20111023 Follow Me 166 Bank of America may get the last laugh

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Bank of America may get the last laugh

(about 375 words)

By Jessica Dickler September 30, 2011: 1:25 PM ET

NEW YORK (CNN Money) -- In the immediate aftermath of Bank of America's new debit card fee announcement, many of the bank's customers have declared this is the last straw.

But while angry consumers are threatening to leave, it's the bank that could have the last laugh.
Across social media sites like Twitter, consumers directed a flood of negativity toward the bank. "Dear Bank of America, I am not going to stick around for the $5 a month, I want a divorce!" wrote one customer. "If you charge me $5 a month just to have a debit card. I'm closing my accounts," declared another.

"Savvy consumers are not going to take this sitting down," said Greg McBride, senior financial analyst at Bankrate.com. Most will either switch to using credit cards or find another financial institution that doesn't charge a fee, he said. In fact, 64% of Americans said they would consider switching banks if their fees increased, according to a recent Bankrate survey.

However, changing banks is no easy task, noted Bill Hardekopf, CEO of LowCards.com. There's the hassle of going down to the bank, having checks printed, not to mention switching all of your automatic payments, he said.

9 most annoying bank fees

Despite threats to leave the bank, it is more likely that consumers will simply switch back to credit, he said -- a boon for the very bank that ticked off those consumers in the first place.

Even though debit cards have been rapidly replacing credit cards as the preferred payment method over the last few years, debit card fees are suddenly making credit attractive again, and that means a rise in credit card debt is likely to follow.

"We're doing our best to explain the impact and how they can avoid the fee," responded Bank of America spokeswoman Ann Pace. "They can continue to use the ATM and there's no fee associated with credit cards."

That's where banks stand to benefit.

"Banks are not only making money on the debit card fees but also pushing people to use their credit cards where banks make a heck of a lot more money down the road," Hardekopf said.
Blame the new rules that limit how much revenue banks can get from the swipe fees they collect from merchants, added Ken Clayton, senior vice president and general counsel for the American Bankers Association.

"The Durbin Amendment drives markets away from offering low-cost debit choices," said Clayton, "making other payment options like credit cards more attractive to consumers."  

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关键词：America follow Erica Bank Last Follow Me Bank of America 9 bank fees

终于可以抢个沙发了，明天再看。

Well done!

呵呵，美国银行现在只能自嘲

I hope this will not happen in China. I don't like credit cards!

But I still have a question, why banks like credit cards? What they can get from that than debit cards?

太短了。。。。

I believe credit card would do comfort us when used properly .but if one cannot handle it wisely ,he is a slave of the card.

happylife87 发表于 2011-10-23 10:43
But I still have a question, why banks like credit cards? What they can get from that than debit car ...

Low introductory credit card rates are limited to a fixed term, usually between 6 and 12 months, after which a higher rate is charged. As all credit cards charge fees and interest, some customers become so indebted to their credit card provider that they are driven to bankruptcy. Some credit cards often levy a rate of 20 to 30 percent after a payment is missed; in other cases a fixed charge is levied without change to the interest rate. In some cases universal default may apply: the high default rate is applied to a card in good standing by missing a payment on an unrelated account from the same provider. This can lead to a snowball effect in which the consumer is drowned by unexpectedly high interest rates. Further, most card holder agreements enable the issuer to arbitrarily raise the interest rate for any reason they see fit. First Premier Bank at one point offered a credit card with a 79.9% interest rate, however they pulled the plug on this card in February of 2011 because of persistant defaults.

Complex fee structures in the credit card industry limit customers' ability to comparison shop, help ensure that the industry is not price-competitive and help maximize industry profits.

from:http://en.wikipedia.org/wiki/Credit_card#Detriments_to_customers

In a mature market economy, innovation is always the inexhaustible source of profit. This is ture especially in nowadays crisis background.