Forum Post: Bank of America accounts
Posted 12 years ago on Oct. 4, 2011, 10:13 a.m. EST by Toddtjs
(187)
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Everyone who has a BofA account should pull it out this week and open in a different bank. That's a simple way to to boycott and will make an incredible impact on wall street in just a matter of days.
Agree the bankers are the 1% ... What is the divestment strategy ? ... close account use small local banks or credit unions ? Should BOFA be the only target or the first ? Bank of America Corporation, J.P. Morgan Chase & Co, Citigroup Inc., Wells Fargo & Company, Goldman Sachs Group, Inc., Morgan Stanley, Metlife, Inc., Barclays Group US Inc., Taunus Corporation, HSBC North America Holdings Inc., U.S. Bancorp, PNC Financial Services Group, Inc., Bank of New York Mellon Corporation, Capital One Financial Corporation,
Credit union
It's not because of Dodd-Frank. It's because BoA made stupid investments in a mortgage company and is trying to recoup their losses from consumers.
You do realize that the $5ATM fee was just because of the "consumer" protection law (Dodd-Frank) which shifted the fees from the retailer to the consumer so that it would be more "transparent". BofA has done nothing evil, just want was required of it.
They aren't "required" to charge that fee. They were required to lower fees to the retailers, that's all. They chose to shift the burden. Not all banks are doing it.
That how it always works.... it does cost to process the charge, so someone has to pick up the tab.. retailers, card holders or account holders.
maybe the BOA CEO should take a pay cut, that would be one way to "pick up the tab"
BOA CEO makes $6.06M in current and deferred salary. That represents less than 0.1% of the $6.6Billion that BofA was short and hopes to raise from the fee.
Like that joke about 5000 dead lawyers at the bottom of the ocean "It's a good start"
But seriously, many BOA cardholders will (and should) just stop using their cards or closing their accounts altogether. Problem solved.
It's good for retailers but I don't think for a minute they will "pass on" the savings to their customers.
Just but you need more "lawyers / CEOs"
I don't care about BofA. I'm just trying to come up with some kind of boycott and they seem like a pretty good target right now.