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Would you leave your bank over new monthly fees for debit cards or checking accounts?
October 5th, 2011
05:00 PM ET

Would you leave your bank over new monthly fees for debit cards or checking accounts?

FROM CNN's Jack Cafferty:

Take a good look at your bank statements, because financial institutions are tacking on new fees as fast as they can.

Bank of America has come under a lot of fire for a planned $5 monthly charge for debit card use.

The only way to avoid the fee is to have a mortgage with the bank, keep a $20,000 minimum balance, or use the debit card only for ATM transactions.

And Bank of America isn't the only one going the way of debit fees:

Wells Fargo says it's testing a $3 monthly fee in several states. and JP Morgan Chase announced a similar test last year.

The banks are blaming new fees on Wall Street reform enacted after the bank bailouts, and more specifically the so-called Durbin amendment.

The measure - named after Democratic senator Dick Durbin of Illinois - limits banks to charging $0.21 per debit card transaction. They used to charge an average of $0.44. The new rule is expected to cost the banks about $5 billion a year.

So naturally they are looking for somewhere else to make that money up; and what better place than the consumer, right?

But Durbin himself claims that debit card usage costs banks less than $0.12 per transaction - far below the new cap of $0.21. He says consumers should consider switching banks to where they're treated better because of fees like this.

Meanwhile, Citibank - which bashed Bank of America on debit fees - will soon be charging many customers monthly fees for their checking accounts - unless they maintain much higher balances.

Here’s my question to you: Would you leave your bank over new monthly fees for debit cards or checking accounts?

Interested to know which ones made it on air?

Dave in Phoenix:
Absolutely, as soon as Wells Fargo expands their fee testing to Arizona I am gone. I've been a loyal customer of a bank that they bought out for 20 years and have had nothing but fees and demands placed on my banking since they took over. One more little misstep and it's time to just move everything to the credit union I also use.

Tom in Texas:
Yes, banks already use our money and pay almost no interest while charging over 20% in some cases on credit cards. There are accounts where you must do all banking electronically or by ATM. Now they want us to pay to have access to our own money. Hey, I need a bailout! A "run on the bank" is in order.

Tyler on Facebook:
I already have, Jack. I have 4 accounts with Bank of America and I'm in the process of closing all of them. If I stayed, I'd be spending $240 per year to access my own money. It's absurd that they think they can charge me to use my money to earn them interest. I think I'll stuff it under the mattress instead.

Phil in Memphis, Tennessee:
Oh hell yes! The nerve of these institutions to snub their noses at us (middle class America) after we bailed them out. Maybe I will make a trip to Wall Street next week.

Pam:
I have belonged to a credit union since 1978 and I have NEVER paid ANY monthly fees for anything! Isn't it interesting that they can run a business at a profit without dipping in their customers' pockets? What does this say about banks? Plain old greed I think!

David on Facebook:
I'm in the process of dumping Citibank right now over new fees. I've been with them for almost 32 years.

H.:
Hell yes. Charge me, I'm gone. There's one on every corner.

Robert:
I already have, Jack. I have moved all my money to my local credit union as of yesterday. Too big to fail? Make 'em smaller.

Posted by
Filed under: Money
soundoff (227 Responses)
  1. Larry -Denver

    In a heartbeat. $5 per month= $60 per year for use of my money in their bank. See ya!

    October 5, 2011 at 12:52 pm |
  2. Albert

    Is anything all about the money and profit only? Increase this small fee to the profit is only a bandage on the cut. The fundamental banking regulation needs to be fixed and their managment need to be capable of reducing their operational expense instead of charging more from their customers. These CEO don't really desire a good reputation!

    October 5, 2011 at 12:54 pm |
  3. Juan Gonzalez (New Orleans)

    No but that doesn't stop the government from getting involved. I lost my rewards, my privacy, and my job because this President is hellbent on any competition. Like Net Nutrality, Fincancial, Car, Student Loans, etc.... Get the hell out of the way Big Govt.

    October 5, 2011 at 12:56 pm |
  4. David , Laguna Niguel CA

    Absolutely, that is how a FREE MARKET works.

    October 5, 2011 at 1:00 pm |
  5. Peter

    I'd change in less than a heartbeat. Bank profits are massive. They give one quarter to one half of one percent interest on savings accounts and then lend that money out at 4%-15%. If your grocery store tried to make 400% profit, they would never survive.

    October 5, 2011 at 1:01 pm |
  6. Gary - Woodhaven, Michigan

    In a heart beat, and I have. But fortunately I now belong to a credit union that is member owned and does not kowtow to Wall Street to meet some earnings forecast or personal greed goal.

    October 5, 2011 at 1:09 pm |
  7. Carl

    Jack,

    I wouldn't leave over this. Because, most, if not all Banks, will be doing this soon. It's just another way the bailed out scum bags can screw the American people.

    October 5, 2011 at 1:09 pm |
  8. Alex from Long Beach, California

    Yes, I would leave my bank if they started charging me a fee for debit card use. What has technology done for us? I though the debit card was created for the bank’s convenience to save money. I was told that by using a debit card it would save the business owner, consumer, and the bank money. In the last 20 years we have seen computer technology, the same technology to run our credit card machines, replace actual people. In turn saving the banks money? I guess the idea of replacing people with computers never really helped save any money.

    October 5, 2011 at 1:10 pm |
  9. Heather Boyer-Younkin

    Yes. These new fees are just one more example of how the banks are only interested in making as much money from us as they can. We bail them out so they don't collapse and they thumb their noses at us by not lending to anyone and finding ways to get around the regulations put in place to protect those that pulled them out of a mess ...US!

    October 5, 2011 at 1:12 pm |
  10. Peggy Topham

    Yes, and I've done it before.Twice. A long time ago. First, I dropped B of A, when they started charging per check. Second, I dropped my local credit union when they started charging hefty fees for just using a checking account. I now bank with Wells Fargo and would definitely drop them if they started charging for using a debit card.

    October 5, 2011 at 1:12 pm |
  11. Cathy

    In a heart beat

    October 5, 2011 at 1:13 pm |
  12. Pat in Michigan

    I already have Jack.I have quit two banks so far because they thought i would not leave because I had a loan and credit card with them.WRONG!!.If it continues I wil go all cash.

    October 5, 2011 at 1:14 pm |
  13. Richard

    In a heartbeat, and have already. There are lots of alternatives to big banks and big fees. Try your local Credit Union, Internet Bank, or USAA ... who woulda thunk that an Insurance Company could actually become a decent bank?

    October 5, 2011 at 1:16 pm |
  14. Ana

    If I had another option besides putting my money in a coffee can, then I'd consider it.

    October 5, 2011 at 1:16 pm |
  15. J. Alfonso

    You can count on that. I will transfer savings, retirement and other checking accounts to Credit Unions that give the better services.

    October 5, 2011 at 1:17 pm |
  16. Paul P.

    Absolutely! People occupying Wall St. right now are wasting their time. The banks are pushing back at impending Washington regulations designed to protect consumers. All banks understand is dollars and cents, so if everyone affected by a service rate hike cancelled their accounts and moved them into local credit unions, you'd get their attention alot more than camping out on the sidewalk.

    October 5, 2011 at 1:17 pm |
  17. virginia - Atlanta, GA

    Absolutely!

    October 5, 2011 at 1:21 pm |
  18. Pete in Georgia

    There's only one thing more devious and greedy than government and insurance companies and that's BANKS.
    I stay as far away as possible from all three and guess what.................it works !!

    October 5, 2011 at 1:23 pm |
  19. Jayne in NH

    Absolutely and I hope people will take their money out of the megabanks and put it in local, small banks and credit unions. There's nothing like being able to talk to a real, live person when you have a problem. In fact, yesterday I learned I had made an error in an account and was hit with a $5 charge. After speaking to a woman at the bank the charge was refunded and the error corrected . . . in less than 5 minutes.

    October 5, 2011 at 1:25 pm |
  20. Ros.....Illinois

    YES indeed.

    October 5, 2011 at 1:25 pm |
  21. Terry in Virginia

    In a nanosecond. Why tie up money in an account that requires an exorbitant balance, a monthly fee, and pays little or nothing in interest on that money? That's why my money sits in a credit union that doesn't charge these fees. Let the Big Banks find other ways to overpay their CEOs. Perhaps, they should start by charging huge fees to warehouse all that money the billionaires have stashed away instead of creating jobs.

    October 5, 2011 at 1:27 pm |
  22. David R Bebeau,Springfield Missouri

    Absolutely YES!!!......................But!! I sure would write or call congress for causing this mess in the banks.NOT!!! to be confused with the other mess THE BANKS caused by being over levered THAT!! was their fault.
    David

    October 5, 2011 at 1:27 pm |
  23. John from Alabama

    Jack: In a word, yes, because this the only way to get the point accross to banks this programs are wrong. I believe Bank of America and J.P. Morgan Chase should run out of ther banking business, but then I believe someone should go to jail over the housing mess. The idea that giving a person who had a pulse a motgage is wrong. Bundling financial instruments to use has an investment is wrong. Moody and Goldman-Sachs are quilty of providing gloowing reports, but at the same time betting against these investments.

