ARRA News Service facebook page
News for social, fiscal & national security conservatives who believe in God, family & the USA. Upholding the rights granted by God & guaranteed by the U.S. Constitution, traditional family values, "republican" principles / ideals, transparent & limited "smaller" government, free markets, lower taxes, due process of law, liberty & individual freedom. Content approval rests with the ARRA News Service Editor. Opinions are those of the authors. While varied positions are reported, beliefs & principles remain fixed. No revenue is generated for or by this site - no paid ads - no payments for articles. Fair Use doctrine is posted & used.
Editor/Founder: Bill Smith, Ph.D. [aka: OzarkGuru & 2010 AFP National Blogger of the Year]
Contact: (Pub. Since July, 2006)
    Home Page

One of the penalties for refusing to participate in politics is that you end up being governed by your inferiors. -- Plato (429-347 BC)

Monday, October 03, 2011

Why I'm Leaving Bank of America

By Bill Smith, the Ozark Guru: As a former active duty military, now retired, I banked at an independent "Military Bank" which understood and worked with  military members and their families.   They were able to assist members who relocated often and were assigned in strange locations sometimes separated in distance from their families. A few years ago, this military bank was acquired by Bank of America. Interesting enough, we also had a home loan with Countrywide which also bought by Bank of America. No, it was not have one of the "special" Countrywide loans that cost the taxpayers money. It was a traditional home loan which Countrywide purchased.

When we unwillingly became Bank of America clients, we experienced problems with their branch banks wanting to charge us fees for using our debit card to withdraw funds from our checking account. This resulted in numerous calls to the Corporate BOA offices and they finally issued written instructions to its BOA branches not to charge fees to its military bank clients for cash withdrawals. Bank of America finally adopted this policy for all of their clients using any BOA banking teller machines. A second issue was that local branch banks had trouble depositing checks to our bank account. After several months, they resolved this issue.

Then, Bank of America starts appearing much too often in the morning and evening news. First there reports that BOA was issuing credit cards and bank accounts to undocumented (illegal) aliens under an agreement with Mexico. Not sure how that worked out. Then there was the Federal banking bailout loans. Next, was information that Bank of America was supporting various social programs which did not line up with our beliefs. Although bothered, we still did not change banks.

Bank of America had agreed to honor all the then unique benefits offered by the Military Bank. Rumor has it that BOA may have stopped doing this for new military clients. Then, over the years, I noted that Bank of America was supporting certain social policies and groups which did not align with beliefs.

Recently, we all learned that Bank of America was suffering financial losses. Maybe it was caused by those credit cards issued to illegals or by the bad loan assets acquired from Countrywide. Regardless, Bank of America became a major contributor to the number of people unemployed. They cut 30,000 people nationwide. I was now upset - something was not right at BOA.

Now, we learn that Bank of America is going to charge its customers for using their debit card at retail stores. When someone uses a debit card, they have two options. First a person can use it as a debit card and the payment is simply removed from the person's bank account. In other words, they are spending their own money. They may also opt to use the debit card as credit card. The funds still comes out of their checking account unless they are out of money in their checking account. Then the charge is treated as a credit card purchase with accompanying interest if the amount is not paid on time.

Consider why so many people use a debit card. A major reason is that they can access and spend or withdraw funds from their checking account without having to go to the bank or bank cash teller machine. That is a real advantage in rural and isolates areas where it easier to visit stores like a Dollars General or a Wal-Mart than at a bank that is closed. Even in major cities, people often do not wish to be at risk of being robbed after they use a bank teller machine. Stores are far safer.

Why should a client pay to use a debit card that the bank marketed as one of their free services? A debit card which accesses their own checking account and no checks have to be processed by the bank.  I like our local BOA tellers. However, the decisions by Bank of America corporate needs major attention. Since, I can not even get their attention let alone do anything about the decisions by BOA corporate management, it is time for our family  to stop lending Bank of America our money to use.  It is time to move on to another bank. 

