Comments on: Bank of America to experiment with annual fees http://asklizweston.com/2009/10/14/bank-of-america-to-experiment-with-annual-fees/ Personal Finance Columnist Mon, 08 Mar 2010 11:40:55 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Gary Worth http://asklizweston.com/2009/10/14/bank-of-america-to-experiment-with-annual-fees/comment-page-1/#comment-662 Gary Worth Thu, 22 Oct 2009 21:24:56 +0000 http://asklizweston.com/?p=1496#comment-662 B of A is doing something much more serious beginning January 1, 2010. Any one who has one of their business card accounts, and the business itself, will have given B of A the right of setoff, which means they can, without notice, take funds from a deposit account (including a joint account) to satisfy any obligation under the credit card account. This is major and should be talked about NOW! If it were me, I'd get any funds I had on deposit with B of A....out of there. B of A is doing something much more serious beginning January 1, 2010. Any one who has one of their business card accounts, and the business itself, will have given B of A the right of setoff, which means they can, without notice, take funds from a deposit account (including a joint account) to satisfy any obligation under the credit card account. This is major and should be talked about NOW! If it were me, I’d get any funds I had on deposit with B of A….out of there.

]]> By: Marcela http://asklizweston.com/2009/10/14/bank-of-america-to-experiment-with-annual-fees/comment-page-1/#comment-646 Marcela Fri, 16 Oct 2009 23:26:35 +0000 http://asklizweston.com/?p=1496#comment-646 I got their card a year ago and a letter this week letting me know I belong to the 1%. They are imposing a $49.00 annual fee on my account. I can opt out, I am still thinking about it. The interest rate is very good compared with what is out there. I got their card a year ago and a letter this week letting me know I belong to the 1%. They are imposing a $49.00 annual fee on my account. I can opt out, I am still thinking about it. The interest rate is very good compared with what is out there.

]]> By: lizweston http://asklizweston.com/2009/10/14/bank-of-america-to-experiment-with-annual-fees/comment-page-1/#comment-642 lizweston Thu, 15 Oct 2009 23:52:37 +0000 http://asklizweston.com/?p=1496#comment-642 And if you don't already belong to one, you can find out about your options at www.joinacu.org. And if you don’t already belong to one, you can find out about your options at http://www.joinacu.org.

]]> By: lizweston http://asklizweston.com/2009/10/14/bank-of-america-to-experiment-with-annual-fees/comment-page-1/#comment-641 lizweston Thu, 15 Oct 2009 23:52:12 +0000 http://asklizweston.com/?p=1496#comment-641 Amen to that. Please let me know if BofA does impose this fee on you--it will be interesting to see if they go after customers who have plenty of other options. Amen to that. Please let me know if BofA does impose this fee on you–it will be interesting to see if they go after customers who have plenty of other options.

]]> By: lizweston http://asklizweston.com/2009/10/14/bank-of-america-to-experiment-with-annual-fees/comment-page-1/#comment-640 lizweston Thu, 15 Oct 2009 23:51:32 +0000 http://asklizweston.com/?p=1496#comment-640 I'm glad it's working for you, Joe. Credit cards can be a great convenience if used for just that--convenience. When you use them to carry balances, live beyond your means or stop up gaps in your cash flow, you're heading for trouble. I’m glad it’s working for you, Joe. Credit cards can be a great convenience if used for just that–convenience. When you use them to carry balances, live beyond your means or stop up gaps in your cash flow, you’re heading for trouble.

]]> By: Douglas Riley http://asklizweston.com/2009/10/14/bank-of-america-to-experiment-with-annual-fees/comment-page-1/#comment-639 Douglas Riley Thu, 15 Oct 2009 23:23:23 +0000 http://asklizweston.com/?p=1496#comment-639 I am one of the 1% of Bank of America consumers who will be affected. My credit score is above mid 700's, I prepay my credit card expenses, and carry large balance in my checking account. I will leave Bank of America in a heartbeat if they impose these fees on me. Any bank would gladly want my business. I am one of the 1% of Bank of America consumers who will be affected. My credit score is above mid 700’s, I prepay my credit card expenses, and carry large balance in my checking account. I will leave Bank of America in a heartbeat if they impose these fees on me. Any bank would gladly want my business.

]]> By: Joe http://asklizweston.com/2009/10/14/bank-of-america-to-experiment-with-annual-fees/comment-page-1/#comment-638 Joe Thu, 15 Oct 2009 22:25:52 +0000 http://asklizweston.com/?p=1496#comment-638 Doesn't affect me in the least -- I cut up every credit card I had back in January of '06. It took a few months of withdrawl, and re-aligning my thinking and doing a real budget instead of a haphazard one that depended on credit cards to take up the slack. Not only are the card companies hitting cardholders with higher and new fees, the merchants are paying higher fees for accepting the damn things. Since I have gone to cash - the real green stuff, for routine purchasing I have found budgeting is easier plus more and more merchants are offering discounts for cash. Saves me money, and saves them money in transaction fees. Everyone is betterr off except the banks, and I really don't care about them anyway. Doesn’t affect me in the least — I cut up every credit card I had back in January of ‘06. It took a few months of withdrawl, and re-aligning my thinking and doing a real budget instead of a haphazard one that depended on credit cards to take up the slack.

Not only are the card companies hitting cardholders with higher and new fees, the merchants are paying higher fees for accepting the damn things.

Since I have gone to cash – the real green stuff, for routine purchasing I have found budgeting is easier plus more and more merchants are offering discounts for cash. Saves me money, and saves them money in transaction fees.

Everyone is betterr off except the banks, and I really don’t care about them anyway.

]]> By: Cindy http://asklizweston.com/2009/10/14/bank-of-america-to-experiment-with-annual-fees/comment-page-1/#comment-637 Cindy Thu, 15 Oct 2009 22:20:26 +0000 http://asklizweston.com/?p=1496#comment-637 Time to switch to a credit union!!! Time to switch to a credit union!!!

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