$5 ATM Fees coming to a Bank near you and Bank Of America To Start Charging 30% On Credit Cards

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Real Estate Broker/Owner with Buyers' Choice Realty

Bank Of America To Start Charging 30% On Credit Cards and $5 ATM Fees coming to a Bank near you

 

Bank Of America To Start Charging 30% On Credit Cards Starting June 25 of this year, Bank of America will start charging more and more of their credit card customers an APR of almost 30%.

J.P. Morgan Chase and other banks are trying to recoup approximately $30 billion a year in lost overdraft fee income by testing $5 ATM fees, Consumer Action spokesman Joe Ridout told CNBC.  $5 Fees May Be Coming to an ATM Near You

Meanwhile..

Fannie Mae seeks $8.5 billion from taxpayers  Mortgage finance giant Fannie Mae on Friday said it would ask for an additional $8.5 billion from taxpayers as it continues to suffer losses on loans made prior to 2009.

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  1. Lisa Wetzel 05/11/2011 03:23 AM
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5 atm fees coming to a bank near you and bank of america to start charging 30 on credit cards

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Ambassador
530,235
Mirela Monte
Buyers' Choice Realty - North Myrtle Beach, SC
Myrtle Beach Real Estate

I thought you might want to know.

 

May 10, 2011 05:47 PM #1
Rainmaker
908,388
Pamela Seley
West Coast Realty Division - Murrieta, CA
Residential Real Estate Agent serving SW RivCo CA

Who would've guessed it would be Bank of America out to rob the people? They made over 40 billion in profits last year, the most they've ever made in one of the worst years in our American economy.

May 10, 2011 05:48 PM #2
Rainer
145,746
Sarasota & Manatee Counties FL
SaraMana Properties - QuickFreeMLS.com - Bradenton, FL
QuickFreeMLS.com - Listings In Paradise

I hope you all have boycotted the large banks by moving ALL of your money to a local Credit Union!

May 10, 2011 05:50 PM #3
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Mirela Monte
Buyers' Choice Realty - North Myrtle Beach, SC
Myrtle Beach Real Estate

Pamela:  Oops!  You forgot to mention one teeny, tiny detail:

BANK OF AMERICA PAID NO TAXES LAST YEAR!!!

May 10, 2011 05:50 PM #4
Ambassador
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Mirela Monte
Buyers' Choice Realty - North Myrtle Beach, SC
Myrtle Beach Real Estate

QuickFree:  Good advice!  I've done it already. 

BofA and Wells Fargo have been so awful to deal with in short sales, that I advise all my clients NOT to go with them. 

The smaller banks and credit unions have performed much better on short sales. 

May 10, 2011 05:54 PM #5
Rainmaker
908,388
Pamela Seley
West Coast Realty Division - Murrieta, CA
Residential Real Estate Agent serving SW RivCo CA

Mirela, how could I forget that important detail! lol I agree with J, boycott all the large banks!

May 10, 2011 05:58 PM #6
Ambassador
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Mirela Monte
Buyers' Choice Realty - North Myrtle Beach, SC
Myrtle Beach Real Estate
  1. If you owe $6,000 on a credit card with a 20 percent interest rate, and you only pay the minimum payment each time, it will take you 54 years to pay off that credit card.  During those 54 years you will pay $26,168 in interest rate charges in addition to the $6,000 in principal that you are required to pay back (Source).
  2. Under the legal fractional reserve banking system, the banks NEVER actually had the fake money for the credit they extended you in the first place.  They added you to their stable of debt slaves with a simple accounting key stroke.
  3. The cartel of the large private banks are a proven criminal entity at the heart of most global problems including, but not limited to:  wars, genocide, famine, and resource plundering.  It's immoral to continue to support such a system on any level.

I'm not advocating this, but I thought it made some interesting points:

5 Reasons NOT to Pay Your Credit Cards

Are you one of the millions of Americans trying to decide between paying your credit card bills and eating?  

 

 

May 10, 2011 06:00 PM #7
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Steve Hoffacker
Steve Hoffacker LLC - West Palm Beach, FL
Certified Aging In Place Specialist-Instructor

Mirela,

This is all Barney Frank's doing. The Dodd -Frank bill is directly responsible for this, and Barney Frank is persoanlly responsible for the housing finance debacle. :)

Steve

May 10, 2011 06:05 PM #8
Rainmaker
512,961
Lisa Wetzel
RE/MAX Realty Affiliates - Carson City, NV
CDPE, SFR carsonvalleyland.com

As if we don't already pay enough ... how the heck do they ecpect the little guy to ever win ... opps!  That's it!  THEY DON'T!  Thanks for the great post!

May 11, 2011 03:19 AM #9
Rainmaker
769,690
Robert Rauf
HomeBridge Financial Services (NJ) - Toms River, NJ

We have been headed down that path of just a few HUGE institutions for quite some time now, The are NOT consumer friendly at all when they get that big.  Hopefully people will be smart enough to run, and run fast from obscene fees like this.

May 11, 2011 10:34 AM #10
Rainmaker
565,635
Mike Saunders
Lanier Partners - Athens, GA

But don't worry, the fed government has limited the amount they can charge retailers when an ATM card is used to $.16, forcing them to take a loss on ATM transactions at a store. And no, I am not sticking up for banks. But they are smarter than the government and every time the feds try to control profit one place we will get hit with higher charges somewhere else.

And yes, I have been with a credit union for years, although I do have a Bank of America credit card.

May 12, 2011 10:14 AM #11
Ambassador
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Mirela Monte
Buyers' Choice Realty - North Myrtle Beach, SC
Myrtle Beach Real Estate

Mike:  Could you please provide a link to substantiate your statement about the 16 cents limit imposed by the federal government?  I've exhausted my search and came up empty handed: there is NO such rule/law I could find. 

There were some PROPOSED limits, but nothing that actually passed.

May 12, 2011 12:54 PM #12
Rainmaker
227,956
Gene Wunderlich
1st Action Real Estate - Murrieta, CA
Realtor & Legislative Liaison

The Durbin Amendment to the Dodd-Frank Act would limit debit card swipe fees to anywhere from .07 to .12 instead of the current .44 average. The BIG 5 have been screaming bloody murder about this because they stand to lose as much as $50 billion a year they're currently soaking small businesses. Wearing another hat I testified before Congress earlier this year about this. So these increased fees are in anticipation that they're going to lose the battle on swipe fees so they're looking into other unregulated areas where they can rape and pillage at will. If they don't lose that battle on swipe fees, or they only get reduced to .16 or .27, then they've just opened up another profit center. For $50 billion you can hire several legislators, a rack or two of top floor lobbyists and a trainload of the sharpest attorneys in town - and the banks do. Makes our paltry $40 a year look like kids play. 

This battle is currently being waged and may be decided in July.

May 26, 2011 08:59 AM #14
Rainer
65,972
Evan Little
Surterre Properties - Santa Ana, CA
Eco, Live/Work, Sales and Management

Poor banks...  They've gotta make a living some how.  I was watching the national defict clock earlier.. good lord.  The next few years should be just has interesting as the last few.

Jun 03, 2011 05:56 PM #15
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