Durbin to customers: Dump Bank of America
October 4th, 2011
03:04 PM ET
11 years ago

Durbin to customers: Dump Bank of America

NEW YORK (CNNMoney) - Sen. Dick Durbin on Tuesday urged customers unhappy with Bank of America's new $5-a-month debit card fee to take their business elsewhere - calling the fee a golden opportunity for other banks "not as greedy" to drum up new business.

"I believe in something called competition," the Illinois Democrat said on a conference call with reporters.


Filed under: Congress • Dick Durbin
soundoff (16 Responses)
  1. Little Jimmy Truth

    BoA claimed it was Obama's fault because economy went bad.

    October 4, 2011 03:12 pm at 3:12 pm |
  2. Sniffit

    Durbin is 100% correct. It's time to start exercising the power of boycott. You have choices. Go to your local credit union or small bank. The big ones widdling you down with fees so they can maintain their record setting profit margins at your expense without having to change that they pay the CEO and his cadre of yes-man executives 7 figures each to find new and inventive ways of ripping you off...screw 'em...after all, they're going to keep screwing you until you stop bending over and stand up to them.

    October 4, 2011 03:14 pm at 3:14 pm |
  3. vic , nashville ,tn

    Do I have to pay for withdrawing my money or using my money? No there are many banks there
    So Bye bank of America
    According to the new law many small business will save money they are the people hiring now Bank of America firing people
    Good point Sen. Dick Durbin

    October 4, 2011 03:18 pm at 3:18 pm |
  4. Rudy NYC

    How long would it take for other banks to charge the same fee. No one is immediately following suit because they want to see customer reaction, to see if they switch or not.

    What the good senator does not seem to realize is that the other banks are not waiting for new customers, they are watching to see how much of a fee is too high to tolerate and causes customers to switch. I don't think five bucks is high enough, so the next bank with a similar policy will charge something a bit higher.

    Come one, Sen. Durbin. that's one of the first thinks you learn in Econ 110: Principles of Capitalism. "Charge as high a price as the market can stand. When sales volume drops, then you know the price is too high. If sales does not drop, then you know you have headroom to raise the price further."

    October 4, 2011 03:33 pm at 3:33 pm |
  5. diridi

    Dump "Wells Fargo" too....o.k, Greedy Idiots....Watch all the Banks...with out Bail out money, they play drama, nasty thugs, of this nation....cancel accounts if they charge...

    October 4, 2011 03:52 pm at 3:52 pm |
  6. encore

    I have already moved my money from them about a year ago. i"ts time for us to show these ppl we dont need them they need us.

    October 4, 2011 03:52 pm at 3:52 pm |
  7. James siliga meaole

    Endemic greed by the wealthy, Tea Party/GOP., an the KOCH BROS towards the poor in the Nation that they built, and have the BLOOD SUCKING LEECHES SUCKING US DRY

    October 4, 2011 03:53 pm at 3:53 pm |
  8. Rick in OP

    Be careful what you say Senator, the price of Bank of America stock has fallen 50% in the last three months to the $5 per share range. Like it or not, Bank of America is too big to fail. You might be voting on a bailout package for B of A if the share price continues to go lower.

    October 4, 2011 03:59 pm at 3:59 pm |
  9. YOU Decide 2012: A bankrupt socialist welfare country or a thriving capitalist super power

    Stupid Democrat Durbin and the others doesn't understand you can't micromanage banks and expect them to be viable. They need to make a profit to survive and be viable long term. If you tell them they can't charge for something they have to make up that money some other way. Democrats are simply imbeciles when it comes to Business and Economy 101.

    October 4, 2011 04:10 pm at 4:10 pm |
  10. Ralph

    Senator Durbin has good advice. And I dumped Bank of America 3 years ago. I recommend people investigate joinging a local credit union. Their rates/ charges are much lower, AND a Cresit Union won't try to manipulate and scam its customers into foolish money decisions.

    October 4, 2011 04:10 pm at 4:10 pm |
  11. Randy

    Too bad we can't switch government when the fees/taxes get too high. Durbin is upse because BOA found a way to continue to make money (the goal of every corporation) with his regulation in place. Before everybody goes off on the greedy corporation kick, I have no problem if you move to a different bank, or go 100% cash and stop using banks all together. That stops all fees. Anyway back to the greed comment, BOA wants to survive, it needs cash to do it, just like people do. If you want food you need money, if you want a car, you need money. If you want more food, or a better car you need more money. If you aren't personally greedy, why not put in your 40 hours for free. How many of you have said I make too much money, I'll tell my boss I want a pay cut but keep doing the same job. Greed isn't just the rich, it's across the entire financial spectrum. Everybody wants more.

    October 4, 2011 04:13 pm at 4:13 pm |
  12. Sniffit

    "Come one, Sen. Durbin. that's one of the first thinks you learn in Econ 110: Principles of Capitalism. "Charge as high a price as the market can stand. When sales volume drops, then you know the price is too high. If sales does not drop, then you know you have headroom to raise the price further.""

    Seems to me, he learned it pretty well. He just told all of BoA's customers to drop the sales and send that message rather than sit back and take it like sheep like people have been doing as the banking and financial industries have basically raped them for the past several decades.

    October 4, 2011 04:24 pm at 4:24 pm |
  13. colt45

    It's a no-brainer: Durbin is absolutely right about dumping B of A. I am leaving BA to protest the debit card fee, too tight lending practices, and excessive salaries and perks to executives. Time to take action-NOW!

    October 4, 2011 04:25 pm at 4:25 pm |
  14. Rudy NYC

    "We obviously need more gov regulations to control this type of capitalistic change caused by the last set of short sighted gov regualtions(ie.. Dodd/Franks)"

    Hey Demwit. BoA's problems are mainly because of what is occurring in Europe. These fees have less to do with American regulations and more to do with keeping the company afloat as it slowly sinks off the coast of P.I.G.S.

    October 4, 2011 04:25 pm at 4:25 pm |
  15. VA VERY Ex Republican

    here is an old story (real one). People went one day to a wise man complaining about the increase in meat prices. the wise had 3 words to say to them. he said, make it cheaper. for the Tea Party and GOP current (I am an Ex thank God) folloers who won't understand the merit of the story, it is simply offer and demand. when people stop buying meat then the meat traders will have to drop the price. and by the way, if you are too dumb to get then then just simply blame it on Obama.

    This quarter will be a great quarter and next year will be a great year and mark my words.

    October 4, 2011 04:32 pm at 4:32 pm |
  16. Woman In California

    I NEVER liked BOA and therefore never used them. I hope they go belly up as far as customers are concerned.

    October 4, 2011 04:34 pm at 4:34 pm |