Below is a good post by RedState's Moe Lane which discusses Bank of America, CARD Act, Dodd-Frank, and soaking the poor.
Congratulations, Congressional Democrats: you’ve managed to soak the working poor again.
Bank of America will start charging debit-card users $5 a month to pay for purchases. The move comes as the cards increasingly replace cash and as banks look for ways to offset the loss of revenue from a new rule that will limit how much they can collect from merchants.
Via Instapundit. You see, what happened here is that Senator Dick Durbin took a break from throwing minority kids out of private schools to extend his legislative magic to the field of merchant debit card fees. The plan? Force the banks to give up their greedy, greedy profits by limiting merchant-to-bank transaction fees, thus saving the merchants money, which they would then pass along to the customer in the form of lower prices. Which sounded… actually, it sounded stupid in theory, even then. It sounds really stupid now because Durbin and the rest of Team Jackass didn’t consider the possibility that their Congressional mishandling of the economy from 2007 to 2001 might have resulted in a poor economy in 2011. So what happened? Well, the banks still need the revenue – because of the economy – so they’re going to raise debit card fees to make up for it. And the retailers aren’t doing much better – because of the economy – so they’re not racing to lower their retail prices. Assuming that they do it at all. End result? Your monthly expenses are probably about to go up. Hope you have a job! …Oh. Right.

Anyway, the Atlantic takes up the tale from there:
The worst result of this new rule may be that it will specifically harm lower- and middle-income Americans. Think about who banks will force to pay for checking now. A bank has two customers: one with a high income that carries a few thousand dollars in her checking account and another with lower income who carries a few hundred in his checking account. It would value more deposits, so it will charge the lower income individual a larger checking account service fee.

Indeed, we see this already. Some banks offer free checking accounts if a minimum balance is maintained. So the wealthier person who can afford to keep a larger balance will continue to enjoy free checking, while a less affluent person who basically lives from paycheck to paycheck will have to pay. Before, neither faced a direct fee for their checking.
Double oops. And before anybody says that this is unexpected… no. No, it was not. I was telling people back in JANUARY that this was going to happen, and I even explained why:
What’s going on? Well, it’s a handy primer in why government interference in markets is something not to be entered into lightly. For the last few years Congress was run by the political party whose members are just ever-so-slightly more willing to believe in conspiracy theories about the evil, evil big banking industry and its quiet plan to turn us all into techno-serfs*. When times are good, this isn’t that much of a problem; when times are bad, though… well, that’s when the Democrats’ economic paranoia can bubble up, and the results ain’t always pretty. And so it was in this case. Regulating an industry – and banking is an industry – needs to be done dispassionately if it’s to be done at all; if you want to go in and punish groups, you end up being sloppy. The CARD Act and Dodd/Frank were both punitive bills dressed up as ‘reform:’ so it’s not surprising that the laws’ immediate targets are not going to reform. Predictable, in fact.
…Unless you’re a Democratic legislator, at least. It must be nice to not have a long-term memory: every morning’s sunrise is a new wonder, and the shame felt with every failure at basic math is swiftly drowned out by the ever-flowing river of Now. A shame that we have to live in the country that these amnesiacs are currently trusted with running, alas…

Moe Lane (crosspost)

Tags: Bank of America, BOA, banking, banking problems, lending to illegals, illegals, credit cards, debit cards, swipe fees, bailouts, home loan scandal, financial problems, layoffs, video, Card Act, Dodd Frank, RedState, Moe lane, Bill Smith To share or post to your site, click on "Post Link". Please mention / link to the ARRA News Service. Thanks!
Posted by Bill Smith at 3:11 PM - Post Link


Anonymous John Dobson said...

These banks are adding more fees to the charges of opening and maintaining a checking account. This is ridiculous. They are just like the airlines industry. They would charge you for taking a dump in the toilet if they could.

Anonymous John Trask said...

USAA is offering banking services, go to and see what they have to offer.

Blogger Bill Smith said...

John, Thanks, I've been a member of USAA for over 40 yrs. Now looking at their banking services :)

Anonymous Josh Dodd said...

You can thank Dodd-Frank for that. As you know, banks are a for-profit industry and Dodd-Frank has, essentially, hurt their profits a great deal. So look for all banks to resort to this. Some credit unions were exempt because they largely serve union employees, but the banks drew the short straw.