    October 5, 2011 at 1:30 pm |
  24. David in Tampa

    Dear Jack, I already have left Bank of the Mafia, whoops America. I couldn't see continuing to pay outlandish monthly service charges just for them letting keep my meager saving at their establishment. Between our over paid politicians and even more outrageously compensated managerial class no wonder America is no longer the envy of the world but rapidly becoming a third rate, third world country. Is it any wonder Wall Street is being mobbed? A country of the greedy, by the greedy and for the greedy has become very tiresome.

    October 5, 2011 at 1:37 pm |
  25. Loren

    And go where Jack? The legislation that caused all of this was just a matter of cost shifting from the retailers to the banks and the shame of it is that the banks were too stupid to compromise and killed their goose, so now they take the PR hit for this new round of fees. Maybe it's time to go back to the old system of banking before the Dems and Republicans started taking so much banking campaign money to permit banking consolidation (as f that could ever happen, but nothing good has come from "too big to fail", the result of such consolidation).

    October 5, 2011 at 1:38 pm |
  26. Andrew (Philadelphia)

    I would. Who can afford unnecessary charges these days.

    October 5, 2011 at 1:38 pm |
  27. Lori - PA

    Jack,

    I don't think my bank is among the one's that will begin to charge fees. If my bank was, I would research other banks I have easy access to. If I found one that was exempt from fees due to a lower profit, I would, most definitely, switch to that bank. Why do those of us who are in the nonexistent middle class have to keep paying for the crisis caused by those who were, or still are, greedy?

    October 5, 2011 at 1:41 pm |
  28. Paul P.

    Absolutely! After all, big banks don't contribute anything to my personal prosperity, they just keep my money safe and accessible. There are other places that will do that at a fraction of the cost. Capitalism only works when consumers are empowered, if you can't afford their rate hikes, you have a duty to take your business elsewhere.

    October 5, 2011 at 1:42 pm |
  29. lou

    I already did. I left when my small town local bank sent out a mailing showing how much of their money they had lent to local projects in my town. Seeing how much they donated to the school and community groups sealed the deal. They don't have the greatest interest rates or business hours, but their fees are no worse than the big boys. It's a no brainer. Go local.

    October 5, 2011 at 1:44 pm |
  30. Doug

    Yes, as long as their was another bank close by that had more free options. Bailing out the Big Banks was one of the stupidest things our government has ever done. Why? So they can rip us off some more. Too big to fail? What kind of Jibberish is that? Its freakin Jibber Jabble, and that is why the folks are going to march on City Hall in NYC today. Doug. Pepperell, MA.

    October 5, 2011 at 1:46 pm |
  31. Audrey Klesta

    Of course I would!! Do you think any bank would be loyal to ME if I defaulted on paying my mortgage?? Hell No!

    October 5, 2011 at 1:53 pm |
  32. Wilhelm von Nord Bach

    definately YES, Jack. enough is enough with these weasels.

    my wife and I are retired and saved our whole lives to gather a decent "nest egg". right now we get just about NOTHING in interest on our savings while these crooks charge upwards of 30% on credit card balances.

    it just ain't right.

    October 5, 2011 at 1:54 pm |
  33. Tom in Desoto, TX

    Yes, banks already use our money and pay almost no interest while charging over 20% in some cases on credit cards. There are accounts where you must do all banking electronically or by ATM. Now they want us to pay to have access to our own money. Hey, I need a bailout! A "run on the bank" is in order.

    October 5, 2011 at 1:56 pm |
  34. Hawgcaller*

    Hell yes. Charge me, I'm gone. There's one on every corner.

    October 5, 2011 at 1:56 pm |
  35. Lou, Fayetteville, NC

    Not a chance. Debit cards have proven to be a problem just like overdrafts. Charging them won't change it. They should do away with debit cards since most people don't understand how to use them – YOU HAVE TO HAVE MONEY IN THE BANK. Overdrafts have proven that debit cards would NEVER work. Monthly fees should be charged based on the activity within the account and the abuse of the account. I know how to add and subtract so I am happy with my bank.

    October 5, 2011 at 1:58 pm |
  36. Phyllis G. Williams

    Would you leave your bank over new monthly fees for debit cards or checking accounts?

    To do so reminds me of the proverb "You may jump out of the frying pan and drop into the fire"
    (smile).

    October 5, 2011 at 2:05 pm |
  37. Noel Sivertson Roswell New Mexico.

    No. I've been with my bank for over 16 years and am comfortable with them. If they start charging a debit card fee I will just start using the credit card I have with that bank and pay off the balance every month. We already draw cash out of the ATM for grocery shopping. I use their bill pay feature to pay all of my recurring bills.

    If they start charging a fee for the free checking account I have now I will have to rethink my position.

    October 5, 2011 at 2:08 pm |
  38. Rich McKinney, Texas

    Absolutely. I have done it several times over the years.

    October 5, 2011 at 2:08 pm |
  39. alain

    of course I will switch bank to avoid fees. That's why I set up a $100 direct deposit
    with BofA when they came up with a checking account fees. Banks think that switching is a hassle, but I will switch without hesitation.

    October 5, 2011 at 2:09 pm |
  40. Floyd - Crescent City, CA

    Hell yes. Just the threat makes me think about it.

    October 5, 2011 at 2:14 pm |
  41. Kevin in CA

    In a frickin' heartbeat if there's an alternative available. However, they are all, pretty much, a bunch of cooks and thieves.

    October 5, 2011 at 2:18 pm |
  42. Toni

    YES! With the current fees they already charge plus the bail out we gave them, they want more??? When will it stop???
    And THEY want to call the cops when they see someone with a gun and mask??? When will they take theirs off!

    South Carolina

    October 5, 2011 at 2:19 pm |
  43. Ted From Hershey, PA

    Yes, I would absolutely leave my bank for this unreasonable fee, with all the other fees that you have to watch out for – but its nothing like the fees we all are going to pay when the US is brought to its knees when it is affected by the global situation which congress is ignoring!!

    October 5, 2011 at 2:25 pm |
  44. Dave - Phx

    Absolutely, as soon as Wells Fargo expands their fee testing to Arizona I am gone. A loyal customer of a bank that they bought out for 20 years and have had nothing but fees and demands placed on my banking since they took over. One more little misstep and it's time to just be rash and move everything to the credit union I also use.

    October 5, 2011 at 2:27 pm |
  45. steve

    absolutly, all banks today are useless, no one knows what they are doing, have you ever been at a drivethru. i wish there was a way to run my business without a bank. they make the rules as they go, xtra fees, charges ect. try that in a small business and you wont be in business long. they are all crooks.

    October 5, 2011 at 2:29 pm |
  46. Jim, Denver CO

    Jack,

    Probably. How much gouging can the banks do to consumers and their own customers. Enough is enough.

    October 5, 2011 at 2:30 pm |
  47. Jenna Roseville CA

    Would you leave your bank over new monthly fees for debit cards or checking accounts?

    I already have Jack.

    Not only that I fly on airlines that have the fewest fees. If they had their way they would make us pay to go to the restroom on the plane. As it is they are already tin cans, the flight attendents are rude and lugage is routinly lost or items stolen from your bags..

    ENOUGH IS ENOUGH – Corporations better learn fast that we consumers VOTE WITH OUR FEET.

    Jenna
    Roseville CA

    October 5, 2011 at 2:30 pm |
  48. Brad, Portland, OR

    I don't need to, because I'm a member of a credit union. I get all the services of a bank without any cost.

    The banks can all go out of business as far as I'm concerned. I sure don't want my tax dollars bailing them out.

    October 5, 2011 at 2:30 pm |
  49. Larry,Springfield,Ohio

    Yes,Jack,it is called free enterprise!

    October 5, 2011 at 2:31 pm |
  50. dina

    Come on people. We pay for convenience. I'm more worried about waiting in line behind the people here now will be writing checks. The more people to stop paying for debit cards the longer the lines will be.

    October 5, 2011 at 2:34 pm |
  51. Greg McCarthy

    Jack, I already have left Bank of America. When I saw that bank of America was settling for $8.8 billion with investors a couple of months ago,yet having booted people out of their homes sometimes probably illegaly,it was a quick and easy choice for me. Now that they are also charging fees to us 'peasants' because they have estimated losing $2 billion/year due to lesser transaction fee profit$,I am really glad that I left. Investors may back them,but much of their profit comes from homeowner$ and 'We The Peasants.' 'Too Big To Fail' has become 'Too Big To Care' IMO Greg M. Largo,FL

    October 5, 2011 at 2:35 pm |
  52. Bill Blaikie

    YES!There are to many choices available who won't charge me to use my money.

