I agree 100% man. In October, $25 Billion dollars was already granted to B of A, and more came in from the Treasury totaling $97 billion. And while their profits may still be under attack there still should be no reason to charge a fee on the front lines. AIG was using the bailout money on big bonuses, parties etc... This fee is a reflection of major executives not wanting to lose their accustomed "lifestyle." We won't give them their "golden" parachute. Get Corporations OUT of politics!
additionally, the fee is not being charged everytime you use your card nor is it charged for having it, its when visa or mastercard get involved in making it possible for us to be able to make a purchase at point of sale, online over the phone etc...
LOL...people on this thread are actually defending Bank of America's greed, suggesting that it is government regulations fault why this happened. In reality, most of the govt regulations were lifted, and that is why bad loans were allowed to be passed around unchecked. a lack of regulations is what destroyed our economy. Guess what? Obama refuses to regulate the banks. He is still working under the old Bush plan. Its going to happen again.
Uhh... you do realize this is your government causing the problem right? Before sounding uneducated to the world on YouTube, maybe try to understand the entire situation first.
It's easy and incredibly naive to just place all blame on BOA for the fee - but for your information BOA is going to lose billions because the government is interjecting where it doesn't belong. Usually merchants pay this fee to the banks when a customer uses a debit card. Thank your socialist government for the change.
@The5000ck Uhh...yes I do. I made the vid about 5 minutes after reading the news and it's been 2 weeks so I've had some time to "educate" myself on what all is going on with this. Both the govt. and the banks are to blame. I wish someone could explain the 73 billion in toxic mortgages that they unloaded on the taxpayers. But thanks for trolling!
@creativem2 Dude so are you mad at the banks or are you mad the the greedy mortgage banks, the countrywides of the world??!! make up your mind! by the way the JP Morgan bank that you are recommending to all of your viewers are also going to be charging a similar fee to their customers, see the thing is, that due to the government interjecting in order to try to assist the small businesses all banks are going to lose on this one meaning so do WE. . .
@The5000ck No one seems to be talking about how a $5 fee every time you use your debit card is highway robbery in the first place. It may not have been 30 years ago when they first put the electronic systems in place, but nowadays that's probably $4.95 of pure profit.
@hawanja Your an idiot. It's 5 dollars a month only if you use your debit card for purchases. Not if you swipe at the atm and it's not every time you use your card its only once a month if you use it for purchases. It's uneducated fucks like you that vote in socialist politicians and then complain when they do what you put them in office to do.
Secondly, where did I say they charge you $5 per purchase? Nowhere. I was referring to the fee they charge the merchant, when you use a debit/credit card to buy something. That's why stores have a minimum purchase when you use a card, dipshit. It's called "Reading comprehension," You learned it in middle school. I know what was ancient fucking history to your dumb ass, but I'm sure you can remember. Just try real, real, real hard.
We need to get rid of using banking credit cards, going back to cash temporarily until we succeed in our occupy.It would be the first thing we should do. Cash our checks at the banks that are printed on the checks....until further notice...... Business owners we hope its only temporary !
if the government is the true cause then maybe we should stop paying taxes. it's the same thing as leaving b of a, but of course, who wants to be arrested for not paying taxes? If there were only some way to make the government suffer??????
I have a bank of america card alone with all my family about ten of us as soon as they start charging we are closing them down. Thought bank of america was looking out for the people but like guess not diappointment f u BOA
Operation Bank Crusher-Nov 4th-If you bank at BoA, Chase, Wells Fargo, Citi, close your accounts and use a local bank! Look for my video coming soon-Stay Focused and Stay Sharp
Want the truth? Don't blame the banks on this one. You can blame your wonderful government who are imposing so many restrictions on american businesses (banks especially) that the banks have no other choice but to pass fees to the consumer. But it's not just banks the government is fucking over. America is so business hostile now it is little wonder everyone is starting to outsource to India or China.
@JSWill1963 It's not the governments fault that Chinese workers work for a fraction of a US worker. Also BOA's 5 dollar fee has much more to do with greed than government regulation. Don't just parrot the excuses of BOA to rationalize its greed.
@awolf81 Nope, it's a fee that large retailers like Walmart and Target used to pay for through merchant services, now passed along to the consumer. Bottom line. BofA had a net loss of $8.5 billion third quarter this year due to other regulations. The government has a real hard on for regulating business lately, not just with banks.
But I suppose you'll only vote for the same assholes into congress and senate next time around.
@JSWill1963 It's funny that you feel sorry for a bank that had to be handed well over 100 billion dollars of tax payer money to stay in business. Also it isn't just "large Retailers" that paid 44 cents for every debit card swipe, it was every business that accepted debit cards. You know what it actually costs BOA to process that swipe? The average is 10 cents, so that's 34 cents pure profit for every swipe. That was already being passed along to the consumer in higher prices.
@awolf81 Oh how the public is so uneducated. They believe everything the gobernment tells them
BofA repaid that TARP loan back in two months with interest. They did not need, nor want, that TARP. It turned out to be nothing more than Ken Lewis being the gobernments whipping boy when the shit finally settled. The Countrywide merger was another thing the gobernment shoved down BofAs throats. BofA did not WANT those Countrywide mortgages when Lewis learned how bad they were. Nice.