Anonymous John Trask said...

We need to REPEAL Dobb/Frank ASAP

Anonymous Josh Dodd said...

By the way, no relation to Chris Dodd here lol

Blogger Bill Smith said...

Josh, LOL!

Anonymous Christopher V. Hill said...

Banks are necessary but we should all begin supporting the more local banks that are involved in our communities. Think of George Bailey and "that miserable old Building and Loan!"

Anonymous Mark Godbey said...

My dad always banked at our local bank where he kept his house and business loan, and the Ft. Knox Credit Union

Anonymous Brad Cannon said...

Good for you!

Blogger Bill Smith said...

News today is that Geitner and Obama are seeking to prevent Bank of America from charging debit card fees. The Dems don't get it; stay out of running private businesses. Still leaving BOA!


Post a Comment

<< Home

View U.S. National Debt

Don't miss anything!
Subscribe to the
ARRA News Service
It's FREE & No Ads!

You will receive a verification email
& must validate you subscribed!

You Then Receive One Email Each AM
With Prior Days Articles / Toons / More

Also, Join us at:

Recent Posts:
Personal Tweets by the editor:
Dr. Bill - OzarkGuru - @arra
#Christian Conservative; Retired USAF & Grad Professor. Constitution NRA ProLife schoolchoice fairtax - Editor ARRA NEWS SERVICE. THANKS FOR FOLLOWING!

Action Links!
State Upper & Lower House Members
State Attorney Generals
State Governors
The White House
US House of Representatives
US Senators

Facebook Accts - Dr. Bill Smith
ARRA News Service
Arkansans Against Big Government
Alley-White Am. Legion #52
Catholics & Protestants United Against Discrimination
End Taxpayer Funding of NPR
Overturn Roe V. Wade
Prolife Soldiers
Project Wildfire 4 Life
Republican Liberty Caucus of Arkansas
The Gold Standard
US Atty Gen Loretta Lynch, aka Eric Holder, Must Go
Veterans for Sarah Palin
Why Vote for Hillary (Satire)
FB Groups:
Arkansas For Sarah Palin
Arkansas Conservative Caucus
Arkansas County Tea Party
Arkansans' Discussion Group on National Issues
Blogs for Borders
Conservative Solutions
Conservative Voices
Defend Marriage -- Arkansas
FairTax Nation
Arkansas for FairTax
Friends of the TEA Party in Arkansas
Freedom Roundtable
Pro-Life Rocks - Arkansas
Republican Network
Republican Liberty Caucus of AR
Reject the U.N.


Request Via
Article Comment

Links to ARRA News
A Patriotic Nurse
Agora Associates
a12iggymom's Blog
America, You Asked For It!
Americans for a Free Republic
America's Best Choice
America's Whatchtower
An Ol’ Broad’s Ramblings
ARRA Twitter
As A Matter of Fact
As The Crackerhead Crumbles
Baaad Media!
Black & Right
Blogs For Borders
Blogs for Palin
Blow the Trumpet Ministry
Boot Berryism
Cap'n Bob & the Damsel
Chicago Ray Report
Chuck Baldwin - links
Citizen Pamphleteer
Common Cents
Conservative Hideout
Conservative Observer AZ
Conservative Voices
Conway Real Deal
Defeat Obama's Agenda
Diana's Corner
eGOP News
Florida Pundit
Franklin Online Outreach
Freedom For US Now
Free Zone Media Center
For God and Liberty
Garland County Republicans
Greater Fitchburg For Life
Lasting Liberty Blog
Liberal Isn't Amy
Liberty's Lifeline
Maggie's Notebook
Marathon Pundit
Monkey in the Middle
NASA Satellites
No Runny Eggs
Okie Campaigns
Our Voices Arkansas
Patriot's Corner
Publius Forum
Randy's Roundtable
Real Debate Wisconsin
Religion and Morality
Right on Issues that Matter
Right Reason
Rocking on the Right Side
Saber Point
Saline Watchdog
Secure Arkansas
Sentry Journal
Sultan Knish
Stop Obama Satire & Cartoons
The Arkansas Patriot
The Audacity of Logic
The Blue Eye View
The Bobo Files
The Born Again Americans
TEA Party Cartoons
The Conservative Citizen
The Foxhole | Unapologetic Patriot
The Liberty Republican
The Lid
The Looking Spoon
The Maritime Sentry
The O Word
The Path to Tyranny Blog
The Real Polichick
The War on Guns
Truth About Obamacare
Twitter @ARRA
Warning Signs
Women's Prayer & Action

