee Rule

    Quote Originally Posted by WVRed View Post
    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-a...&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.
    "A person is smart. People are dumb, panicky, dangerous animals and you know it."

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    Re: Bank of America Site Crashes, Day After $5 Debit Fee Rule

    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.

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    CELEBRATION TIME RBA's Avatar
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    Re: Bank of America Site Crashes, Day After $5 Debit Fee Rule

    Quote Originally Posted by juvey21 View Post
    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.

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    Waitin til next year bucksfan2's Avatar
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    Re: Bank of America Site Crashes, Day After $5 Debit Fee Rule

    Quote Originally Posted by GAC View Post
    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.

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    Member cumberlandreds's Avatar
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    Re: Bank of America Site Crashes, Day After $5 Debit Fee Rule

    Quote Originally Posted by RANDY IN INDY View Post
    http://abcnews.go.com/blogs/business...porarily-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.
    Reds Fan Since 1971

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    THAT'S A FACT JACK!! GAC's Avatar
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    Re: Bank of America Site Crashes, Day After $5 Debit Fee Rule

    Quote Originally Posted by RBA View Post
    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.
    "panic" only comes from having real expectations

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    Stat Wanker Hodiernus RedsManRick's Avatar
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    Re: Bank of America Site Crashes, Day After $5 Debit Fee Rule

    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.
    Games are won on run differential -- scoring more than your opponent. Runs are runs, scored or prevented they all count the same. Worry about scoring more and allowing fewer, not which positions contribute to which side of the equation or how "consistent" you are at your current level of performance.


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