@JSWill1963 They didn't want and didn't need the TARP money...yet they took it? So government forced them to take TARP money and forced them to buy Countrywide. Wow in your world government is the devil. It seems your "government sucks" glasses have fuzzed the edges of your critical thinking skills.
@awolf81 They had to. The Government wanted it to look to the American people that all banks, including Bank of America, were in serious financial trouble. The thing was, BofA was not in any financial trouble. They made a very good net profit that year. The government in effect told BofA to take it. Like giving one more taco to a man with a full stomach.
We are seeing government control in action. I'd listen to JSWill1963. He seems to know what he's talking about.
@JSWill1963 Under the new legislation BOA gets 21 cents per swipe. So if you can't run a successful business making a profit margin of over 100%, you shouldn't be in business.
@awolf81 You have no real clue as to the operating costs of running VISA transactions. It is not a profit margin of 100%. Yes, profit is involved, but as any businesses in this country, profit must be made to be successful. Watch my last video. What is the point of running any business if you simply break even and come home with a $0.00 paycheck?
But you believe whatever the Congress and the Senate tell you. We the Sheeple.
@awolf81 Oh and one quick thing. This new "regulation" turns everything into a deficit when Debit cards are used. Somebody has to eat those operating costs. The only real accomplishment this new "rule" did was pass that offset to the consumer.
But believe whatever the media is feeding you right now. I give this country 2 years before it bankrupts itself. Then I will be back in this video saying "I told you so"
@JSWill1963 If your point is that this country is in big trouble, you'll get no argument for me. However the demise of the US isn't the sole fault of the government or corporations, it's a combination. Corporations have a huge effect on government and that effect does not favor the people of this country.
I don't expect BOA to work for free but when they get 21 cents and it costs them 10. I think their doing fine. Your "every debit card use is turned into a deficit" comment makes no sense.
@awolf81 I'd like to know where you get your figures. Do you know how much BofA eats every day just on fraud charges? BofA does have a full protection system for Debit card transactions just like a credit card and every day, they hand out hundreds of thousands of dollars back to the consumer who were defrauded. Not many banks offer this on a debit card. When Sen Dickhead Durbin introduced that part of the regulation, he in effect placed the fraud recouperation on the customer, along with costs..
And just so everyone knows, Sen Barney Frank, the co author of the Dodd-Frank Bill, was opposed to the part introduced by Sen Dick Durbin about merchant debit caps, for this very reason that you're all bitching about and made this video I am responding to possible. That it's only going to end up shafting the customer.
@JSWill1963 I guess ill have to make this point twice. You really don't think that those debit processing fees weren't already being shifted to the consumer in the form of high prices. Ever been to a gas station that would have separate prices for gas on credit vs gas with cash? Have your every been to a cash only business? Why do you think they only accepted cash? My sources for my figures will be quickly dismissed by you I'm sure. What do you think BOA should charge for debit card processing?
@awolf81 And I'll point this out to you once again. Do you honestly believe that these "savings" are going to be passed along to YOU? That ranks right up there with some guy making the promise "I won't get you pregnant, I promise"
Home Depot recently made a claim that they are looking forward to making bigger profits next quarter. Yet they made no mention of passing this savings along to you.
So what do I think should be charged? I'd say it's fair. Thank Durbin, not BofA, for this.
@JSWill1963 I've subbed to your channel and watched your 3 part series on this. Good info. The media isn't talking much about the regulations that brought this on. At my job, there was quite a bit of blowback from the Dodd-Frank laws and we spent many man hours dealing with it. I'm sure at some point we too will pass it on to our customers. I just think that Americans are getting tired of being nickeled and dimed at every turn, but hey what can you do? We're all getting screwed by the gov.
@JSWill1963 I've subbed to your channel and watched your 3 part series on this. Good info. The media isn't talking much about the regulations that brought this on. At my job, there was quite a bit of blowback from the Dodd-Frank laws and we spent many man hours dealing with it. I'm sure at some point we too will pass it on to our customers. I just think that Americans are getting tired of being nickeled and dimed at every turn, but hey what can you do? We're all getting screwed by the gov.
@creativem2 Yup. And I find it rather funny that there are hundreds of videos on YouTube bashing the living shit out of Bank of America with people wailing and gnashing teeth about how big bad BofA is fucking everyone over with this fee, yet I have to see ONE video about the asshole who brought this all upon the American People.
@JSWill1963 Don't bother sparring with these mental midgets Jim. It's mob thinking. Trying to convince these idiots that Durbin is responsible is fruitless, even though it is the truth.
@JSWill1963 Bank of America imposed this 5 dollar a month charge to thwart the congress passed regulation on swipe fees. The swipe fees were already making them 600% in profit, they were already overcharging their customers. Now that they are only making half that amount in profit they deemit necessary to overcharge again with the 5 dollar a month fee?Th 5 dollar a month fee would increase their profits far over their 600% profit margin before the government swipe fee regulation.Seems fishy tome
@Stasakas I'd certainly like to know where you're all getting this fairy tail of a 600% profit. The profit margin was more like 30%, after you take into account other operating costs of the institution and fraud transactions the bank gives back to the customer. Durbins amendment removed that, so who was left footing the bill?
