Bank Of America banking issues

[highroller4321]

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.

I dont think that number is nearly that high. Its well known the FDIC can only cover like 25% of what it insures. With all the banks that fail every day I think that number is even less than that! BOA has always been a "bad" bank. As soon as they started offering credit cards to illegal aliens I knew they were hurting. The average person would be protected but I don't think all the other banks are going to be able to handle all the bad debt BOA has.

[shinnosuke]

http://abcnews.go.com/blogs/politics/2011/10/durbin-to-bank-of-america-customers-get-the-heck-out-of-that-bank/

By the way, if you have a BOA credit card that earns points, you can convert them to US$. I just exchanged my 70,000 points for $660. Cha-ching!

[hobo finds]

todays message..


We're sorry, our site is running slowly.
As a result, you may experience delays or have difficulty accessing parts of bankofamerica.com, including Online Banking.
We're actively working to resolve these issues. You may wish to defer your transaction until a non-peak time.
If it's convenient, we invite you to conduct your banking business at a banking center or ATM.
Otherwise, you may continue to Online Banking. We do apologize in advance if you experience any delay or difficulty accessing the site.



Thank you for your patience.

[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.

I dont think that number is nearly that high. Its well known the FDIC can only cover like 25% of what it insures. With all the banks that fail every day I think that number is even less than that! BOA has always been a "bad" bank. As soon as they started offering credit cards to illegal aliens I knew they were hurting. The average person would be protected but I don't think all the other banks are going to be able to handle all the bad debt BOA has.

you don't think what number is that high? 99%? my guess is based on deposit insurance and the government printing press, not anything meritorious about BofA. but it just a wild guess by me.

[Lemon Thrower]

hackers is as good a guess as anything. still, i would want to bank with an outfit that can't fend off hackers.

[Cu Penny Hoarder]

todays message..


We're sorry, our site is running slowly.
As a result, you may experience delays or have difficulty accessing parts of bankofamerica.com, including Online Banking.
We're actively working to resolve these issues. You may wish to defer your transaction until a non-peak time.
If it's convenient, we invite you to conduct your banking business at a banking center or ATM.
Otherwise, you may continue to Online Banking. We do apologize in advance if you experience any delay or difficulty accessing the site.



Thank you for your patience.

3 days in a row now? I expect an announcement soon... a merger, a bailout or an all out failure. Something is up.

[highroller4321]

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.

I dont think that number is nearly that high. Its well known the FDIC can only cover like 25% of what it insures. With all the banks that fail every day I think that number is even less than that! BOA has always been a "bad" bank. As soon as they started offering credit cards to illegal aliens I knew they were hurting. The average person would be protected but I don't think all the other banks are going to be able to handle all the bad debt BOA has.

you don't think what number is that high? 99%? my guess is based on deposit insurance and the government printing press, not anything meritorious about BofA. but it just a wild guess by me.

FDIC insurance is one of the biggest ponzi like schemes out there. It is false protection! In there publicly stated numbers they can only cover maybe 25% of all deposites out there.

[Lemon Thrower]

FDIC insurance is a ponzi scheme but as far as risks its much smaller than you think. if BAC goes bust, there is an excellent chance the UST prints money to cover the losses. you may have delays, but losses on DEPOSITS are unlikely. Of course, you get repaid with FRNs or their electronic equivalent, which is appropriate because that is what you deposited, but its the FRNs themselves that are the true risk and true ponzi scheme.

[rexmerdinus]

Hmmm...Was still able to log on to my credit card account. I guess they're fine on the "people who owe us money" side of the house (yeah, I'm not one of those, since I never carry a balance). I suppose I'd better cash out all the points I've "earned."

[Hades12]

tried to log into our CC acount this morning an could not get in.

[shinnosuke]

tried to log into our CC acount this morning an could not get in.

I have trouble too, but when I go to BoA's website I get the following. There is a link that should take you there:
Welcome to bankofamerica.com

We value your business and appreciate your continued patience. Most of our site is working normally, but you may experience occasional delays.

Continue to Online Banking

The "Online Banking" link should take you where you need to go.

[Cu Penny Hoarder]

tried to log into our CC acount this morning an could not get in.

This is not a computer glitch, it's clearly being done on purpose.

My recommendation... go to the local branch and withdrawl ALL of your money NOW.

Phuck Bank of America and the rest of these criminal banksters.

[Hades12]

tried to log into our CC acount this morning an could not get in.

This is not a computer glitch, it's clearly being done on purpose.

My recommendation... go to the local branch and withdrawl ALL of your money NOW.

Phuck Bank of America and the rest of these criminal banksters.

I don't have any money there, just some debt. I was puckered up a bit when Wachovia was going down as all my money was in there.

[Cu Penny Hoarder]

Your mouth or your spincter?