New Bank of America Policy: Buy Anything With Your ATM Card, Get Charged $5
One more reason to cancel your Bank of America account forthwith.
The scheming, criminal banking giants are at it again—this time they’ve come to take all Bank of America customers for a ride, according to the Wall Street Journal.
Every time someone uses a debit card there is no transaction fee, unless one is withdrawing from one of the myriad money-making ATM terminals around the country or withdraws from a bank with which they do not have an account. Now Bank of America, in an effort to recoup the billions lost when their overdraft policies were made illegal, will be charging their very own customers $5 for purchases made on bank-issued debit cards.
According to WSJ (quoting a Bank of America internal memo), “Bank of America is trying to cushion revenue losses it expects to incur from new caps on the fees merchants pay when a customer uses a debit card at their stores. In June, the Federal Reserve Board finalized rules capping such fees at 24 cents per transaction, compared with a current average of 44 cents.”
BofA, of course, blames the new rules and is now claiming their new policy is about “convenience” for its customers, stating, “This new fee allows us to continue to offer the convenience of a debit card with the full range of added features customers have come to expect.”
This, it can be assured, is not about convenience, but all about ensuring the bank executives continue to receive their high salaries and outrageous bonuses.
To avoid the new BofA policy, customers will have to upgrade to a premium account, which of course will divert even more money into BofA’s coffers.
Two ideas to avoid Bank of America’s money grab—dump the motherfuckers or make sure to carry cash around. But if the latter option is preferred, be sure to withdraw from a BofA terminal or expect to pay several dollars to an independent terminal and to BofA on top of that.
This is a bank that plans to fire 40,000 of its employees over the next year in money-saving measures; apparently, no amount of money is ever enough for this Evil Empire.
Come to think of it, just dump BofA—you’ll thank me when you’ve done it. Giving those greedy leeches the boot was one of the best financial decisions I’ve ever made.
Instead, bank with a credit union.