My 15 years of experiance with BofA and knowing how things are done tells me you people are being fed bullshit by the government (running on deficit spending, BTW)
@JSWill1963 so it still makes it right to push that fee on a valued customer?no way. this is a billion dollar bank.no reason for that.theres no way you could defend these guys
@GNut1980 JSWill1963 works for BofA, he's actually right about the government regulations that caused all of this. Go to his channel and watch his vids on it. I would like to hear an explanation on the 73 billion in toxic mortgages that they unloaded onto the taxpayers. Between the govt. and the bankers We The People are getting screwed!
@GNut1980 Hey, I'm all ears. If you can think up of a better way to offset the cost without impacting the customer, by all means, share it with us.
What the media fails to tell you is that BofA went to great lengths to keep the costs away from their customers. Durbin was warned, Durbin went ahead, and everyone gets fucked.
Please, let us know of a resolution to this problem.
@JSWill1963 these bank guys are not your friends..and i admit i too was a slave to them but now hearing this i have taken the little i had out of citibank and will call tonight to close my account before it spreads to them.they actually sent me a letter sating they too may follow the same unless i have direct deposit..i still said fuck em even though i do.now will put into my homebox or my credit union until they act up then i keep it all
@JSWill1963 i never claimed to be a know it all if thats what youre saying .there are ways to go about everything...these companies got big bailouts and still sitting on most of it...dont tell me they dont....but still if customers stay with them then they are fools but sadly they will stay..kind of like cigarettes...people will pay 30 bucks for a pack even though they know they are killing them....
@JSWill1963 i dont know the answer to what the banks can do..thats not my concern..but i know what "the people" can do..STOP USING THESE BIG BANKS...plain and simple
@GNut1980 Well then, that is not an answer to the problem. Your solution of "STOP USING THESE BIG BANKS" is just like an ostrish burying their heads in the sand. The problem here is not the fees imposed in the past, but the new fees imposes resulting from regulations.
BofA made new products to make it really EASY to "pay" for your accounts without costing you a dime. Yet the media twists this shit around too. Whatever you believe is fine with me.
@JSWill1963 So the argument is, BOA can't screw their merchants anymore so they have no choice but to screw their card holders. The problem in that case is the card holders can leave, unlike the merchants. Yes, the saving will be transferred to me when I open an account at a credit union. Your "ostrich" analogy is just plain dumb. So anytime you take your business elsewhere you're putting your head in the sand? No, if a consumer is dissatisfied with a service they should leave
@awolf81 Ok, since you seem to know it all, why not tell us in which way Bank Of America (or ANY bank, credit union, etc) was "screwing the merchant". Please make sure to leave us details so that it is convincing to the people.
Do you actually work for one of the banks so you have knowledge? Or are you just feeding off the medias teet like everyone else?
@JSWill1963 The federal reserve did a study of debit card interchange fees. They concluded that it costs the banks 7 to 12 cents per transaction. The banks were getting 44 cents (now capped at 24) per transaction. The banks making 34 cents off every transaction is excessive. No, I don't work for a bank. I wasn't in WW II either but I know a lot about it.
@awolf81 That "study" did not take into account the losses banks take from fraud (you know, that illegal stuff people like to do) . So that 34 cents "profit" really turned into a $0.12 one. Durbin took that away, so you and I get stuck with it.
BTW - The "Federal Reserve" is not a governmental agency, but a private bank with only one client. The US Government.
And I want to thank you for a healthy debate It is indeed refreshing to actually have a decent conversation for once without trolling
@JSWill1963 If BOA loses that much money to fraud that's incompetence. I mean what are we talking about here 22 cents of every transaction pays for fraud?!?! If that's the case they should save the money by firing everyone in their fraud department, cuz their clearly not doing anything.
I agree regarding the debate I did learn somethings and another point of view. And don't worry you have no chance of making me speechless but I'am going to bed for now.
@awolf81 Incompetence? When somebody gets their wallets stolen and the bank covers them, when somebody has their card information compromised on the internet and has the fraud transactions recovered, when a young mother is forced to withdraw money from an ATM at gunpoint and then gets murdered along with her three daughters later that evening and works with law enforcement in the matter, I hardly call that "incompetence" on the part of the bank.
@awolf81 Incompetence? When somebody gets their wallets stolen and the bank covers them, when somebody has their card information compromised on the internet and has the fraud transactions recovered, when a young mother is forced to withdraw money from an ATM at gunpoint and then gets murdered along with her three daughters later that evening and works with law enforcement in the matter, I hardly call that "incompetence" on the part of the bank.
@awolf81 All Senator Durbin accomplished was passing a nessisary profit from the retailers on to the consumer. If you believe that these retailers are passing any savings to you, then you are indeed naive.
JSWill1963 seems to know what he's talking about. You obviously have no clue. My advise would be to voice your dissatisfaction at the polls come election time, rather than whining about how the "big bad bank" is fucking you over. It will be a lot more productive.
@1989Videokiller You nailed it right on the head. People need to place the accountability on the one who needs it. Bitching and moaning and switching banks is not going to solve the problem.
@JSWill1963 listen i understand your point..the fact of the matter is most big entities cannot be trusted.theres alot that goes on behind closed doors.the media may twist certain things around but still in all,the government is part of the problem i agree.theyre playing 2 sides of the fence..they impose laws on them then they bail them out....makes no sense
@JSWill1963 Obviously you have no clue what you are talking about. Tell me, does it make sense for well paid US workers to compete against people who are making 2 dollars an hour? WE need to end trade with low wage countries and make it illegal to ship jobs overseas. HAHA! The markets are de-regulated, don't you worry. It is still possible to make 50,000 dollars per hour on Wall Street do to high frequency trading committed by G-Sachs and other investment firms.
