Bank Of America banking issues

[Cu Penny Hoarder]

I have serveral friends and family members who cannot access BAC online banking. One of them has tried going to a BAC ATM and it would not give him any cash. I am also hearing the same reports from a trust worthy trading forum that I frequent. Could this be because they are raising debit cards fees? ... I don't know.

Something is definitely rotten in Denmark. If BAC goes down, the whole system goes down with it.

Stay frosty.

[camtender]

http://latimesblogs.latimes.com/money_c ... proar.html

[Cu Penny Hoarder]

http://latimesblogs.latimes.com/money_co/2011/09/bank-of-america-says-online-banking-outage-unrelated-to-debit-fee-uproar.html

Read that one too. IMO, it's damage control.

Media, banking and government all scratch each others back.

Could be nothing, could be something. Time will tell.

[Mossy]

Local Wells Fargo ATM was down last weekend. Odd.

[neilgin1]

I have serveral friends and family members who cannot access BAC online banking. One of them has tried going to a BAC ATM and it would not give him any cash. I am also hearing the same reports from a trust worthy trading forum that I frequent. Could this be because they are raising debit cards fees? ... I don't know.

Something is definitely rotten in Denmark. If BAC goes down, the whole system goes down with it.

Stay frosty.

oh my, that just sent a chill up my spine. i've had no dealings with BAC for over 25 years, but if BAC goes down...yep, game on, there is something rotten in Denmark, thanks for the heads up. just got a roll of ASES and a brick of nick's.

[Neckro]

I access the website fine, withdrew cash today no issue either.

[neilgin1]

its not a good sign...you know ole FERFAL down in Argentina, he wrote that when the crisis hit, the gummit capped monthly atm withdrawls at 300. not a good sign....but as i read Neckro's post, maybe we're all just a bit itchy. still a dose of caution

[tn-dave]

My small % of my check - direct deposit went Weds at midnight no problem and I used it for an e-bay transaction today with no issues (that I am aware of) -- not happy about the fee I'm going to be charged but it is so convenient "putting aside" so much each week as "play money" to use on-line at any website without actually using a credit card.

[Neckro]

My small % of my check - direct deposit went Weds at midnight no problem and I used it for an e-bay transaction today with no issues (that I am aware of) -- not happy about the fee I'm going to be charged but it is so convenient "putting aside" so much each week as "play money" to use on-line at any website without actually using a credit card.

A CC has much more user safety compared to a Debit. I refuse to use my debit online, nothing like losing all the money in my account.

[hobo finds]

$60.00 a year if you use your Debit card! Thats a bunch of BS! I'll put stuff on a credit card and pay it off on time for no additional fees.

[HoardCopperByTheTon]

My understanding is that the $5 fee per month only applies if you use your debit card. I never use mine. Most merchants still prefer and deal in cash. I grab 4 bags of pennies out of the trunk and deposit them.. then step outside and withdraw my $200 in lunch money from the ATM. Not sure about the whole thing, but maybe this is a way for the bank to get folks to select credit rather than debit when using the card so they can get a higher percentage from the merchant. If the customer uses it as a debit card then they just bang them for the fee. It may result in folks just using cash and cutting the bank out completely.

I also heard from a friend that BofA is currently going though a whole new restructuring where they assign new account #s to everyone. Obviously there are always a few glitches when they do this. The banks don't need to declare a banking holiday.. they just declare that their network is down and you can't have your cash. Usually only one bank has this issue at a time so those of us that spread it around are not hindered as much. Of course in a worse case scenario we could always spend boxes of coin.

[Cu Penny Hoarder]

Another account lock out going on at BAC. Something serious is about to happen... bet on it.

http://www.zerohedge.com/news/bank-america-locks-out-its-online-clients-second-day-row#new

[NHsorter]

$60.00 a year if you use your Debit card! Thats a bunch of BS! I'll put stuff on a credit card and pay it off on time for no additional fees.

And cash back as well, don't forget that. I don't use my debit card at all, it has no rewards. They can keep trying to get me with fees but it is never going to happen. They might drive me away from certain products if they want. I don't care if I have to go with a 100% cash operation, the banks are not getting any money from me in fees. Receiving $ via PayPal for eBay sales is really the only thing that I ever get hit with and that is really just part of the expense to attain the colossal marketplace that is eBay, so I don't really count that.