    October 5, 2011 at 2:37 pm |
  53. Ed from California

    They loose our money in the financial crises. We bail them out with our money again. They don't repay our money losses(Retirement/Investments/Savings) with the money that we gave them. A Banks income is from it's investors, not from Tee-shirt or coffee cup sales, it's depositors money. So,I say if they charge me a fee....good-bye! I'll go to a Credit Union instead. Why in the hell did we bail them out? I know, the system is fixed against it's "regular" investor. If I was a Koch brother, I wouldn't have lost a dime. I would have made a billion or two.....It's good to have Congress in your back pocket.

    October 5, 2011 at 2:38 pm |
  54. Bizz, Quarryville Pennsylvania

    Yes I definitely would. I am just a little fish in a big pond and have very little ways to fight big brother. But this would be one of them.

    October 5, 2011 at 2:38 pm |
  55. Bill of New Mexico

    No, I will stick with my bank for a while even for "check account fees."

    I do not believe my bank was one of those banks that was bailed out.

    I am still angry about all of those big banks being bailed out. I would not want to do business with any of those.

    I would drop a "bailed out" bank in a heart beat.

    October 5, 2011 at 2:38 pm |
  56. Rex in Portland, Oregon

    Of course not, Jack. My bank is so poor, so broke that they can barely afford the $23 million salary of their CEO, not to mention the multi million $ salaries of thousand of other presidents, vice presidents, CFOs, CCOs, and SOBs. I will gladly give them an extra $60 or $70 per year. My motto is: help the needy. (Please don't relay this sarcasm to BofA, Jack, they have absoutely no sense of humor.)

    October 5, 2011 at 2:41 pm |
  57. pat, Idaho

    NO, eventually all banks are going to end up charging fee's for debit, and checking, it'a a lot of work changing banks and besides that it's not any fun.

    October 5, 2011 at 2:52 pm |
  58. Paulette in Dallas

    I may. I have been physically at the same Bank for over 40 years even though the name has changed 3-4 times. It will all depend on how much the fees are going to be. Fees versus convenience is the main question for me.

    October 5, 2011 at 2:53 pm |
  59. AAShame Barton MS

    Yes i will quick as i can get to my bank

    October 5, 2011 at 2:53 pm |
  60. Randy

    That's just like asking me if I would pay a toll (tax) on streets that my tax dollars already built...wait a minute..never mind.

    October 5, 2011 at 2:56 pm |
  61. hongli

    Sorry Jack, that's too personal.

    October 5, 2011 at 3:02 pm |
  62. Tom Bulger, Canandaigua, NY

    After the turmoil banks have caused, any excuse would be enough to leave them. The question is with the alternative of local credit unions, why would anyone stay?

    October 5, 2011 at 3:04 pm |
  63. Maureen, Yukon Territory

    Yes I would and I have and I would do it again. I got fed up of being used so use cash now – a great new concept! – and having no debt it gives me the freedom to tell anyone to go to hell. Now-a-days banks and credit card companies are constantly begging me to take out new lines of credits, loans and cards and offering lower and lower interest rates. They are courting me instead of expecting me to pay for dinner.

    October 5, 2011 at 3:04 pm |
  64. Alex in Bremerton, WA

    Yes!!! They are jacking fees before they lose other revenue streams due to the weakened bank reform bill that will go into effect soon. People need to think locally and move to credit unions and local banks that will help the local community by loaning money to small businesses. The "too-big-to-fail" banks are showing their true colors despite the protests taking place below their coner offices on Wall Street. They will gouge us every way they can in order to receive their obscene bonuses!!!

    October 5, 2011 at 3:08 pm |
  65. Larry from Georgetown, Tx

    It depends. If the fees are too high we'll just go back to paying cash for everything. What a novel idea, buy what we can pay for and charge nothing. Maybe if our government would do this we wouldn't be in the fix that we're in today.

    October 5, 2011 at 3:09 pm |
  66. Larry in Houston

    YES – to answer your question. But Wells Fargo is still Free – (as long as you carry a monthly Limit, or have a minium monthly direct deposit)

    October 5, 2011 at 3:10 pm |
  67. Annie, Atlanta

    In a heartbeat. Haven't we already given them enough? What next, our blood?

    October 5, 2011 at 3:14 pm |
  68. bob z.

    i left my bank and joined a credit union never will i go back

    October 5, 2011 at 3:15 pm |
  69. Kathie

    in a heartbeat! they would only see my dust trail.

    October 5, 2011 at 3:21 pm |
  70. Jk from Minnesota

    Absolutely! I've been thinking about moving to a Community Bank or Credit union for sometime.

    October 5, 2011 at 3:21 pm |
  71. Frances

    In a heartbeat!

    October 5, 2011 at 3:22 pm |
  72. Andrew

    Yes, I would. Times are rough right now, and I wouldn't be able to afford so-called little fees to my account. I'm with BB&T write now and I heard that they may be charging a $10 monthly fee. If they did, I would close my account

    October 5, 2011 at 3:28 pm |
  73. Scot, Oakland

    I already did long time ago. Jack, the new fees are nothing comparing to mortgage frauds, insane interest rates, hidden fees, unbelievable late fee penalties and overdraft charges......I can go on and on....!

    October 5, 2011 at 3:32 pm |
  74. Michael "C" Lorton, Virginia

    Jack---I surely would---however there is no guarantee that this trend of charging additional fees for checking and debit cards want become a standard policy for all banks--Monkey sees--Monkey does--and they are not looking at bananas-–and if they are--you can surely believe they are "green ones."

    October 5, 2011 at 3:34 pm |
  75. Sylvia from San Diego

    YEs, yes and yes..... We should all boycott Bank of America!!

    October 5, 2011 at 3:35 pm |
  76. Bernie

    It depends; Wells Fargo–yes, Bank of America–no (I trust BA more than I do WF). From Houston, TX

    October 5, 2011 at 3:37 pm |
  77. David from Herndon, VA

    Yep. I just got a letter yesterday - $15 a month for checking? No thanks. I can do better.

    October 5, 2011 at 3:39 pm |
  78. Dan Bednarik, PhD

    Jack – Yes, in fact, I am considering doing that. So, while everyone else loses jobs and endures cuts, the bank execs are reacting by insuring their salaries and bonuses. Not even a gesture of salary reduction or elimination of bonuses, even for one year. Most unprofessional industry in America.

    Dan Bednarik, PhD
    Highland, MD

    October 5, 2011 at 3:40 pm |
  79. Ken Victoria BC

    Yes I would leave. In BC, we have Credit Unions that are by the people for the people. The gentle people in the USA should join their local branches. I sure they would be better off.

    October 5, 2011 at 3:42 pm |
  80. Georgene

    You bet I'll leave my bank if it imposes debit card fees! There are plenty of credit unions and local banks that would love my business, and they'll get it if my financial institution pulls that stunt. If the big banks tank due to loss of deposits, they have no one to blame but themselves, and this time, we are NOT bailing them out!

    October 5, 2011 at 3:45 pm |
  81. Rich in Gainesville FL

    I would leave in a New York minute. I should have picked a credit union in the first place anyway.

    October 5, 2011 at 3:53 pm |
  82. Renee Peoria,Ill

    Yes! I recently started paying my bills online because my bank (previously free checking) started charging me for writing checks. Sorry, post office.

    October 5, 2011 at 3:54 pm |
  83. Jim

    I would move to another bank if my bank started to charge for using a debit card or checking account. It is bad enough that we bail these yahoos out in the first place and now that pay us back with charges. What a country.

    October 5, 2011 at 3:57 pm |
  84. David Doherty

    Yes, how else is the public supposed to show their displeasure, that would truly make the bank take notice. Protest? Please, I'm quite sure that the banking executives watch the protest on their 48" flat screen HD TV's and laugh all the way to the bank, pun very much intended. Yeah changing banks can be a pain in the butt, but think of the pain this bank and others have caused this country. It's time to stop rolling over because fighting back is just to hard.
    Dave from NH.

    October 5, 2011 at 3:58 pm |
  85. Jane in CA

    Yes. I have a credit union account. No fee checking, and higher rates that the banks are paying on savings. Plus better loan rates usually, certainly easier to get. Few people object to someone making a reasonable profit, but outrageous gouging is something else again. The incremental cost of using debit (or any plastic) is little more than the cost of the electricity it takes to transmit and store the data, and some of that is paid for by the business using the connection. The cost of building a computer system is huge, but most of the cost is up front, and you can divide it by the millions of transactions it will support. Most of the systems in place today are very reliable, which also means low maintenance costs. Even 12 cents a transaction sounds pretty high.

