Bank of America charging standard accounts $12/month if you don't make or keep enough money - Sensationalist Headlines

[QUOTE]Bank of America is ending a free checking account often used by people with low incomes, now requiring customers to keep more money in their accounts in order to avoid a monthly fee. The Charlotte, N.C.-based bank this month is moving all of its remaining eBanking customers to [B]standard core checking accounts that charge a $12 monthly fee unless the customer receives a direct deposit of $250 or more or a minimum daily balance of $1,500[/B], the Wall Street Journal reported. The move has been ongoing since 2015.[/QUOTE] [QUOTE]Banks often charge fees for checking services since accounts can be costly for institutions to maintain despite income from overdraft and other fees. But with this latest move, some Bank of America customers feel the bank is turning its back on its traditional values. “Bank of America was one of the only brick-and-mortar bank that offered free checking accounts to their customers,” the Change.org petition reads. “Bank of America was known to care for both their high income and low income customers. That is what made Bank of America different. Bank of America was the bank of every American with a dream.”[/QUOTE] [URL="http://time.com/money/5113600/bank-of-america-free-checking-account/"]source[/URL]

Go to a credit union, you're treated more like a member then a cash cow.

eat shit

Literally charging you a fee for being poor

if you don't make enough money we will charge for you not having enough money god fuck off can we replace bank of america with a soup kitchen

[QUOTE=tyanet;53073513]Literally charging you a fee for being poor[/QUOTE] It's probably more of a charge for people who open accounts and don't really use them. If you aren't getting a deposit of at least $250/month (That's a biweekly minimum wage check, working like 30 hours a week.), then you aren't poor, you're homeless and absolutely destitute.

[QUOTE=sgman91;53073520]It's probably more of a charge for people who open accounts and don't really use them. If you aren't getting a deposit of at least $250/month, then you aren't poor, you're homeless and absolutely destitute.[/QUOTE] sorry, should he have said 'literally charging you a fee for being poor and/or homeless' [editline]23rd January 2018[/editline] and fuck people who can't get jobs, right

[QUOTE=sgman91;53073520]It's probably more of a charge for people who open accounts and don't really use them. If you aren't getting a deposit of at least $250/month (That's a biweekly minimum wage check, working like 30 hours a week.), then you aren't poor, you're homeless and absolutely destitute.[/QUOTE] Yes, most people probably won't be affected too severely by this, but if you [I]are[/I] below that threshold, then stuff like this will just make it [I]even harder[/I] for someone that's homeless or destitute to break out of their cycle of poverty. Especially considering that establishing a checking account for direct deposit is almost a requirement for a lot of jobs these days.

[QUOTE=tyanet;53073533]Yes, most people probably won't be affected too severely by this, but if you [I]are[/I] below that threshold, then stuff like this will just make it [I]even harder[/I] for someone that's homeless or destitute to break out of their cycle of poverty. Especially considering that establishing a checking account for direct deposit is almost a requirement for a lot of jobs these days.[/QUOTE] Alright, so the banks aren't allowed to charge people for keeping empty accounts that aren't having money deposited into them. How should they be allowed to control unused accounts?

[QUOTE=sgman91;53073583]Alright, so the banks aren't allowed to charge people for keeping empty accounts that aren't having money deposited into them. How should they be allowed to control unused accounts?[/QUOTE] Don't? I'm gonna go with that, yeah.

[QUOTE=MR-X;53073504]Go to a credit union, you're treated more like a member then a cash cow.[/QUOTE] Some have requirements, but it's usually a pretty small threshold.

Wells Fargo does the same thing, except it's a $15.00 fee each month if you're poor like me.

Then when it overdraws because they tried to take $12 out of your $5 account because they keep taking your money, they'll try to take $50 out to pay the overdraft fee but it'll overdraw again, then they won't tell you for 3 months until you get a letter from debt collectors who arguably cost more money to employ than the menial $100 you owe for an overdraft fee. [sp]This may or may not have happened to me at one point in my life.[/sp]

I currently bank with them. They also charge you a fee if you come in and withdraw cash via a teller as a "maintenance fee".