[hobo finds]

Home Page Temporarily Unavailable

https://notice.bankofamerica.com/conten ... 6189173430

[hejira11]

I made my online Mortgage payment Friday. I usually get an Email and see the amount on hold from my checking account. As of this morning neither happened. I called and the first thing the rep asks me, after all the security questions is, "did you write down the confirmation number." I told her NO. I have been doing this for YEARS (and years and years) and this is the first time I have not seen an email or a withdrawl from my account.

She put me on hold and told me that the payment is listed as recieved. Still no Email or Debit from my checking acct.... weird.

[AGgressive Metal]

Their stock is down like 7 or 8% today.

[highroller4321]

Their stock is down like 7 or 8% today.

10% now!

http://www.google.com/finance?client=ob&q=NYSE:BAC#

[slickeast]

I heard on the radio this morning about the $5/month charge to use their debit card. That has to be a huge sum if money when you figure how many members they have. I suggest dumping them and go to a new bank. There are banks on every corner,find one that is best suited for your needs.

[NotABigDeal]

Makes me love my fee free Credit Unions and the fact I'm a cash guy....

Deal

[IdahoCopper]

It does sound like millions of people decided to close their BoA accounts due to the new debit card fee, and all began doing it today.

This may be what a modern bank run looks like.

[Cu Penny Hoarder]

I made my online Mortgage payment Friday. I usually get an Email and see the amount on hold from my checking account. As of this morning neither happened. I called and the first thing the rep asks me, after all the security questions is, "did you write down the confirmation number." I told her NO. I have been doing this for YEARS (and years and years) and this is the first time I have not seen an email or a withdrawl from my account.

She put me on hold and told me that the payment is listed as recieved. Still no Email or Debit from my checking acct.... weird.

Very interesting. Thanks for that.

Something does not feel right. I have a feeling in my gut... the same feeling that I had in Septmeber of 2008 before Bear Stearns went belly up. This time, I don't think TPTB will be able to rescue the system. Fasten your safety belts.

[neilgin1]

Bank Of America Locks Out Its Online Clients For Second Day In A Row

http://www.zerohedge.com/news/bank-amer ... nd-day-row

[barrytrot]

Not locked out, just "often locked out". It's like a game of "Bank of America Roulette". If you try 20 times, you generally "hit" once

I was on earlier today on my account.

[Lemon Thrower]

here is what is going on.

the beloved Dodd Frank law had something called the Durbin amendment in it. It basically caps the fees that banks can charge merchants for debit card transactions. a little history is needed.

in the late 60s and early 70s, banks created credit cards and then spun these off into Visa and MasterCard. merchants pay fees to accept these, and a good portion goes to Visa and Mastercard.

Next the banks invented a new system - the debit card. it has completely different plumbing and is basically owned by the banks, not visa or MC. that is why the banks had pushed debit over credit.

debit used to be profitable for banks becuase of the fees charged to merchants who accepted it. those profits subsidized free checking,etc. congress changed the rules, the merchants benefit, and you lose.

everyone is going to start charging in some way for debit. this is not limited to bank of america, they just might have been first.

as for their website, i'm not sure why they are having problems. their stock has plummeted and their are rumors about their solvency. personally, i would not bank with them. 99% chance you are ok even if they fail, but you could end up with a lot of hassles and even if they were financially in great condition their website issues would cause me to move my accounts.

if they do fail it will get real interesting because they are commonly considered too big to fail. they are huge. they have 10% + of U.S. deposits. what would make the most sense would be to break them up but that is very hard to do.

[NHsorter]

My guess is that they are under attack from hackers. This $5/month debit thing tipped a few of the dorks over the edge and they are being disruptive. It can take a long time to fight something like this off. So I think that BOA is in 2 wars right now. The first had their dorks in a closet facing the cyber attack. The other war is PR where they are doing everything that they can to suppress the story.

Or it could be that they are financially screwed, but I just don't see a logical connection between web access issues and financial trouble. We know that the fed will give them all the FRN's that they could ever want for next to nothing.