    October 5, 2011 at 4:02 pm |
  86. Riley, Seattle

    Probably not. The nuisance cost of switching banks is, for most people, just a little bit more than staying put. This is no fluke of serendipity, of course. You can bet your bottom dollar that a team of crackerjack beancounters has projected a tidy little profit on this latest grabesque maneuvre. Once again, Bank of America, you are so very welcome for the bailout we gave you a while back. Hope this will supplement the paltry bonuses your wunderkinds have had to survive on since then.

    October 5, 2011 at 4:03 pm |
  87. Michael, from Smiths, Alabama

    As I have been without a job for longer than I'd like to state for the record, I don't currently have a bank account. All my money-what little I still have-is kept very close to me. But I can see where everyone is coming from on the issue. I would likely change banks, too, if I learned that the bank I was doing business with started implementing fees just for using their debit card.

    October 5, 2011 at 4:05 pm |
  88. Rob in NC

    I have no money to put in the bank, I'm a teacher. But my loose change falls between the cushions of my couch so I guess I am making some deposits. Rob in NC

    October 5, 2011 at 4:06 pm |
  89. Bob H. from Orlando, FL

    Jack,

    One truth is that banks are in business to make money! The other ugly truth is that they want their clients to pay outrageous fees for what was once " free " ! The problem for these clients is that once o0ne bank raises fees
    they are all going to do it. It sounds like a monopoly to me and don't we already have anti-trust laws on the books
    to prevent such things. The old way to attract new customers was through better product lines like no fees on
    ATM Card usage and checking. Guess what they are saying is that we the banks have too many customers.Once their long-term clients leave, just maybe tyhey will realize how stupid it was to enforce fees to begin with. Customers are now J-O-B (Just Over Broke) paying their bills on a timely manner, buying food, put gas in the vehicle, and do what they can to survive. Greed is what is driving this and I guess the bailouts weren't good enough! TO answer the question – Yes, I'd consider leaving, but if all the banks are raising rates; there is no place for us to turn!!

    October 5, 2011 at 4:07 pm |
  90. Bert from L.A.

    Jack, Yes! Five bucks might buy your kids an ice cream cone and when it’s gone, your kids go without. Whose pockets? Whose pockets does it go to, shareholders worldwide? The mother of all deregulated global businesses was a tea shipping Co. and when its taxes were lowered and people were made to pay a few cents more, all hell broke loose Jack; the American Revolution!

    October 5, 2011 at 4:07 pm |
  91. Dennis north carolina

    YES YES

    October 5, 2011 at 4:08 pm |
  92. Paul From Austin Texas

    If the fees are inflated for no other reason to get just another buck out of us in a time when most of us have so few. I would change to a reasonable firm so fast they would be calling me to ask me why did you leave us we want to keep you as a customer. When all they really want is your money all your money.

    October 5, 2011 at 4:08 pm |
  93. curtis in philadelphia

    Jack, I left my wife over a similar issue, only it was a fee for something else.

    October 5, 2011 at 4:10 pm |
  94. Arthur Sayed

    Absolutely. But the sad thing is these regulations designed to protect consumers are only hurting them. It isn’t the evil banks that are killing the people, it’s the government-banking alliance that works in lockstep to steal from our savings. The way to save ourselves from this bankocracy is to take all of our money out of the banks so we can have classic runs on the banks again, thereby exposing the inherent weakness of our fractional reserve system. With perpetual zero interest rates it’s not as if we would lose out by doing this either.

    October 5, 2011 at 4:10 pm |
  95. Michael Bindner, Alexandria, VA

    I already did. When I was with Nations Bank, which is now owned by Bank of America, they imposed this kind of fee on each swipe. Even though this offset the monthly fee, I was not amused and took my business elsewhere.

    October 5, 2011 at 4:11 pm |
  96. RB in Calif

    yes and we are closing accounts with our big bank! especially as only those with less than $30,000 in their account will get charged the $5/mo fee for using their debit card, would be more fair if charged just to those that abuse usage, i.e. over 50 uses per month

    October 5, 2011 at 4:12 pm |
  97. Martin Wielgus

    Absolutely. I am already considering it, since they have stopped some of the previously free services they used to offer. Those millionaires just can't stop grabbing for more money.

    Martinsburg, WV

    October 5, 2011 at 4:12 pm |
  98. Jack - Lancaster, Ohio

    Mr. Cafferty:

    My tack on this is that one should keep their friends close and their bankers closer !

    October 5, 2011 at 4:15 pm |
  99. Dave, Orlando, FL

    Damn straight. Don’t mess with the checking account. They should consider themselves lucky to have all that interest free money. They got free bailouts for screwing up the world, and this is how they say “Thanks.” What more do they want.

    October 5, 2011 at 4:15 pm |
  100. Terry Wells -Hoosier Hillbilly-IN

    Jack, I guess you know gov got into the banking business ( Bush 1st with Fannie & Freddie – then Obama with bail-outs for'm) . I suppose you can see how that's worked; they're an independent bunch of greedy money grabbers that won't let a political 'numnut' get ahead of 'm.
    Now if the gov had control from the billions tax payers have dolled out to save their asses, "WE" could say "STICK IT!"
    But since we obtained no control over these 'money grabbers' ((( Their will will be done!)))
    For some of the smaller banks [ that can fail ] it's an opportunity to gain customers and clout! Cummins Credit Union is giving its' customers a $20.00 bonus if you use your debit card 10 times in the next month, now that's free interprise!!!

    October 5, 2011 at 4:16 pm |
  101. mark in arkansas

    IN A NEW YORK SECOND. I would, and I did.

    October 5, 2011 at 4:17 pm |
  102. J. Davis, in Tennessee

    I already severed contacts with banks a long time ago. The worse are Chase, Capital One, Citigroup, and Bank of America–all crooks in my mind who will gouge people for everything they can get. Credit unions are much more customer-oriented and don't have the outrageous fees associated with banks. They want to please their customers and they go out of their way to help. The greedy banks mentioned above should suffer a tremendous loss of customers. They are saying on TV that it is hard to close a bank account–not so.

    October 5, 2011 at 4:18 pm |
  103. Lynn

    I have had a credit union account for the past ten years. No fees..ever. I hate to pay for using my money,so I'll just keep my money with the credit union. Big bank are just greedy. Maybe more people will switch to credit union now.

    October 5, 2011 at 4:18 pm |
  104. Michael Carroll Alton Ill

    Yes I would leave and go to a credit union. The banks are to large and think they have a license to steal!

    October 5, 2011 at 4:21 pm |
  105. deborah ballweg Seibert, co

    Yes, I would. There a lots of banks that will be happy to have a new depositor. The government does NOT need to involve itself. Market forces will cure the problem. Geithner can relax. We don't need his input.

    October 5, 2011 at 4:22 pm |
  106. LA Belle

    I'll be checking out other banks. Since greed is so wide-spread, all banks will probably be running the same scam.

    I guess that's our reward for handing out our tax dollars to bail-out corruption. No accountability and punishment for the corrupt thieves, and the stock market proves it everyday. Maybe we should just all use the tactics of the corrupt; send all your money to the foreign-bank tax havens.

    Time for a free college degree in human moral behavior.

    Ruby (LA)

    Ruby (LA)

    October 5, 2011 at 4:24 pm |
  107. DON IN WESTPORT, MASS.

    Not only would I like to leave my bank, I sometimes like to leave this nickel and dime me to death country all together.

    October 5, 2011 at 4:27 pm |
  108. andyz Lynn, MA

    Would I leave my bank if they added new fees? At warp speed! Warp seven Mister Sulu!

    October 5, 2011 at 4:28 pm |
  109. Ronda (from Canastota, NY)

    I probably wouldn't change my bank, because it's been my bank for at least 40 years. Most likely they'd waive the fee for certain account holders, such as those having a mortgage with the bank or those with balances over a certain dollar amount. But if banks slap debit card fees on all account holders for non-ATM transactions, here's how to get around it: use a credit card instead of a debit card for the same types of purchases, and pay the balance within 30 days of the statement date to avoid paying finance charges. I've been doing that since I got my first credit card...my bank must really hate me by now.

    October 5, 2011 at 4:28 pm |
  110. bonnie from NJ

    I moved to BOA a few months ago because Chase stopped letting me earn Continental miles on my debit card, which was the only reason I had it. Now I was going to leave BOA because of the fee but I just learned from you that if you have a mortgage with BOA they will not charge you, and I do!

    October 5, 2011 at 4:29 pm |
  111. Gary H. Boyd

    Absolutely. In fact I wrote the CEO of BofA, where I've done business for over 35 years, telling him I'm leaving if he implements the debit charge and I took the letter in an unsealed but stamped and addressed envelope to the local BofA branch, gave it to the manager along with a piece of my mind, and told her I expect an answer from the the BofA CEO. That was weeks ago and I'm still waiting. What does that tell ya Jack, - what does that tell ya?