[QUOTE=sgman91;53073520]It's probably more of a charge for people who open accounts and don't really use them. If you aren't getting a deposit of at least $250/month (That's a biweekly minimum wage check, working like 30 hours a week.), then you aren't poor, you're homeless and absolutely destitute.[/QUOTE] This is some kind of terrible joke, right? The bank of America was propped up during the last financial collapse because "too big to fail" and it's the public's tax money keeping its doors open. You don't pull some scumfuck move like this to see if you make more money out of the pockets of those who're already unable to afford shit like this, where every dollar matters to their survival and chances of breaking out of a poverty cycle. You don't even have any evidence supporting your proposition. A thought for you to consider: squeezing the poor any more than they're already being squeezed eventually rebounds painfully, to the detriment of whoever does it.

as a rule of thumb you should never use a bank that has tv commercials

[QUOTE=Zonesylvania;53073679]This is some kind of terrible joke, right? The bank of America was propped up during the last financial collapse because "too big to fail" and it's the public's tax money keeping its doors open. You don't pull some scumfuck move like this to see if you make more money out of the pockets of those who're already unable to afford shit like this, where every dollar matters to their survival and chances of breaking out of a poverty cycle. You don't even have any evidence supporting your proposition. A thought for you to consider: squeezing the poor any more than they're already being squeezed eventually rebounds painfully, to the detriment of whoever does it.[/QUOTE] technically it's just Bank of America, it's not "the" anything.

[QUOTE=sgman91;53073583]Alright, so the banks aren't allowed to charge people for keeping empty accounts that aren't having money deposited into them. How should they be allowed to control unused accounts?[/QUOTE] Maybe send the account owner a notice if there's hasn't been any activity in a reasonable amount of time, and it remains inactive, close the account and cut the person a check or transfer the remaining balance to another account (if the person has one)? I'm by no means an expert on banking, but I refuse to believe that fining people for having accounts is the right solution. Or that empty accounts are even that big of a problem to begin with.

[QUOTE=thelurker1234;53073610]Some have requirements, but it's usually a pretty small threshold.[/QUOTE] Yeah, plenty are reasonable. Huntington closed out my account and took the remaining balance as a fee when I had 92¢ in my account for 6 months in college.

Hasn't this always been the case? I remember reading in when I first opened my account there 6/7 years ago

What if you don't get paid biweekly and get paid the equivalent weekly Then you don't get a single direct deposit of $250 but 2 $125 and now you have to pay them. wtf

[QUOTE=Karmah;53073835]What if you don't get paid biweekly and get paid the equivalent weekly Then you don't get a single direct deposit of $250 but 2 $125 and now you have to pay them. wtf[/QUOTE] I assume it's $250 in total over the month.

If you have a spouse, you can bounce $250 between yours and spouses accounts each month.

[QUOTE=J!NX;53073514]if you don't make enough money we will charge for you not having enough money god fuck off can we replace bank of america with a soup kitchen[/QUOTE] I really wish that this logic would die off, like the average american statistically doesn't even have 1500$ saved in an account

[QUOTE=Sableye;53073899]I really wish that this logic would die off, like the average american statistically doesn't even have 1500$ saved in an account[/QUOTE] probably why they're doing it, imagine how much money they'll make off of this $144 a year per person, after just 1 year they'll make so much fucking money off of poor people it won't even be funny [editline]23rd January 2018[/editline] for $144 you could buy amazon prime and use the left over money and save to buy another year... Because you're poor you spend more money just to store money than you would off of a legitimate service. What the [B]FUCK[/B]

[QUOTE=sgman91;53073520]It's probably more of a charge for people who open accounts and don't really use them. If you aren't getting a deposit of at least $250/month (That's a biweekly minimum wage check, working like 30 hours a week.), then you aren't poor, you're homeless and absolutely destitute.[/QUOTE] what about accounts for minors? I had a checking account since i was 15, surely you don't think that I should have been charged $12 to keep my money afloat?

[QUOTE=sgman91;53073837]I assume it's $250 in total over the month.[/QUOTE] [QUOTE]unless the customer receives a direct deposit of $250 or more[/QUOTE] This specifies [I]a[/I] direct deposit of $250 or more. That's a very different claim than $250 in direct deposits.

[QUOTE=Derposaurus;53074001]what about accounts for minors? I had a checking account since i was 15, surely you don't think that I should have been charged $12 to keep my money afloat?[/QUOTE] According to the BofA website, high school or college students under the age of 24 don't have to pay it, even if they don't meet the $250/month or $1,500 total. So this has nothing to do with minors.

who does this affect other than people who wouldn't have accounts anyway

[quote]“Bank of America was one of the only brick-and-mortar bank that offered free checking accounts to their customers,” the Change.org petition reads. “Bank of America was known to care for both their high income and low income customers. That is what made Bank of America different. Bank of America was the bank of every American with a dream.”[/quote] In what fucking world was this ever true? Anyhow, use navy federal. National credit union with essentially no drawbacks. I think minimum to start an account is like five dollars.