Make no mistake BOA executive are not stupid. They've done their homework. They know they are going to lose some customers over this but they are betting that the majority will just take it. Lets face it, with direct deposit already set up, with automatic bill pay already set up and not knowing where to go, switching banks is a pain in the ass. BOA knows this and is counting on it. So lets not prove their math right. Lets tell BOA to go fuck themselves by leaving. I suggest a credit union.
@celco2008 It's just a monthly fee...doesn't make it right though. Think of all the fees we pay for cell phones and cable and other banking fees, not to mention the ATM fees if you don't use your bank. They're nickel and diming the hell out of us.
@creativem2 Yeah, they showed a short clip of your video as part of a video package where people were responding to the new fees from Bank of America. It was the part at the end where you advised people to close their BofA account.
They they ever think we were going to take it well and not even make a complain? I'm canceling not only my BoA accounts, but all of the credit cards too. No more banks for me. Credit Unions seem to have a more customer oriented business.
Fuck Bank of America and Chase and Wells Fargo. All of which have instituted this change so that the fat bastards up top don't have to give up their Million's of dollars annual income or thier Millions of dollars unearned "bonuses".
WTF is wrong with this country. You work your ass off and get nothing, you know the right people then you get MILLIONS for doing NOTHING. Not even breaking a sweat or getting your hands dirty.
I say boycott those bastards, find a local credit union.
I am for sure once this goes into effect. I am closing my account. This is crazy I give them my money they loan it out to make money off the loan. Thats how the bank makes money. NOW STEALING MY MONEY FOR HOLDING IT IS LIKE YELLING MY BONUS WASN'T 500,000$ THIS YEAR IT'S ONLY 100,000$ NOW. I can just see the CEO of bank of america with all top staff sitting at an table saying how are we going to get our big bonus's again and some guy saying we will charge 5$ and the CEO saying that is Perfect!=)
good luck closing your account. If its anything like american express, it will be hell to close. You can never pay the exact 4 decimal place ammount - always too much, or not enough - account stays open.
Valley National Bank of New Jersey sent me a letter, a few days ago, explaining that my "FREE" checking account, which i've had for about 10 or 11 yrs. will now be charged $25 annually. Guess what douche-bags ? You are losing a customer !! FUCK YOU AND YOUR $25 FEE, YOU GREEDY COCKSUKERS !!
I agree 100% man. In October, $25 Billion dollars was already granted to B of A, and more came in from the Treasury totaling $97 billion. And while their profits may still be under attack there still should be no reason to charge a fee on the front lines. AIG was using the bailout money on big bonuses, parties etc... This fee is a reflection of major executives not wanting to lose their accustomed "lifestyle." We won't give them their "golden" parachute. Get Corporations OUT of politics!
IIxWOLFxII 3 months ago
congrats on your exposure! you are super cute by the way ;)
shyvixx1 3 months ago
Closed my BOA account, found a credit union that pays me 3% interest on my checking account.
awolf81 3 months ago
additionally, the fee is not being charged everytime you use your card nor is it charged for having it, its when visa or mastercard get involved in making it possible for us to be able to make a purchase at point of sale, online over the phone etc...
mobeans03 4 months ago
Closed my BofA account yesterday.
TheMozingo 4 months ago
LOL...people on this thread are actually defending Bank of America's greed, suggesting that it is government regulations fault why this happened. In reality, most of the govt regulations were lifted, and that is why bad loans were allowed to be passed around unchecked. a lack of regulations is what destroyed our economy. Guess what? Obama refuses to regulate the banks. He is still working under the old Bush plan. Its going to happen again.
cosmicforums 4 months ago
gotta love greed... I know they do.
Marlockie 4 months ago
Uhh... you do realize this is your government causing the problem right? Before sounding uneducated to the world on YouTube, maybe try to understand the entire situation first.
It's easy and incredibly naive to just place all blame on BOA for the fee - but for your information BOA is going to lose billions because the government is interjecting where it doesn't belong. Usually merchants pay this fee to the banks when a customer uses a debit card. Thank your socialist government for the change.
The5000ck 4 months ago
@The5000ck Uhh...yes I do. I made the vid about 5 minutes after reading the news and it's been 2 weeks so I've had some time to "educate" myself on what all is going on with this. Both the govt. and the banks are to blame. I wish someone could explain the 73 billion in toxic mortgages that they unloaded on the taxpayers. But thanks for trolling!
creativem2 4 months ago
@creativem2 Dude so are you mad at the banks or are you mad the the greedy mortgage banks, the countrywides of the world??!! make up your mind! by the way the JP Morgan bank that you are recommending to all of your viewers are also going to be charging a similar fee to their customers, see the thing is, that due to the government interjecting in order to try to assist the small businesses all banks are going to lose on this one meaning so do WE. . .
mobeans03 4 months ago
@The5000ck No one seems to be talking about how a $5 fee every time you use your debit card is highway robbery in the first place. It may not have been 30 years ago when they first put the electronic systems in place, but nowadays that's probably $4.95 of pure profit.