    Gary in Scottsdale, Arizona

    Gary in Scottsdale, AZ

    October 5, 2011 at 4:32 pm |
  112. Steve, Clifton, VA

    Absolutely! If I see that my Bank is making excessively large profits without the fees, I will leave them in a New York minute....

    October 5, 2011 at 4:37 pm |
  113. Bob D Iowa

    Yea, I have before and would again. Like the Commercial says, "It's My Money Now And I Want It."

    October 5, 2011 at 4:38 pm |
  114. Gary from Virginia

    It is time for Americans to take a stand on issues in this country and this is one of them. The Banks that take advantage of the greed that Bank of America and Wells Fargo are showing will increase their business if they promote no ATM fees. If they don't under the mattress is looking better all the time.

    October 5, 2011 at 4:40 pm |
  115. Jeff In Minnesota

    Why not? If your bank is imposing fees that are making them too expensive, then I would like to believe people will find another bank. That's what the free market is all about isn't it? What is likely to happen is that the number of people in the US without a relationship with a bank is likely to rise significantly due to these fees. However, that means there are opportunities for credit unions and thrifts to pick up customers as well as new banks to be formed that have reduced fee structures. After all Jack, Southwest Airlines was created under the same premise to reduce the cost of flying.

    October 5, 2011 at 4:41 pm |
  116. Jay

    Jack,
    Already did. Some years ago, we purchased some land and built a house. B of A was the only 'local' bank who would do constructions loans, but you had to have an account. So we started one. 18 months later, house is built, loan is finalized, and we bailed from B of A. Don't figure on going back anytime soon either.
    Jay in Ridgecrest, CA

    October 5, 2011 at 4:43 pm |
  117. ken, atlantic city, nj

    Yes, but the problem was created by the dems in congress. The health care bill has raised health care premiums 9%, the credit card bill raised credit card interest rates 5%, bank reform has raised fees and extra bank charges, the debit card bill has now caused banks to charge debit card fees. All congress has done is make doctors, hospitals, banks, and wall street hedge fund managers richer. What will you do when all the banks charge a debit card fee. I can't wait til they pass the new job killing trade bills with panama, columbia, and n. korea, thanks to obama.

    October 5, 2011 at 4:44 pm |
  118. Dee in New Paris OHIO

    I would. But do you REALLY think the banks care if a few of their customers leave because they are draining us dry with fees to get OUR own money? No, of course not. Because every time someone leaves one bank and signs on with another, and gets some kind of "deal" on the fees and think they are getting the better of the bank, their old bank offers some new program to entice the customers of ANOTHER bank.

    Banks are NOT your friends!!! They are money-grubbing, greedy entities making their money by legal thievery! Some of the "fees" used to be called USERY, and were against the law!

    But this will NEVER change. Remember the money-lenders Jesus confronted in the Bible!

    October 5, 2011 at 4:44 pm |
  119. Dan in Albuquerque

    No use, because all of them always gang up and place the same charges on customers to guarantee continuance of massive profits

    October 5, 2011 at 4:47 pm |
  120. Name*Paul of Dayton, OH

    Jack, would I leave my bank? I am constantly on the look for a better deal. Industry has shown no loyalty, why should I? I constantly surf for better deals on insurance, credit cards, mortgages, vacations, gas, groceries, health insurance, auto insurance, vitamins, lawn care, auto loans, resturaunts, and politicians. It's the free enterprise system. I vote with my dollars.

    October 5, 2011 at 4:48 pm |
  121. Jim-Charlotte NC

    How insane. A Presidential candidate wants to levy a 9% sales tax on all comsumer products and and no one complains. A bank wants to place a $5 fee on debit cards and everyone goes nuts. What we are talking about is $5 a month as opposed to most likely $7 dollars a week just on gas. Buy a car and it's $2700 to $3000.

    October 5, 2011 at 4:57 pm |
  122. Jerry Jacksonville, Fl.

    You had better believe it, The first month Bank of America puts in place the plan to charge five dollars for me using my debit card, I can promise you they won't get any money from me. I'm already in the process of getting my social security, retirement and savings switched over to my credit union and I'll keep changing if my credit union were to start charging for me to use my debit card

    October 5, 2011 at 4:58 pm |
  123. ma in az

    Move your money elsewhere and let the free market tell the banks how much they are despised.

    October 5, 2011 at 5:04 pm |
  124. Gigi Oregon

    Yes, we just did eighteen months ago. Moved to a local Credit Union. Moved our mortgage first because we never had any paper work showing where we stood. Asked why for over a year never got an answer. Plus they had an insurance policy on us with out any paper work. Sounded fishy not to mention rude, so we moved. Every month we get a report now on our mortgage plus a 3% lower interest rate. Best moved we ever made.

    October 5, 2011 at 5:05 pm |
  125. Rudy Padgett

    There is not much sense to change banks because the economy is going to collapse, and the banks are going to collapse.

    The American people are going to lose everything they have .so, the best move is to withdraw all your money and hide it in the backyard.

    Rudy Padgett
    Roanoke, VA

    October 5, 2011 at 5:05 pm |
  126. Gary

    It is time for Americans to rise up and stop the greed in this country. Bank of America customers need to unite and get their money out of BOA and put them under if that is what it takes. It is time to stop complaining and shop around for a new Bank and then plan on making the move by November 30th. Send a message to those who think that they can continue to take advantage of people in this country.

    October 5, 2011 at 5:07 pm |
  127. AB

    If I had a checking or savings account at a conventional bank, I would leave that bank and join a credit union and put my money there. I'll let you in on a secret Jack, I did just that twenty-five years ago and have not regretted it!!

    October 5, 2011 at 5:08 pm |
  128. Roger from Albion PA

    I'm smart enough that I'd switch banks. The bank I'd switch to is smart enough to start charging those same fees after millions of smart folks like me switch to them.

    October 5, 2011 at 5:11 pm |
  129. jim in nc

    No, Jack, I would not leave in fear that no other bank would take me. If my financial situation worsens I will have no need of banks. I will ride down with them.

    October 5, 2011 at 5:12 pm |
  130. Ed in california

    Have always used one of two Credit Unions I belong to. Can't see any reason to to do business with a bank unless you are financing a home, even then many CU's can compete quite well.

    October 5, 2011 at 5:13 pm |
  131. Mark, Jacksonville, FL

    It's all just worthless paper anyway Jack, it doesn't mean much whose pocket's it's in

    October 5, 2011 at 5:15 pm |
  132. ma in az

    First the banks backdoored and crippled our economy then the backdoored us again by asking for the Tarp bailout money and now they are backdooring us again by showing us their gratitude by charging fees for the most basic services they offer. Is anyone else tired of grabbing your ankles?

    October 5, 2011 at 5:17 pm |
  133. phil

    them havin' gold make rules, and banks have gold.-–

    October 5, 2011 at 5:18 pm |
  134. Scott Stodden

    I Would Definetly Leave My Bank If They Charged Me A Fee Per Month For A Debit Card! These Fees That These Banks Are Charging Are A Public Outcry, We Have To Have Some Leanency Somewhere Given The State Of The Economy!

    Scott Stodden (Freeport,Illinois)

    October 5, 2011 at 5:18 pm |
  135. Bruce of DE

    I would leave, and any person with a live brain cell would also leave their greedy bank if the charge these outrageous fees. The global central banks, Gieghtner, and the Rothschilds can go pound sand. And that is putting it nicely!

    October 5, 2011 at 5:19 pm |
  136. Brian

    Leave your bank. When Chase imposed checking account fees, I switched to local credit union BECU. Now instead of getting penalized when I only have $500 in my account, I get upwards of 6% interest! Take that Chase!

    October 5, 2011 at 5:19 pm |
  137. Elaine Bessette

    Yes I'd leave my bank for tacking on charges! As a senior with frozen SS funds, it would be the last straw in starving me out!

    October 5, 2011 at 5:19 pm |
  138. alli

    Like others before me, in a HEARTBEAT as soon as I get my direct deposits changed over. When you have a savings account in the 5 digits, tho not quite the $20,000 they want, you would think it would count for something. I've been with BofA for most of my banking life-a loooong time-but I'm going with a smaller private bank who is really glad to get my business and my savings. I only hope others do the same. It's time to show big business that if they don't treat their customers fairly, they won't have the customers. Free market works both ways.

    October 5, 2011 at 5:19 pm |
  139. Cam Ward

    Yes I would to Bank Under My Mattress!!!!!!!!!!!!

    October 5, 2011 at 5:20 pm |
  140. Robert

    I already have, Jack. I have moved all my money to my local credit union as of yesterday. Too big to fail? Make 'em smaller.

    October 5, 2011 at 5:20 pm |
  141. Lisa

    Yes! Moving to credit union!

    October 5, 2011 at 5:20 pm |
  142. Charles Meyers

    I already left BOA over these fees, along with my displeasure with their service in general.

