Bank Transfer Day: Consumers rise up against bank fees

http://www.nma.tv/

Mark your calendars. Bank Transfer Day is November 5. That is the day when consumers are encouraged to close their accounts at big corporate banks and take their funds to credit unions.

Previously, when paying by debit card, 44 cents would go to banks. The Durbin amendment cut those fees in half. This upset large corporate banks. They vowed to make back the fees somehow.

Some banks such as Bank of America are doing so by hitting ATM card users with new monthly fees. Customers such as Kristen Christian are outraged.

Christian has declared November 5 shall be Bank Transfer Day. Will it be enough to get the attention of big banks?

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[BlakeFalling]

November 5th is a Saturday and Bank of America isn't open on that day. Fucking idiots.

[xxxWarriorGoddessxxx]

That's why I cut ties with Bank Of America 2 months ago, fucking crooks!

[Hyperdog456]

0:40 onwards, Best reaction to theft ever!

[BlakeFalling]

@sublikeaboss lol, this shit is such an epic fail.

[sublikeaboss]

@BlakeFalling I FIGURED THAT OUT THIS MORNING.

[Pvic]

@rumpole33 How about less government interference, instead of telling them what they can or can't or should do how about allowing them to operate on their own. The last financial crisis was because we forced them to make loans to people who couldn't afford the payments in subprime mortgages. Businesses best operate for self interests/ profit. We get the best deals with competition. You don't like BoA? switch banks! but stop bitching.

[rumpole33]

@Pvic - I just told you what the option was. Give the customers a choice, either charge then the extra 22 cents per transaction or a $5 monthly fee. That's one option right there. Don't pretend I didn't already write this in my first post.

So it's basically greed, as the bank is not doing it to cover its costs, but to increase its profits as charging $5/month makes them more money than before w/ the 44cents per transaction.

[Pvic]

@rumpole33 There was no option, the congress took the option away. They had to make up the losses somewhere else. If they take the loss and continued like nothing happened then the banks would go out of business (or would require another bailout) Its not about being greedy, it's about economics.

[jjusticeIV]

wtf is this.

[thegoodlocust]

To clarify what happened, the government to "help consumers" regulated to cut the transaction fee for debit cards in half.

That transaction fee was paid by businesses who use debit cards. For example, if you went to the store and bought something with your debit card the store would get charged 44 cents.

This is once again an example of government regulation screwing with the people - and scapegoating the banks in the process.

[Loader2K1]

I'd go to a credit union if they outnumbered the banks in my area, which, unfortunately, they don't.