wat

8/22/2011 7:55:52 PM

Sell one share of Bank of America for 6.50 buy one share of the ETF XLF the financial component of the s&p 500 for 12.00. I just wanted some hedge for FED tricks and games that could halt the beating B of A is taking. If the stock goes up the XLF should cancel out any losses, its not the best hedge as if B of A goes to zero the XLF is likely hammered as well. The main point is to hedge any more tricks from the FED. Took longer than normal to locate shares to sell short , thought that was funny.

8/22/2011 10:35:50 PM

Oh look 15 min before the open the front-running scumbag from Omaha, throws his 5$ billion hat into ring. Wonder if he got any calls from Nantucket this week. Now all we need to wait for is to see what he was front-running.

8/25/2011 9:46:58 AM

Sold more at 8.20 and bought 12.80's on legs. This 5$b changes nothing, it just means the Feds bail out will be $5b less.

8/25/2011 6:06:40 PM

Bank of America to axe 30k jobs

http://www.businessinsider.com/bank-of-america-to-cut-30000-jobs-in-the-us-2011-9

Certainly not good news for Charlotte...or anyone, really.

9/12/2011 11:42:19 AM

No big deal, the new jobs bill will be able to cover it in fold. $7.05, ha boners who bought 8.50's on buffet morning.

9/12/2011 6:05:15 PM

This latest FOMC announcement is not good news for Bank of America.

9/21/2011 3:11:59 PM

credit rating down graded too (along with a few other big boys)...Moody's opinion was that the gov won't bail out a 'too big to fail' institution this time around

9/21/2011 4:27:18 PM

This bank is on its way to the slaughterhouse. Start chopping that meat up baby.

9/21/2011 7:43:18 PM

Heard a couple of desks quit trading with b of a

9/22/2011 11:40:59 AM

Chop that meat, chop that meat


Might have to add Morgan Stanley to the watchlist after that headline today. Wow

9/22/2011 12:21:52 PM

into the 5 handle

9/23/2011 8:53:21 AM

Morgan Stanley pulls into the lead as we enter the home stretch.

Which bank goes down first? Place your bets!

9/23/2011 10:06:00 AM

Which one goes first really doesn't matter, just the hundreds that follow.

9/23/2011 11:21:09 AM

Dude

It was a novel about isolation, not a blueprint for political philosophy

Even if it was, it was about a charismatic fascistic leader

But then again, Ron Paul has his own personality cult

9/25/2011 12:09:25 PM

Bac with the $5 fee uh oh!

9/29/2011 5:15:48 PM

$5/month fee to use your debit card. Jesus christ. Any tricks to get around this? I have a shit ton of checks

9/29/2011 6:49:01 PM

There's really only one solution...pull every last dollar out of your Bank of America account and move it to a different bank.

9/29/2011 6:50:55 PM

Working on it!

9/29/2011 6:57:53 PM

Quote :

"$5/month fee to use your debit card"

wtf

9/29/2011 7:05:48 PM

You need to just stop using bank debit cards. I havent used mine once. Carry an AMEX and mastercard. That covers all charges. Its really the way we should be doing it anyway. Who wants fraudulent charges going to your bank account? While you'll get your money back eventually, its a lot less messy if it happens on a charge card.

9/29/2011 7:55:45 PM

just a matter of time before all banks start charging for a debit card

9/29/2011 8:54:16 PM

Dump the banksters. Dump BOA!

9/30/2011 11:50:39 AM

It's only annoying if you regularly shop somewhere that doesn't take credit cards, which I used to when I lived in North Carolina. Now, I've only used by debit card at Costco, and the last time I went I used my AMEX. Just use credit cards and collect your 1-6% cash back rewards.

9/30/2011 11:56:43 AM

Quote :

"Dump the banksters."