    October 5, 2011 at 5:20 pm |
  143. bo

    Absolutely. Bout to do it soon. Wells Fargo is not making me happy. Missing Wachovia. Thinking chase or Ing online

    October 5, 2011 at 5:20 pm |
  144. Bruce Nanney

    I would do it so fast that it would make the speed of light look slow.

    October 5, 2011 at 5:21 pm |
  145. Amelia

    Of course I would! I'm already looking at my options. It's ridiculous that banks feel the need to "make up" for the lost profit, considering they'll still be making much much more than most of the companies, small businesses and individuals who are their customer base. Honestly though, under my mattress is looking more and more appealing.

    October 5, 2011 at 5:21 pm |
  146. Monica, California

    I just opened accounts with a local credit union that's been around for 35 years. I'll be transferring all my funds out of Wells Fargo very soon.

    October 5, 2011 at 5:21 pm |
  147. Sunil Dhar

    Yes I would. In fact, I have no accounts with any banks. I only do business with my local credit union and they are much easier to deal with and charge less overall in terms of fees.

    October 5, 2011 at 5:21 pm |
  148. Cliff Glass - Rego Park, New York

    This is pure Abbott and Costello, with a one-time ATM charge completely wiping out my accumulated interest off of the 1/10 of 1 percent interest rate paid in my checking account. Would i leave ? To quote Sarah Palin for the first, last, and only time, you betcha !

    October 5, 2011 at 5:21 pm |
  149. Scott Bogart

    Jack, I have banked with a credit union for 20 years. They have great service and I pay NO fees at all.

    October 5, 2011 at 5:21 pm |
  150. Scott in Ohio

    My bank doesn't do any charges (yet) but I'm always on the lookout for better service. If there was any suggestion of fees, I'd switch in a heartbeat. Unfortunately, practically all banks that I investigate as potential new service providers (if you can think of them as such anymore) have more negatives than my current bank.

    October 5, 2011 at 5:22 pm |
  151. David

    I already did. As soon as B of A made thier announcement I closed all three of my accounts and moved to a credit union.

    October 5, 2011 at 5:22 pm |
  152. Steve D

    You bet I would. It took 3 switches to do in the annual fee on credit cards. Then another to stave off ATM fee's. Another for free checking with interest. If all the banks think they can ban together to get around this I'm willing to establish a locally owned bank run the good old fashioned way.

    Steve D
    New Windsor, MD

    October 5, 2011 at 5:22 pm |
  153. Alex In Wisconsin

    The banks should not not get the money but rather help pay down the trillions of dollars were are in debt.

    October 5, 2011 at 5:22 pm |
  154. Barbara Wyatt

    All Liberal And Moderates Should Leave The Big Banks And Support Local Banks & Credit Unions... I Did 2 Years Ago And Have Never Been Happier !!!

    October 5, 2011 at 5:22 pm |
  155. William DeStray

    I've already started checking out banks and credit unions around here just in case my bank puts on more fees or higher fees. There are lots of choices still. You don't have to stay with a bank who has high fees.

    October 5, 2011 at 5:22 pm |
  156. Gail

    Yes, I would leave. I have two accounts; one with Bank of America and the other with a state credit union. If BOA adds MORE fees, I would leave in a heartbeat and just do business with my credit union bank which does not try to rip me off.

    October 5, 2011 at 5:22 pm |
  157. tim

    damn right.i already left regions bank for a credit union

    October 5, 2011 at 5:22 pm |
  158. Pam

    I have belonged to a credit union since 1978 and I have NEVER paid ANY monthly fees for anything! Isn't it interesting that they can run a business at a profit without dipping in their customers pockets? What does this say about banks? Plain old greed I think!

    October 5, 2011 at 5:22 pm |
  159. Mark Miller

    The economy is in a bad condition right now. People need to relaize it and agree along with what comes with it. If that means an additonal charge here and there, so be it! Things cost more these days. Unfortunately, it just seems like all of these problems relate to Politics.

    October 5, 2011 at 5:22 pm |
  160. Dave Miller

    Leave over a miniscule $5 fee? What and lose the interest my account earns? Oh! Wait! Suddenly putting money in the mattress is starting to look much better. Thanks for making me think Jack!
    Dave in Prescott AZ

    October 5, 2011 at 5:23 pm |
  161. Lauren

    Absolutely. Aren't we the ones who paid for the bank bail out? Why are we, the taxpayers, being punished for saving the banks? These Wall Street reforms should be enacted alongside consumer protection policies so we are not paying twice for the banks mistakes. This is ludicrous.

    October 5, 2011 at 5:23 pm |
  162. Nina Fox

    Jack:
    I have an account with Citi Bank tied up with the mortgage on my house. I am not only going to leave this nefarious bank, I am willing to re-finance my mortgage at the cost of $10,000 with my credit union just to “Dump” Citi Bank! Americans need to send a strong message to our plutocratic banking system that we no longer will tolerate their crap!

    Nina in So. California

    October 5, 2011 at 5:23 pm |
  163. Brian Vaughn

    I would and have left a bank for changes and issues with bank fees. The last time was when banks would post all debits prior to credits on same day transactions, which turned out to be a legal issue and changed by congress. The only way we can change the banks is by showing them that we will do what is neccessary to get what is fair.

    October 5, 2011 at 5:23 pm |
  164. Bob S Philadelphia, Pa

    Jack,
    Very simple in a HEART BEAT charging you to use your own money this is getting out of control I heard a bank in chicago is charging $5.00 to use teller service this is madness.

    October 5, 2011 at 5:23 pm |
  165. Dan in Ft. Lewis

    This will make me do what I should have done long ago, join a credit union.

    October 5, 2011 at 5:23 pm |
  166. Will L G

    Will from Kansas City, MO
    They've been doing that sort of thing for sometime. I had an account with BoA several years ago and they charged me $5/mo because I didn't have direct deposit. They didn't care that my job didn't even offer it at the time. I was gone before the week was over.

    October 5, 2011 at 5:23 pm |
  167. Billy Mahoney

    Yes, but does it really matter if these banks are "too big to fail"?

    October 5, 2011 at 5:23 pm |
  168. Jay N. Hollis NH

    I already have! I don't trust them the next step will be a charge for depositing my money!

    October 5, 2011 at 5:23 pm |
  169. Sue W

    In a New York minute!! Put your money in a credit union, the best thing since ground pepper!

    October 5, 2011 at 5:23 pm |
  170. Dennis, Detroit

    Jack, I left my bank long, long ago. I couldn't be happier being a member of credit union. Their fees are low and the service is great. I recommend them to everyone. Dennis, Detroit

    October 5, 2011 at 5:23 pm |
  171. Alex (California)

    It's like you are being robbed and and after the robber finds out that the amount he got from you is not large enough, he wants you to pay him additional money every month

    Yeah, right!

    October 5, 2011 at 5:23 pm |
  172. Yuri from Florida

    I am in debt with Bank of America up to my ears. Mortgage, college loans, credit card, car loan. I do not think it matters if I switch to a different bank because even if other banks have not added this silly fee yet... they will add it down the road. Having said that, I might be very well switching to credit card only and convert my checking account into savings account. If that fails there is always cash.

    October 5, 2011 at 5:24 pm |
  173. Jon Reininga

    Of Course.
    We are merely numbers to them.
    They in return should become numbers to us either favorable or not favorable.
    We can only speak to them with giving them our business or in this case taking our business away.
    Banks do not know Loyalty – they are not Human – I'm sorry – unless you ask the Supreme Court of the United States of America

    October 5, 2011 at 5:24 pm |
  174. Nerissa

    Absolutely. My bank card is pretty much the only thing I use. I rarely have cash on me because I feel I tend to spend it faster. How about instead of taking money from the hard working americans that can barely afford gas in this economy, we have the bank CEO's cut their own pay. Let's see how they manage on a lower salary.

    October 5, 2011 at 5:24 pm |
  175. Bill from D.C.

    In half a heartbeat.!

    October 5, 2011 at 5:24 pm |
  176. Kris

    I would leave my bank if they charged fees. Credit Unions are a good alternative. But something no one is reporting on, how will this affect Arco gas stations? They don't except credit cards only cash or debit cards. If people are going to stop using debit cards for purchases due to fees, what will happen to that company's bottom line or other's like them?

    October 5, 2011 at 5:24 pm |
  177. Michael R in Phoenix

    The wife and I are already researching which bank we are changing to and making a list of everything tied to BOA that we need to update with new acct information.

    October 5, 2011 at 5:24 pm |
  178. Ric Bell

    U BETCHA !

    October 5, 2011 at 5:24 pm |
  179. Gerald

    In a New York minute!

