Britta Rivera Venture

CHICAGO REAL ESTATE NEWS & MORE

(VIDEO) 2011: IS BANK OF AMERICA GETTING OUT OF THE MORTGAGE BUSINESS? NEW DEBIT CARD FEES BEGIN

Is Bank of America getting out of the mortgage game?  Well, according to a recent blog by a Mortgage Specialist the signs of this possibility are clear.  While this news may not be a surprise to many industry experts, customer’s will probably be shocked to hear.  Several clues in recent months have led to this speculation, including their recent sale of a half billion-dollars worth of portfolio loans they were servicing.

It was also announced this week that B of A will begin charging monthly fees when using your debit card for purchases.  Beginning January 1, 2012 they will impose a $5.00 per month fee, even if you use it only once in a month, which has many of their customers fuming.  Experts suggest the change was in response to new regulations which cap the fee banks can pass onto business owners.   How else can they make up the lost revenue?  Fees are the easiest way to replace the loss.

While this is not good news for B of A consumers, who are already struggling to put food on their table, it gets worse.  Other big banks such as JP Morgan Chase and Wells Fargo have already began testing a $3.00 per month fee in some parts of the country.

When will the fees end?  We already pay to remove our own money from the bank and/or for a live teller.  Will we have to go back to the “old days” of keeping our cash under our mattress?

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September 30, 2011 - Posted by | REAL ESTATE NEWS | , , , , , , , , , , , ,

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