“I’ll pay off the balance on my credit card and move on.”
Bank of America
When applying for a credit card, the only way to truly get a handle on balance transfer and annual fees, introductory and regular APRs, and the ins and outs of reward programs is to wade through pages of fine print—and even then, it’s sometimes impossible to figure out what to expect.
“If you’re a restaurant and you can’t charge for the soda, you’re going to charge more for the burger … Over time, it will all be repriced into the business.”
Some Bank of America customers in Georgia must decide just how badly they enjoy getting monthly account statements in the mail—because the fee for this basic service has gone from $0 to $8.95 a month.
When Bank of America eliminated announced it was eliminating debit card overdraft fees, many observers were puzzled. Why would BoA give up such a big money-making scheme entirely, rather than simply tweak it to fall into line with new regulations regarding overdraft protection and fees, like most other banks are doing? And, more …
Holy moly! Thanks to restrictions put into place in 2009 and 2010 that limit how and when fees can be assessed on debit and credit card accounts, banks are expecting to collect $5 billion less in fees this year. For consumers, this should mean money in the bank—and what do you know, the money is actually yours, not the banks’.
In this competition, no one wants to be a #1 seed or a Cinderella story, or to be included in the first place. It’s a March Madness tournament in which the competitors stand out for their abilities to make customers mad.
Thus far in an online survey, AT&T, Best Buy, and Bank of America seem to be the early leaders.
Last week, the bank made news by eliminating debit card overdraft fees. That’s not quite correct, though: Bank of America has basically eliminated debit card overdrafts entirely. Starting this summer, when you try to use your debit card but don’t have enough money in your account to cover the bill, your card will be rejected. (Right now, …
Banks are giving cash bonuses of $100, even $200 to people who open checking accounts. New credit cards come with policies that will waive or refund interest to customers in certain situations. Why are we the beneficiaries of such generosity? Mostly, because for banks, offering a helping hand—or at least appearing to do so—is good …
Banks have grown accustomed to reaping in big bucks off of overdraft fees—$35 or so assessed each time a customer uses a debit card when there’s not enough money in the account to cover the tab. This year, banks are expected to take in more than $38 billion (!) in such fees.
You’d think that a credit card customer who pays his or her bill on time is a good customer. But these customers don’t make the banks and credit card companies money—at least not enough of it.