    October 5, 2011 at 5:25 pm |
  180. Jeff G

    Jack, I am so fed up with the fleecing of our citizens by the financial institutions of this country. Yes, I am already making the switch from Wells Fargo to a small, local bank. They actually appreciate the opportunity to earn returns on holding my hard-earned money. As far as I'm concerned they can bail themselves out this time, or make due with less or NONE as so many hard working Americans are these days! Thank you, Jack, for being the voice of reason to our country.

    October 5, 2011 at 5:25 pm |
  181. Erica in NJ

    Jack my husband and I were discussing this yesterday and the answer to your question is yes! I will be researching banks and credit unions this weekend to see which one has the best deal. Is it a pain to switch yes but we need to take a stand. People need to show these banks that they can't continue to have their million dollar bonuses each year with our money!!!

    October 5, 2011 at 5:25 pm |
  182. Ron Balouville CT

    I would and have bank of America is the worst of the worst banks to ever deal with. they are more of a corporate orentated bank not a peoples bank. the tellers almost go out of there way to be as disrespectful as they can. they are the only bank that requires several thousand dollars just to open an account with them or they charge you a fee. most of the problems that banks have are caused by themselves then push that failure onto the backs of the bank customer. soon there wont be any banks. should i buy a safe now jack?

    October 5, 2011 at 5:25 pm |
  183. Susan

    Yes I would. And this is starting to turn into something that is going to snowball into a very interesting outcome if they don't stop the nonsense now. We are going to take ALL our money out of the banks, pay cash for everything, demand an interest rate that we can live with or else there will be a hell of a lot more banks closing!

    October 5, 2011 at 5:25 pm |
  184. Mark in Missouri

    I already have ! I went to a local credit union where I get for free what all the banks are charging for ! I closed my 2 accounts with BOA when they raised the interest on a pre-paid credit card !

    October 5, 2011 at 5:26 pm |
  185. Adam W. - Los Angeles

    Stop being a victim. I'm surprised so many people take the abuse from their big banks when there are better options out there. A quick search of the web will give you local banks and credit unions in your area that are happy to have your business at better lending rates and no fee saving, checking accounts and debit cards. I personally have 7.5% credit cards and pay $0 each month in fees without a ridiculous monthly balance. The reason the big banks (B of A, Wells Fargo, Chase, etc) get away with this is because We The People let them. Don't take the abuse!

    October 5, 2011 at 5:26 pm |
  186. Pelagic

    Gotcha Jack
    As soon as I saw that 800 lb gorilla of Wells Fargo, with their threatening notes in my monthly statements, last year,
    I pulled everything out and joined a credit union. No fees, longer hours, friendly people. No fancy expensive office
    space. Wells Fargo should take the first stage out of town. There is a new sherriff in town.

    October 5, 2011 at 5:26 pm |
  187. Victor G.

    Would I.......I already have...... Twice...... I think everyone in this country should pull ALL their money out of the banks for one day.....just think of what a crap storm that would start.....

    October 5, 2011 at 5:26 pm |
  188. Ray in Knoxville

    Likely, Jack? My bank informed me they have done away with my free checking and are adding a $4 a month fee for using my debit card. I've found a credit union that I can join and I'm saying bye bye to Regions Bank and corporate greed. I also support efforts to re-regulate the banking industry and break up the big banks, who do nothing to create competition and whose very existence has led to thousands of Americans in the banking industry losing their jobs in the very mergers that created them.

    October 5, 2011 at 5:26 pm |
  189. Josh - Raleigh, NC

    Doesnt it cost the bank more to process paper checks? Seems it would be cheaper for the bank to allow customers to use ATM/Debit cards without a fee vs. the costs of printing and processing old school paper checks. They're always pushing customers to go paperless, but then charge for an ATM card? Stupid. But then again, check book orders are probably another source of revenue they want to increase anyway. I left BOA a long time ago b/c of their practices. Two words....Credit Union.

    October 5, 2011 at 5:26 pm |
  190. jan coester

    why would anybody bank with Bank of America? Debit card charges and continuing reports of mortgage abuse. My bank refunds atm fees and doesn't charge for debit card use. Why in the world would anyone continue to shoot themselves in the foot with these predatory banks?
    Jan Coester Lincoln AR

    October 5, 2011 at 5:26 pm |
  191. Sam

    No Jack,

    I would not leave my bank over the raise in debit fees. Pulling money out of one bank, and switching to another is a lateral move that will eventually leave the account holder in the same situation as they are in right now because eventually all banks are going to switch to this format. It's really no different than having to pay higher taxes for public sector organizational operations, and the only other alternative is to pull your money out of all banks all together, which takes the money out of the economy, and that is the last thing we need if we are ever going to pull ourselves out of this economic hole. We need to stimulate the economy in every way we can, and if it means that I have to watch my debit card usage from now on, then so mode it be!

    October 5, 2011 at 5:26 pm |
  192. Patrice from Fort Lauderdale

    I just left Chase today for a local credit union. I couldn't be happier. The banks have gotten away with too much in tbe last years. Now it is time to hit them where it hurts. I hope others do the same....it is a little inconvenient to make the change but I'm having the last laugh!

    October 5, 2011 at 5:26 pm |
  193. Bernie

    Jack,

    I have been a Bank of America client for the last 5 years, I have several accounts with them, including my mortgage. Last year they cancel my line of credit, which caused my credit number to drop several points. They didnt want to have this option available to their customers. Now they are talking about charging additional fees, it is absolutely ridiculous, the rich get richer and the poor get poorer. I went to a credit union just yesterday, and opened an account, and will be moving my business over to them. Based on the comments made by the Credit Union employee, many others are doing the same, and all of these folks who are moving, are from Banks like Bank of America, who don't give a rats a$$ about their customers, they only care that their stock price keeps rising up!!!!!!

    Eventually the execs at BOA will realiaze what a big mistake it is, and they will retract it, but by then, hopefully they will have lost many good customers, and it will be too late to get them back, and hopefully their stock price will take a major hit, Hopefully something like that will make them realize, that they need to treat their customers like people, and not like mules, who will take their stoke to higher places.....

    October 5, 2011 at 5:26 pm |
  194. Scott in Oregon

    Yes, Jack, in a heartbeat. Who do banks think they are!? The modern banking experience is about as rewarding as going to the DMV. Giving in to all these perpetual fees just makes the corporate dogs hungrier for more meat. By making a stand we at least have a chance of invoking change. If not, well there are plenty of other fish in the sea of banking. If banks think we are above burrying our savings in the backyard, they have another thing coming!

    October 5, 2011 at 5:27 pm |
  195. Elizabeth

    The Debit Card Fee is WAIVED for those with X-Dollars in the bank. Once AGAIN, the "Haves" are being Pampered, while the "Have NOTS" are getting Screwed!

    October 5, 2011 at 5:27 pm |
  196. tonie from OK

    YES, YES AND YES.

    October 5, 2011 at 5:27 pm |
  197. Dave

    Dave
    Woodstock,CT
    1 word.....MATTRESS.

    October 5, 2011 at 5:27 pm |
  198. Paul Misarti

    Well...they're not lending so they can't be making money on loans. Interest rates are so low, they can't be making much by investing in treasuries and other fixed income securities. The stock market's a train wreck. So, the banks must really be hurting. SO WHAT! SO AM I! They caused the financial crisis. We bailed them out with our tax dollars. Now, they want to pick our pockets again? If they charge me to use my debit card, I'LL SWITCH BANKS.

    October 5, 2011 at 5:27 pm |
  199. Ric Bell

    The banks and financial institutions have gotten us in this mess AND they want the consumer to bail them out, so they can keep their million(s) dollar homes and bonuses. PURE HOGWASH !

    October 5, 2011 at 5:28 pm |
  200. greg

    in a heat beat. banks need to not pay their top executives so much and eliminate the outrageous bonuses. there are plenty of small banks that want to keep their customer and don't have the hugh overhead as a big bank.

    greg

    October 5, 2011 at 5:28 pm |
  201. Mikey Lewis

    Banks will start having to swap out that bowel full of breath mints for complimentary bottles of lube! We are swimming in a sea of fees!!!

    October 5, 2011 at 5:28 pm |
  202. Codi Fletcher

    ABSOLUTELY!...I thought that having an account at a bigger bank would be good in case I traveled or expanded to different states to avoid things like ATM fees..but in this economy both are unlikely for me...and this is the reason I maintained an account at Seacoast National here in Florida....The minute BOFA starts charging to use a debit card Im gone!..lol

    October 5, 2011 at 5:29 pm |
  203. Larry shedrack

    Jack I already left my bank for my mattress except that I now have a gun.. No more banks fees, impulse buying card declined and I get a lot of respect from ladies when I flash that $100 bill.It sure feels good cash is always king.