Fuck the banks, stop making excuses for them.
hawanja 4 months ago
@hawanja Your an idiot. It's 5 dollars a month only if you use your debit card for purchases. Not if you swipe at the atm and it's not every time you use your card its only once a month if you use it for purchases. It's uneducated fucks like you that vote in socialist politicians and then complain when they do what you put them in office to do.
beachblondie5485 4 months ago
@beachblondie5485 It's "You're" an idiot, numbnuts.
Secondly, where did I say they charge you $5 per purchase? Nowhere. I was referring to the fee they charge the merchant, when you use a debit/credit card to buy something. That's why stores have a minimum purchase when you use a card, dipshit. It's called "Reading comprehension," You learned it in middle school. I know what was ancient fucking history to your dumb ass, but I'm sure you can remember. Just try real, real, real hard.
hawanja 4 months ago
If everyone withdrew their money from the bank wouldn't that lead to another depression?
fivefordying2 4 months ago
"put it in ass national, your back pocket" BRILLIANT GOOD SIR!
harrypothead 4 months ago
We need to get rid of using banking credit cards, going back to cash temporarily until we succeed in our occupy.It would be the first thing we should do. Cash our checks at the banks that are printed on the checks....until further notice...... Business owners we hope its only temporary !
watterfalls2 4 months ago
if the government is the true cause then maybe we should stop paying taxes. it's the same thing as leaving b of a, but of course, who wants to be arrested for not paying taxes? If there were only some way to make the government suffer??????
kaberlee 4 months ago
I have a bank of america card alone with all my family about ten of us as soon as they start charging we are closing them down. Thought bank of america was looking out for the people but like guess not diappointment f u BOA
greeen2011 4 months ago
Comment removed
rocketgsxr1000 4 months ago
I wish I had a Bank of America account right now. Why? So I could close it.
jmhanna75 4 months ago
Operation Bank Crusher-Nov 4th-If you bank at BoA, Chase, Wells Fargo, Citi, close your accounts and use a local bank! Look for my video coming soon-Stay Focused and Stay Sharp
MrRogueShark 4 months ago
You have to carry the cost so the bonuses continue? hell no!!!!!!!!!!sign up at GETMONEYOUT+com
gandillion 4 months ago
Yeah! ASS National!
sakurafleurs 4 months ago
"Banking establishments are more dangerous than standing armies."
Thomas Jefferson, 1799
NinaLuxful 4 months ago
I am closing my account! I am the 99%.
Jds2055 5 months ago
This has been flagged as spam show
@Jds2055 You go ahead and do that.
1989Videokiller 4 months ago
Want the truth? Don't blame the banks on this one. You can blame your wonderful government who are imposing so many restrictions on american businesses (banks especially) that the banks have no other choice but to pass fees to the consumer. But it's not just banks the government is fucking over. America is so business hostile now it is little wonder everyone is starting to outsource to India or China.
JSWill1963 5 months ago 7
@JSWill1963 It's not the governments fault that Chinese workers work for a fraction of a US worker. Also BOA's 5 dollar fee has much more to do with greed than government regulation. Don't just parrot the excuses of BOA to rationalize its greed.
awolf81 5 months ago
@awolf81 Nope, it's a fee that large retailers like Walmart and Target used to pay for through merchant services, now passed along to the consumer. Bottom line. BofA had a net loss of $8.5 billion third quarter this year due to other regulations. The government has a real hard on for regulating business lately, not just with banks.
But I suppose you'll only vote for the same assholes into congress and senate next time around.
JSWill1963 5 months ago 4
@JSWill1963 It's funny that you feel sorry for a bank that had to be handed well over 100 billion dollars of tax payer money to stay in business. Also it isn't just "large Retailers" that paid 44 cents for every debit card swipe, it was every business that accepted debit cards. You know what it actually costs BOA to process that swipe? The average is 10 cents, so that's 34 cents pure profit for every swipe. That was already being passed along to the consumer in higher prices.
awolf81 5 months ago
@awolf81 Oh how the public is so uneducated. They believe everything the gobernment tells them
BofA repaid that TARP loan back in two months with interest. They did not need, nor want, that TARP. It turned out to be nothing more than Ken Lewis being the gobernments whipping boy when the shit finally settled. The Countrywide merger was another thing the gobernment shoved down BofAs throats. BofA did not WANT those Countrywide mortgages when Lewis learned how bad they were. Nice.
JSWill1963 5 months ago
@JSWill1963 They didn't want and didn't need the TARP money...yet they took it? So government forced them to take TARP money and forced them to buy Countrywide. Wow in your world government is the devil. It seems your "government sucks" glasses have fuzzed the edges of your critical thinking skills.
awolf81 5 months ago
@awolf81 They had to. The Government wanted it to look to the American people that all banks, including Bank of America, were in serious financial trouble. The thing was, BofA was not in any financial trouble. They made a very good net profit that year. The government in effect told BofA to take it. Like giving one more taco to a man with a full stomach.
We are seeing government control in action. I'd listen to JSWill1963. He seems to know what he's talking about.
1989Videokiller 5 months ago
@JSWill1963 Under the new legislation BOA gets 21 cents per swipe. So if you can't run a successful business making a profit margin of over 100%, you shouldn't be in business.
awolf81 5 months ago
@awolf81 You have no real clue as to the operating costs of running VISA transactions. It is not a profit margin of 100%. Yes, profit is involved, but as any businesses in this country, profit must be made to be successful. Watch my last video. What is the point of running any business if you simply break even and come home with a $0.00 paycheck?