9/30/2011 11:57:24 AM

Tick tock. European lawsuits now

9/30/2011 5:34:54 PM

Quote :

"$5/month fee to use your debit card. Jesus christ. Any tricks to get around this? I have a shit ton of checks"

cancel your account and move to another bank. vote with your feet. also, people should know that this kind of fee is directly attributable to Dodd-Frank. You took away the banks' ability to charge people who were costing them money by abusing and misusing their accounts, so instead they'll charge everyone, even those who are responsible with their accounts. Can't say we didn't tell you so

9/30/2011 6:47:29 PM

First off, like Carzin said, I don't know why people feel the need to use debit cards. Credit cards offer the same level of convenience with more perks. If you don't have credit then maybe just consider using cash.

But with that being said I don't blame people for looking at this new charge on an individual level and deciding that the service BofA is offering (convenience) at the price they are charging for it ($5) isn't worth it. People are right, there are other options. I wouldn't argue with anyone who said they were changing banks based on this new fee.

What I don't get is the populist outrage. Every day we are faced with purchasing decisions where we decide if the price for a product or service is reasonable. Bank of America doesn't owe anyone free checking. They have made a decision and it's going to cause some customers to leave, Netflix did the same and I didn't understand why people felt entitled to mail order DVDs at a certain price.

Arguably, you could applaud this fee. (ok applaud is probably not the right word but...) I think people had a legitimate beef with the hidden fees and sketchy overdraft practices. People were getting charged fees they weren't expecting. This one is upfront and simple. You know exactly what is going to trigger the fee.

And I know, "but we bailed their asses out". True, but besides the fact they paid it back, the bailout didn't turn BofA into a charity. They have to continue to make decisions they think are good for business and good for shareholders. Thats what businesses do. People hate the idea of that. But that is what companies do.

10/1/2011 8:52:34 AM

Quote :

"First off, like Carzin said, I don't know why people feel the need to use debit cards. Credit cards offer the same level of convenience with more perks."

Quite right. Stop using the now regulated exchange fee debit cards and start using the still unregulated exchange fee credit cards. Let us see how long they remain unregulated. Of course, now that people no longer have a competitive choice between the two, the credit card issuing banks will jack up their profits.

Quote :

"What I don't get is the populist outrage. Every day we are faced with purchasing decisions where we decide if the price for a product or service is reasonable."

But this didn't happen because BofA decided it wasn't profitable given the competitive marketplace to not charge the fee. This fee is because of an act of Congress shifting profits away from consumers through banks to retailers. People should be upset when Congress takes advantage of them, we elect them after-all so if there are any policies we have a right to get upset about it is when our elected representatives harm us by interfering in private contract disputes.

10/1/2011 9:10:57 AM

It doesn't really matter. BOA will be bankrupt very soon anyway. It might not be worth the hassle of moving because whatever bank you move to will probably be buying their carcass soon.

10/1/2011 11:13:40 AM

Looks like the slap on the wrist robo signing settlement talks are falling apart. That's too bad.

10/1/2011 11:31:29 AM

site down, whats going on?

10/3/2011 12:52:43 PM

Bank runs in the modern age? Not when you can have "temporary technical issues"!

10/3/2011 12:57:32 PM

run on deposits, that is whats going on

10/3/2011 2:24:57 PM

$5.65 everything is fine carry on

10/3/2011 2:27:41 PM

It's funny that a $5 fee is why people are threatening to leave rather than oh I don't know the hassle of trying to get your money back after the bank collapses

10/3/2011 2:29:26 PM

excellent read

http://www.ibtimes.com/articles/224004/20111003/bank-of-america-debit-card-fee-anger-durbin-occupy-wall-street.htm

10/3/2011 3:00:51 PM

Jokes on you. Banks don't want poor people that can't afford a measley $5 as customers anyway.

10/3/2011 3:39:28 PM

actually, before the overdraft legislation, that's exactly who they wanted...overdrafts accounted for their largest non interest income pool. They had a sweet deal going until they got greedy with charge structuring and the like.

between that and transaction fee limits, they're gonna be scrambling to come up with all sorts of hinkey ways to get fee money.