Editor's Managed Twitter Accounts
Twitter Dr. Bill Smith @arra
Twitter Arkansas @GOPNetwork
Twitter @BootBerryism
Twitter @SovereignAllies
Twitter @FairTaxNation

Editor's Recommended Orgs
Accuracy in Media (AIM)
American Committment
American Culture & Faith Institute
American Enterprise Institute
American Family Business Institute
Americans for Limited Government
Americans for Prosperity
Americans for Tax Reform
American Security Council Fdn
AR Faith & Ethics Council
Arkansas Policy Foundation
Ayn Rand Institute
Bill of Rights Institute
Campaign for Working Families
CATO Institute
Center for Individual Freedom
Center for Immigration Studies
Center for Just Society
Center for Freedom & Prosperity
Citizens Against Gov't Waste
Citizens in Charge Foundstion
Coalition for the Future American Worker
Competitive Enterprise Institute
Concerned Veterans for America
Concerned Women for America
Declaration of Am. Renewal
Eagle Forum
Family Research Council
Family Security Matters
Franklin Center for Gov't & Public Integrity
Freedom Works
Gingrich Productions
Global Incident Map
Great Americans
Gold Standard 2012 Project
Gun Owners of America (GOA)
Heritage Action for America
David Horowitz Freedom Center
Institute For Justice
Institute for Truth in Accounting
Intercollegiate Studies Institute
Judicial Watch
Less Government
Media Reseach Center
National Center for Policy Analysis
National Right To Work Foundation
National Rifle Association (NRA)
National Rifle Association (NRA-ILA)
News Busters
O'Bluejacket's Patriotic Flicks
Open Secrets
Presidential Prayer Team
Religious Freedom Coalition
Renew America
Ron Paul Institute
State Policy Network
Tax Foundation
Tax Policy Center
The Club for Growth
The Federalist
The Gold Standard Now
The Heritage Foundation
The Leadership Institute
Truth in Accounting
Union Facts

Blogs For Borders

Reject the United Nations

Adopt Our Troops in Prayer

Thousands of Deadly Islamic Terror Attacks Since 9/11

FairTax Nation on FaceBook
Friends of Israel - Stand with Israel
Blog Feeds
Syndicated - Get the ARRA News Service feed Syndicated!
ARRA Blog Feed

Add to Google Reader or Homepage

Add to The Free Dictionary

Powered by Blogger

  • To Exchange Links - Email:!
  • Comments by contributing authors or other sources do not necessarily reflect the position the editor, other contributing authors, sources, readers, or commenters. No contributors, or editors are paid for articles, images, cartoons, etc. While having reported on and promoting beliefs associated with the former Arkansas Republican Assemblies (ARRA), this blog/site is controlled and supported by the editor. This site/blog does not advertise for money or services nor does it solicit funding for its support.
  • Fair Use: This site/blog may contain copyrighted material the use of which has not been specifically authorized by the copyright owner. Such material is made available to advance understanding of political, human rights, economic, democracy, and social justice issues, etc. This constitutes a 'fair use' of such copyrighted material as provided for in section Title 17 U.S.C. Section 107 of the US Copyright Law. Per said section, the material on this site/blog is distributed without profit to readers to view for the expressed purpose of viewing the included information for research, educational, or satirical purposes. Any person/entity seeking to use copyrighted material shared on this site/blog for purposes that go beyond "fair use," must obtain permission from the copyright owner.
  • © 2006 - 2018 ARRA News Service
Creative Commons License
Creative Commons Attribution Noncommercial Share Alike 3.0 Unported License.