But you believe whatever the Congress and the Senate tell you. We the Sheeple.
JSWill1963 5 months ago
@awolf81 Oh and one quick thing. This new "regulation" turns everything into a deficit when Debit cards are used. Somebody has to eat those operating costs. The only real accomplishment this new "rule" did was pass that offset to the consumer.
But believe whatever the media is feeding you right now. I give this country 2 years before it bankrupts itself. Then I will be back in this video saying "I told you so"
JSWill1963 5 months ago
@JSWill1963 If your point is that this country is in big trouble, you'll get no argument for me. However the demise of the US isn't the sole fault of the government or corporations, it's a combination. Corporations have a huge effect on government and that effect does not favor the people of this country.
I don't expect BOA to work for free but when they get 21 cents and it costs them 10. I think their doing fine. Your "every debit card use is turned into a deficit" comment makes no sense.
awolf81 5 months ago
@awolf81 I'd like to know where you get your figures. Do you know how much BofA eats every day just on fraud charges? BofA does have a full protection system for Debit card transactions just like a credit card and every day, they hand out hundreds of thousands of dollars back to the consumer who were defrauded. Not many banks offer this on a debit card. When Sen Dickhead Durbin introduced that part of the regulation, he in effect placed the fraud recouperation on the customer, along with costs..
JSWill1963 5 months ago
And just so everyone knows, Sen Barney Frank, the co author of the Dodd-Frank Bill, was opposed to the part introduced by Sen Dick Durbin about merchant debit caps, for this very reason that you're all bitching about and made this video I am responding to possible. That it's only going to end up shafting the customer.
JSWill1963 5 months ago
@JSWill1963 I guess ill have to make this point twice. You really don't think that those debit processing fees weren't already being shifted to the consumer in the form of high prices. Ever been to a gas station that would have separate prices for gas on credit vs gas with cash? Have your every been to a cash only business? Why do you think they only accepted cash? My sources for my figures will be quickly dismissed by you I'm sure. What do you think BOA should charge for debit card processing?
awolf81 5 months ago
@awolf81 And I'll point this out to you once again. Do you honestly believe that these "savings" are going to be passed along to YOU? That ranks right up there with some guy making the promise "I won't get you pregnant, I promise"
Home Depot recently made a claim that they are looking forward to making bigger profits next quarter. Yet they made no mention of passing this savings along to you.
So what do I think should be charged? I'd say it's fair. Thank Durbin, not BofA, for this.
JSWill1963 5 months ago
@JSWill1963 I've subbed to your channel and watched your 3 part series on this. Good info. The media isn't talking much about the regulations that brought this on. At my job, there was quite a bit of blowback from the Dodd-Frank laws and we spent many man hours dealing with it. I'm sure at some point we too will pass it on to our customers. I just think that Americans are getting tired of being nickeled and dimed at every turn, but hey what can you do? We're all getting screwed by the gov.
creativem2 5 months ago
@JSWill1963 I've subbed to your channel and watched your 3 part series on this. Good info. The media isn't talking much about the regulations that brought this on. At my job, there was quite a bit of blowback from the Dodd-Frank laws and we spent many man hours dealing with it. I'm sure at some point we too will pass it on to our customers. I just think that Americans are getting tired of being nickeled and dimed at every turn, but hey what can you do? We're all getting screwed by the gov.
creativem2 5 months ago
@creativem2 Yup. And I find it rather funny that there are hundreds of videos on YouTube bashing the living shit out of Bank of America with people wailing and gnashing teeth about how big bad BofA is fucking everyone over with this fee, yet I have to see ONE video about the asshole who brought this all upon the American People.
You get who you vote for, I suppose. >_<
JSWill1963 5 months ago
@JSWill1963 Don't bother sparring with these mental midgets Jim. It's mob thinking. Trying to convince these idiots that Durbin is responsible is fruitless, even though it is the truth.
The Durbin Tax. yup.
1989Videokiller 5 months ago
@1989Videokiller Yup, it's mob thinking alright. If people only knew who to blame for this mess.
JSWill1963 5 months ago
@JSWill1963 Bank of America imposed this 5 dollar a month charge to thwart the congress passed regulation on swipe fees. The swipe fees were already making them 600% in profit, they were already overcharging their customers. Now that they are only making half that amount in profit they deemit necessary to overcharge again with the 5 dollar a month fee?Th 5 dollar a month fee would increase their profits far over their 600% profit margin before the government swipe fee regulation.Seems fishy tome
Stasakas 4 months ago
@Stasakas I'd certainly like to know where you're all getting this fairy tail of a 600% profit. The profit margin was more like 30%, after you take into account other operating costs of the institution and fraud transactions the bank gives back to the customer. Durbins amendment removed that, so who was left footing the bill?
My 15 years of experiance with BofA and knowing how things are done tells me you people are being fed bullshit by the government (running on deficit spending, BTW)
JSWill1963 4 months ago
@JSWill1963 i blame banks too because before all the govt laws they still were robbing people..am i right?
GNut1980 5 months ago
@GNut1980 er, no actually you're wrong. BofA was actually trying its damndest to keep these fees AWAY from their customers.
But push came to shove, Durbin was warned by BofA, and well, there you have it.
