Bank of America Corp plans to charge customers who use their debit cards to make purchases a $5 monthly fee beginning early next year, joining other banks scrambling for new sources of revenue
Great...they take our (taxpayer) money for bailout, and now trying to stiff us for more.
It's a good thing I don't have BoA, but I'm betting other banks start doing it too.
yup!
Quote:
Other large U.S. banks including Wells Fargo & Co, JPMorgan Chase & Co and SunTrust Banks Inc are testing or planning monthly debit card fees
Yeah, I saw that. It doesn't seem right to charge you to use your own money that you have deposited with them that they are making interest off of anyway.
It's typical big business screwing us. They get the masses hooked on using something for cheap, it becomes a part of society's habits, then they eventually charge for it. Cell phone data plans and bandwidth on home high speed internet are two other examples.
I never use my Debit Card anymore to get cash at anything other than my bank, ATM fees are ridiculous. A $2 or so fee from the source, plus your own bank's charges, and to withdraw that $20 just cost you close to $5.
The banks are just nickel and diming us. They think raising the fees will increase income, but all it does is drive people away from using them, and in this case will drive people to banks that don't charge a $5 a month fee to access your own money.
They supposedly are making up for the regulations imposed on other scams they've tried. It's like a whack-a-mole game, they get shut down in one area, and pop up elsewhere with a different twist.
Edit - Just saw the part below in the article. People like me have just stopped using ATMs because of the fees. The banks are just cutting off their nose to spite their face. They think the extra fees will generate income but all they do is make people stop using the product.
Even before introduction of the Durbin amendment's rules on debit fees, Bank of America's fee income was dropping at its deposits and card services units. The bank's deposits unit reported fee income of $1 billion in the second quarter of 2011, down 34 percent from $1.5 billion a year before.
The banks are just nickel and diming us. They think raising the fees will increase income, but all it does is drive people away from using them, and in this case will drive people to banks that don't charge a $5 a month fee to access your own money.
You just WISH it was nickels and dimes !!
This is why I have bigger problems with the GOP vs Dems... they defend this crap !! Anything and everything for corporate America !!
And now when you buy your beer and get cash back with your debit card - if you bank with BoA they'll add $5 charge to your account each month that you do it.
So help me out here - how much does it cost to use a check? I remember back in the UK when debit cards were introduced there was a big push by the banks there to get folks to use debit cards as the transactions were cheaper to process than cheques. Heck the government nearly closed the Central Cheque Clearing House, but they got too much protests from folks who still write cheques. (Translation: in the UK checks are called cheques)
_________________________ I used to think it was terrible that life was unfair. Then I thought what if life were fair and all of the terrible things that happen came because we really deserved them? Now I take comfort in the general unfairness and hostility of the universe.
I never use my Debit Card anymore to get cash at anything other than my bank, ATM fees are ridiculous
What I do is; I go the local CVS store for beer , and get cash back , its free. So I never need to go to any ATM.
Look at your statement, are you sure? Are you using it as a Credit Card or Debit card? Around our neck of the woods if you use it as a CC the store pays the CC fees from the card issuer, if you use it as a Debit Card the costumer pays the fees.
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