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Thursday, September 29, 2011

Bank Of America Charging Debit Card Use Fees! Outrageous!

Okay, I know we're in a recession and everyone is desperate for money, but is Bank of America really serious about charging us an extra $5 a month to use our debit card?  I left Netflix because they raised their prices and now I'm parting ways with B of A.  Why should I have to pay for access to MY money?  They get to hold it and invest it and earn interest on it, but that's not enough anymore, now they want to charge me for the privelage of making my money available for purchases.  I think I need to add another line to my "Stooped Peeple" post from a few weeks ago. "When you don't have any cash and you got to buy it fast, don't used your debit card, cause the cost will hit you hard and if you want to know who to thank, just visit your local bank."  I heard a newscaster say something about this earlier that was so true.  I don't remember which reporter, but it was on Fox News "aren't the banks supposed to be the ones that help us SAVE money?".  It just seems like everything these days is leaning toward making us pay more for things that we already pay too much on.  B of A earns money from holding on to our money.  Yes, if we have a savings account they pay us interest, but it's only a portion of the interest they are receiving from investing it by loaning money to people for houses, starting businesses, and other personal or business loans, as well as whatever investments their board of advisors choose to invest in.  I don't understand how this could be any good for their business.  I would think with all of the choices out there for our banking needs they would strive to be more competitive, not to strive to be the bank that costs it's customers the most money.

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