JSWill1963 5 months ago
@JSWill1963 so it still makes it right to push that fee on a valued customer?no way. this is a billion dollar bank.no reason for that.theres no way you could defend these guys
GNut1980 5 months ago
@GNut1980 JSWill1963 works for BofA, he's actually right about the government regulations that caused all of this. Go to his channel and watch his vids on it. I would like to hear an explanation on the 73 billion in toxic mortgages that they unloaded onto the taxpayers. Between the govt. and the bankers We The People are getting screwed!
creativem2 5 months ago
@GNut1980 Hey, I'm all ears. If you can think up of a better way to offset the cost without impacting the customer, by all means, share it with us.
What the media fails to tell you is that BofA went to great lengths to keep the costs away from their customers. Durbin was warned, Durbin went ahead, and everyone gets fucked.
Please, let us know of a resolution to this problem.
JSWill1963 5 months ago
@JSWill1963 these bank guys are not your friends..and i admit i too was a slave to them but now hearing this i have taken the little i had out of citibank and will call tonight to close my account before it spreads to them.they actually sent me a letter sating they too may follow the same unless i have direct deposit..i still said fuck em even though i do.now will put into my homebox or my credit union until they act up then i keep it all
GNut1980 5 months ago
@JSWill1963 i never claimed to be a know it all if thats what youre saying .there are ways to go about everything...these companies got big bailouts and still sitting on most of it...dont tell me they dont....but still if customers stay with them then they are fools but sadly they will stay..kind of like cigarettes...people will pay 30 bucks for a pack even though they know they are killing them....
GNut1980 5 months ago
@JSWill1963 i dont know the answer to what the banks can do..thats not my concern..but i know what "the people" can do..STOP USING THESE BIG BANKS...plain and simple
GNut1980 5 months ago
@GNut1980 Well then, that is not an answer to the problem. Your solution of "STOP USING THESE BIG BANKS" is just like an ostrish burying their heads in the sand. The problem here is not the fees imposed in the past, but the new fees imposes resulting from regulations.
BofA made new products to make it really EASY to "pay" for your accounts without costing you a dime. Yet the media twists this shit around too. Whatever you believe is fine with me.
JSWill1963 5 months ago
@JSWill1963 So the argument is, BOA can't screw their merchants anymore so they have no choice but to screw their card holders. The problem in that case is the card holders can leave, unlike the merchants. Yes, the saving will be transferred to me when I open an account at a credit union. Your "ostrich" analogy is just plain dumb. So anytime you take your business elsewhere you're putting your head in the sand? No, if a consumer is dissatisfied with a service they should leave
awolf81 4 months ago
@awolf81 Ok, since you seem to know it all, why not tell us in which way Bank Of America (or ANY bank, credit union, etc) was "screwing the merchant". Please make sure to leave us details so that it is convincing to the people.
Do you actually work for one of the banks so you have knowledge? Or are you just feeding off the medias teet like everyone else?
JSWill1963 4 months ago
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awolf81 4 months ago
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awolf81 4 months ago
@awolf81 Did I leave you speechless?
JSWill1963 4 months ago
@JSWill1963 The federal reserve did a study of debit card interchange fees. They concluded that it costs the banks 7 to 12 cents per transaction. The banks were getting 44 cents (now capped at 24) per transaction. The banks making 34 cents off every transaction is excessive. No, I don't work for a bank. I wasn't in WW II either but I know a lot about it.
awolf81 4 months ago
@awolf81 That "study" did not take into account the losses banks take from fraud (you know, that illegal stuff people like to do) . So that 34 cents "profit" really turned into a $0.12 one. Durbin took that away, so you and I get stuck with it.
BTW - The "Federal Reserve" is not a governmental agency, but a private bank with only one client. The US Government.
And I want to thank you for a healthy debate It is indeed refreshing to actually have a decent conversation for once without trolling
JSWill1963 4 months ago
@JSWill1963 If BOA loses that much money to fraud that's incompetence. I mean what are we talking about here 22 cents of every transaction pays for fraud?!?! If that's the case they should save the money by firing everyone in their fraud department, cuz their clearly not doing anything.
I agree regarding the debate I did learn somethings and another point of view. And don't worry you have no chance of making me speechless but I'am going to bed for now.
awolf81 4 months ago
@awolf81 Incompetence? When somebody gets their wallets stolen and the bank covers them, when somebody has their card information compromised on the internet and has the fraud transactions recovered, when a young mother is forced to withdraw money from an ATM at gunpoint and then gets murdered along with her three daughters later that evening and works with law enforcement in the matter, I hardly call that "incompetence" on the part of the bank.
I call it watching my back. Hardly incompetence.
JSWill1963 4 months ago
@awolf81 Incompetence? When somebody gets their wallets stolen and the bank covers them, when somebody has their card information compromised on the internet and has the fraud transactions recovered, when a young mother is forced to withdraw money from an ATM at gunpoint and then gets murdered along with her three daughters later that evening and works with law enforcement in the matter, I hardly call that "incompetence" on the part of the bank.
I call it watching my back. Hardly incompetence.
JSWill1963 4 months ago
@awolf81 All Senator Durbin accomplished was passing a nessisary profit from the retailers on to the consumer. If you believe that these retailers are passing any savings to you, then you are indeed naive.
JSWill1963 seems to know what he's talking about. You obviously have no clue. My advise would be to voice your dissatisfaction at the polls come election time, rather than whining about how the "big bad bank" is fucking you over. It will be a lot more productive.