    October 5, 2011 at 5:29 pm |
  204. Donald in New Mexico

    Join a credit union. Leave your bank now. Support the 99%ers protest. Contact your Congressman. Tell them you want to see Wall Street bankers doing their perp walk. Demand they repay bailout money. If you are foreclosed on, do not leave your house until they have all the paperwork the sheriff legally needs to evict you. When you take back your money from the money changers(banks),tell them why you don't want to do business with crooks.

    October 5, 2011 at 5:29 pm |
  205. Jim In St. Louis

    I'd leave my bank for a worn out innertube from a 1953 buick.

    October 5, 2011 at 5:29 pm |
  206. jim russell Bartlett IL (ya the same Bartlett of Munger Road movie fame)

    My corporate contact at Citibank – Rudy Guerrera said it best off record agreeing with me – had he been in Debbie Gabor's meeting (she issued the 20 dollar fee letter and he knows her well) – he'd have made up the losses on the corporate customers, and the back end on interbank fees – NOT sticking it to people that primarily are saving! He has promised to call me tomorrow with perhaps a "creative" solution. I USED to have a mortgage with them and credit cards. Now that i am 4 years unemployed, and buy groceries with food stamps, and pay my few bills to survive online with the utilites themselves as its easier – now I'm apparently not profitable enough to citi with my slowly falling 12k balance – instead I have to have at least 15 k – every month, for the previous 12 months, plus one direct deposit plus one citibank onlien payment – or they will hit me 20 bucks. This on a checking account I opened to get my checks back and was interest paying. Get no interest. get no checks. But I guess I do get one thing from Citibank – SCREWED. I trust Rudy Guerrera from prior experiences with him -but failing success – I will be gone – and so should everyone leave these greedy banks. We're told banks are safe when the recession started. We bali out citi. This is how they say thank you since they killed their thank you points program – they stick it to us 20 bucks a month – as we face a double dip. Perhaps if washington wasn't so busy baling companies – they'd look at the constitution – it starts with WE THE PEOPLE. NOT we the bureaucracy supporting institutions and entities – we the PEOPLE- we have a heartbeat – institutions do NOT – unless you count their lobbyists and pac's. Dare you to read this Jack!

    October 5, 2011 at 5:29 pm |
  207. Richard

    Hi Jack,

    Left my bank months ago for partial ownership in a bank of my own; it's called a credit union. No/low fees, low rates, and less frills – but that's okay because I don't want to pay for them anyway. Time for the public to learn some basic personal finance.

    October 5, 2011 at 5:29 pm |
  208. Kara Hancuff

    I hope people Don't buy thei banks' argument that these fees are due to the Wall Street reform, the banks have a choice- treat their customers right or find more ways to screw their customers so they can make more money Customers then have a choice- accept being treated like crap or go to a different bank or to a credit union. I switched to a "small" local bank and now, not only do I not get charged a monthly fee, but the overdraft fees are smaller and they don't have questionable practices of posting debits largest to smallest in the hopes of creating extra overdrafts like my last bank did.

    October 5, 2011 at 5:30 pm |
  209. Sally in Florida

    Yes, in a heartbeat. I originally set up a checking account under a military clause that waived all nominal fees. Since then, they have not only removed that benefit, but now they want to charge me $7 a month for the privilege of keeping my money. I pulled my money out last week. Banks are nothing more than organized crooks.

    October 5, 2011 at 5:30 pm |
  210. Dick Anderson

    Sure I would. But better yet, quit using the ATM and use a Teller. If everyone did this they would soon have to hire back all the tellers that were laid off because we all use ATM's now. Think of all the jobs that have been lost to self service.
    Wichita, Ks

    October 5, 2011 at 5:30 pm |
  211. Linda

    The answer, Jack, is not to become a CUSTOMER at another for-profit bank, but to become a MEMBER of a not-for-profit credit union. Rates on loans are lower, paid on accounts higher, fees less and a "bottom line" for stockholders and corporate bigwigs is not a factor.

    October 5, 2011 at 5:30 pm |
  212. Erin

    Absolutely! Why people don't bank with their local credit union is beyond me.

    October 5, 2011 at 5:30 pm |
  213. CJ ---Columbus Ohio

    I would leave any financial institution that charged me a fee to use, access, or spend my own money. The banks are just like terrorists. They try one thing and if it doesn't work, they change and adapt to the present conditions just like a virus.

    October 5, 2011 at 5:31 pm |
  214. Larry Eells

    Jack, so most of the banks we bailed out if not they wouldn't be in business, they don't loan money they take it, more fee's repo houses and make money on a huge amount of foreclosures, now they want more...I wish someone would allow me to file BK lose everything which I did, and then have the Government give me a huge loan to re-establish, and charge seriouly higher fee's to be competitive? It's total greed and madness. What next, maybe we need to watch Sarah Palin's new news show hah, she will solve it all...and her Tea Party with the Queen I certain will make great sense, what wrong with American, we are all sheep wake up notice the wolf's no offense Wolf not the same wolf...
    Living at 60 with family because the banks took my million dollars investested in confidence of their system hah.

    October 5, 2011 at 5:31 pm |
  215. Dale Hedgecoth

    I have already begun to move money from bank to Credit Union. If the credit union had safe deposit boxes I would not be with a bank at all.

    October 5, 2011 at 5:31 pm |
  216. Geo Young

    I am deaf and on disability so my BoA charging $5 a mo. if using Debt card...which put me back to Stone Age. No I am not leaving yet but I am done using Debt card. Just use check and go bank to get cash. If charging $$$ on my checking account...I WILL LEAVE! I am still thinking of moving to US Bank however...I stay for while and pray for better thing

    October 5, 2011 at 5:31 pm |
  217. J from Tillamook OR

    I would certainly consider changing banks if I were to suddenly be charged for my checking account, but what good would it ultimately do? The days of true competition in this country have long ended. There is no true competition anymore, only collusion. Does anyone over 20 years old even know what the term "gas war" used to signify in a local town?

    October 5, 2011 at 5:31 pm |
  218. Susan New Jersey

    Yes I would! And I think we should DEMAND low interest rates, or we take all our money out!! What would they do now without our money!!

    October 5, 2011 at 5:32 pm |
  219. karen

    We already agree to pay fees to the banks for certain services. If you agree to the fee when you apply for a service, that's one thing. To be blind-sided by unexpected fees after you've agreed to a service is theft – pure and simple. If I am forced to pay for something I didn't agree to – I will find another method of service. I cannot afford to allow thieves to take what little money I have to survive on.

    October 5, 2011 at 5:33 pm |
  220. larry

    yes I would close all of my accounts, theses banks and this government are destroying this country they along with the insurance companies are more of a threat to this country than theses terrorist groups who hate us so much also I think we should do something about the federal reserve also.

    October 5, 2011 at 5:35 pm |
  221. Murray

    "it's a Wonderful Life" all over again! I haven't used a major bank in decades. I stopped when they (Banks) stopped paying me interest for using my money. A least my credit union pays me dividends for having a checking account with them. Leave people, that is the only way to mount a major protest to the Commercial Banking system. Leave the commercial banking system for the Corporations. Then let us see if the banks will treat their major investors the same as they are doing to us. Read the book "Time for Outrage – Indignez-vous!" by Stephane Hessel

    October 5, 2011 at 5:35 pm |
  222. Michael in Albuquerque, NM

    My money left the bank long before I thought about leaving my bank. But, if I had any money left I would take it out to avoid any fees.

    October 5, 2011 at 5:36 pm |
  223. Eric Olson

    I might change banks but think they all will take my money anyway.I just closed a "keep the change" savings account because they were charging me a monthly fee.When I signed up I was not told about a minimum account balence nor other requirements to avoid fees.I draw the line at being lied to.Thanks BofA.Whats next!

    October 5, 2011 at 5:37 pm |
  224. Jim

    Jack,

    It would depend on what other deals are out there. If another bank or credit union offered a better option, I'd switch instantly. I certainly wouldn't stick around out of loyalty to my bank. That door ought to swing both ways.

    Jim
    Reno, Nevada

    October 5, 2011 at 5:44 pm |
  225. Duane in Wichita

    I already did, cut up the credit cards and sent them back to Bank of America, and just like Michelle O'Bachmann I'll do everything to make sure they fail!

    October 5, 2011 at 5:46 pm |
  226. Jose in Las Vegas

    Yes. I have moved banks before and will again. Too many banks have forgotten that exists from our savings deposits which they leverage to make their own profits.

    These banks are intentionally trying to influence public opinion by imposing these fees by blaming regulation. While this may be true in this case, I did not see any banks blaming new regulations when they first imposed ATM withdrawal fees a few years back. This was another profit making move solely initiated by the banks themselves. Point in case, these fees would eventually be imposed by banks at some point. I am glade there are still a few friendly banks out there that want my business.

    October 5, 2011 at 5:47 pm |
  227. Ralph Spyer from Chicago Illinois

    I would leave my , city , state , country , and wife over money

    October 5, 2011 at 5:53 pm |