10/3/2011 3:47:22 PM

Bank of America issued a press release assuring everyone that the website outage was just a run on the bank, and NOT the work of hackers. You can all breath easier.

10/3/2011 7:55:06 PM

still down, i am getting mah monies out for good!

10/4/2011 10:34:51 AM

Let 'em fail! Good riddance to the banksters.

10/4/2011 10:48:49 AM

Quote :

"Let 'em fail! Good riddance to the banksters."

Why would you want 280,000 people to lose their jobs and the see the financial system thrown into total chaos (again)?

10/4/2011 8:29:13 PM

Quote :

"people should know that this kind of fee is directly attributable to Dodd-Frank"

That is a crock of shit. Perhaps BoA should explore ways of creating wealth not wringing out the wealth of the american people like a sponge to line Hugh McCall's pocket.

10/4/2011 9:41:00 PM

^bullshit. This is ONE MAN who decided to put crap into a bill to dictate to an entire industry what is a fare rate to charge. Now that they are now passing on that fee to consumers because of ONE MAN'S actions, people are pissed and Durbin is covering his ass. It is just a matter of time before people start blaming "the free market" for the fee. ahhaha, typical moron politicians disrupting an entire industry and then blaming the industry when it adapts.

Then the same moron senator encourages a run on a US bank.... fucking unreal.

10/4/2011 10:13:51 PM

Quote :

"Why would you want 280,000 people to lose their jobs and the see the financial system thrown into total chaos (again)?"

All those people won't lose their jobs you asshat. Are you really ok with having the bill for their stupid mistakes being added to your taxes? The fuck if I am. We already have systems for marking assets to market prices and forcing bonholders and stock owners to eat losses for their stupid investments. What is left are many many branches with the same people staffing them under new ownership. Sure, some people will lose jobs as capitalism weeds out the shitty portions of their enterprise and they'll be redeployed.

Think for a minute and stop eating the panic cake these thugs are feeding you.

10/4/2011 10:37:41 PM

Burn in hell BoA

So glad I dropped them for ncsecu

10/5/2011 1:00:48 AM

if i move to using a credit card full time do i want to apply for a third party card instead of using my bank issued visa?

10/5/2011 9:19:40 AM

Quote :

"bullshit. This is ONE MAN who decided to put crap into a bill to dictate to an entire industry what is a fare rate to charge. Now that they are now passing on that fee to consumers because of ONE MAN'S actions, people are pissed and Durbin is covering his ass. It is just a matter of time before people start blaming "the free market" for the fee. ahhaha, typical moron politicians disrupting an entire industry and then blaming the industry when it adapts. "

Your partisan hackery is clouding your judgement. BoA is simply looking for the easiest path possible to stuff their bottom lines and to make customers pay for their shitty business decisions that caused them into choppy waters during the banking downturn.

I hope people are not stupid enough to continue using a BoA debit card instead of taking their business elsewhere. BoA has made a profession out of fucking over the average consumer and small business.

Banks make money from each debit card transaction. So please tell me how a $5 charge is "necessary" to provide the funding for the infrastructure that allows such transactions to begin with.

[Edited on October 5, 2011 at 9:51 AM. Reason : a]

10/5/2011 9:49:19 AM

^but they likely would not be charging this fee if it weren't for the new law limiting transaction fees to merchants.

does BOA have to charge this to still earn money via debit transactions? of course not. they're losing one revenue stream so they're trying to create another. either way, it's being passed on to consumers; however, consumers don't appreciate a direct fee. when it was hidden (via charging the merchant) consumers were ignorant to the fee. however, I highly doubt we see a decrease in product prices due to the lower transaction fee, so in the end, this law does nothing but increase costs for BOA customers.

[Edited on October 5, 2011 at 10:01 AM. Reason : .]

10/5/2011 10:00:18 AM