1989Videokiller 4 months ago
@1989Videokiller You nailed it right on the head. People need to place the accountability on the one who needs it. Bitching and moaning and switching banks is not going to solve the problem.
JSWill1963 4 months ago
@JSWill1963 listen i understand your point..the fact of the matter is most big entities cannot be trusted.theres alot that goes on behind closed doors.the media may twist certain things around but still in all,the government is part of the problem i agree.theyre playing 2 sides of the fence..they impose laws on them then they bail them out....makes no sense
GNut1980 5 months ago
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swimmerdudemisha 4 months ago
This has been flagged as spam show
@JSWill1963 Obviously you have no clue what you are talking about. Tell me, does it make sense for well paid US workers to compete against people who are making 2 dollars an hour? WE need to end trade with low wage countries and make it illegal to ship jobs overseas. HAHA! The markets are de-regulated, don't you worry. It is still possible to make 50,000 dollars per hour on Wall Street do to high frequency trading committed by G-Sachs and other investment firms.
swimmerdudemisha 4 months ago
@JSWill1963 they are outsourcing to india because of cheap labor and they can probably beat their emoloyees to.
thisafrikan 4 months ago
Make no mistake BOA executive are not stupid. They've done their homework. They know they are going to lose some customers over this but they are betting that the majority will just take it. Lets face it, with direct deposit already set up, with automatic bill pay already set up and not knowing where to go, switching banks is a pain in the ass. BOA knows this and is counting on it. So lets not prove their math right. Lets tell BOA to go fuck themselves by leaving. I suggest a credit union.
awolf81 5 months ago
yeah. lets teach them a leason for charging us. soon they will need more than 5$
shadowlesswalls 5 months ago
@pokerlad32 The pitfalls of fractional reserve banking! They better have some cash on hand...
creativem2 5 months ago 2
@creativem2 They'll just cut them cashieres checks.
JSWill1963 5 months ago
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awolf81 4 months ago
so it's not $5 for EVERY debit purchase? it is only $5 a month?
celco2008 5 months ago
@celco2008 It's just a monthly fee...doesn't make it right though. Think of all the fees we pay for cell phones and cable and other banking fees, not to mention the ATM fees if you don't use your bank. They're nickel and diming the hell out of us.
creativem2 5 months ago
FOX News in Chicago just used your video on their broadcast to show BofA customer reaction to this story.
jasvideos85 5 months ago
@jasvideos85 SAY WHAT!?!?!?!??!?
creativem2 5 months ago
@creativem2 Yeah, they showed a short clip of your video as part of a video package where people were responding to the new fees from Bank of America. It was the part at the end where you advised people to close their BofA account.
jasvideos85 5 months ago
@jasvideos85 I found it on their website...if I end up dead, the bankers did it! :)
creativem2 5 months ago
I pulled my money and turned my back with Bank of America CANCELED MY ACCOUNT. We need to stand up for ourselves ...EVERYONE CANCEL ACCOUNT!
myangelsjns 5 months ago
ass national thats a good one ! ! lol
bnetx1 5 months ago
They they ever think we were going to take it well and not even make a complain? I'm canceling not only my BoA accounts, but all of the credit cards too. No more banks for me. Credit Unions seem to have a more customer oriented business.
1988Cubanito 5 months ago
Fuck Bank of America and Chase and Wells Fargo. All of which have instituted this change so that the fat bastards up top don't have to give up their Million's of dollars annual income or thier Millions of dollars unearned "bonuses".
WTF is wrong with this country. You work your ass off and get nothing, you know the right people then you get MILLIONS for doing NOTHING. Not even breaking a sweat or getting your hands dirty.
I say boycott those bastards, find a local credit union.
PS3WannaBe420 5 months ago
Look at Netflix's stock. It is going to be bye bye bank of america.
TVFOGGED 5 months ago
I am for sure once this goes into effect. I am closing my account. This is crazy I give them my money they loan it out to make money off the loan. Thats how the bank makes money. NOW STEALING MY MONEY FOR HOLDING IT IS LIKE YELLING MY BONUS WASN'T 500,000$ THIS YEAR IT'S ONLY 100,000$ NOW. I can just see the CEO of bank of america with all top staff sitting at an table saying how are we going to get our big bonus's again and some guy saying we will charge 5$ and the CEO saying that is Perfect!=)
TVFOGGED 5 months ago
@TVFOGGED I am sure an cartoonist could make an good cartoon about it in the sunday paper. =)
TVFOGGED 5 months ago
good luck closing your account. If its anything like american express, it will be hell to close. You can never pay the exact 4 decimal place ammount - always too much, or not enough - account stays open.
srkh28 5 months ago
Valley National Bank of New Jersey sent me a letter, a few days ago, explaining that my "FREE" checking account, which i've had for about 10 or 11 yrs. will now be charged $25 annually. Guess what douche-bags ? You are losing a customer !! FUCK YOU AND YOUR $25 FEE, YOU GREEDY COCKSUKERS !!
fullhouse41 5 months ago
They only stand to make money if their customers don't switch banks. I, for one, plan to switch AS SOON AS this fee is implemented.
emotaco9 5 months ago
im changing to golden one
bank
sexyrene008 5 months ago
goodbye bank of america!
slivovich 5 months ago