Bank Of America Goes Forth With Debit Card Fees - Products News


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Credit Card Applications » News » Products » Bank Of America Goes Forth With Debit Card Fees

Bank Of America Goes Forth With Debit Card Fees

The content is accurate at the time of publication and is subject to change.

Bank of America has been the target of a lot of criticism and anger in recent weeks, ever since their announcement of their intention to charge customers a $5 monthly fee for the privilege using their debit cards to make purchases.

In addition to sparking protests and inspiring many consumers to make arrangements to put their money elsewhere, the new debit card fee proposed by B of A has prompted Florida State Rep. Jeff Clemens, D-Lake Worth to file legislation that, if passed, would bank banks from being able to charge such fees.

“Now that we’ve bought into their promise of free, easy access to our own money, they want to charge us for it,” Clemens said according to the Florida Independent.

No. 2 Senate Democrat Senator Richard J. Durbin of Illinois, for whom the “Durbin Amendment to the Dodd-Frank financial reform act was named, spoke up about the Bank of America debit card fee situation on the Senate floor advising customers, “Vote with your feet. Get the heck out of that bank,” the Florida Independent reports.

The Dodd-Frank legislation was enacted as a result of the American financial crisis which was blamed, in part, upon the remiss regulation of government on financial institutions.

However, according to the Florida Independent, Clemens said that blaming financial regulations for any new debit card fees is “ridiculous.”

Bank of America is now considering making it easier for customers to avoid the fees, by setting up direct deposit, maintaining a minimum monthly balance or using Bank of America credit cards.

Big banks Wells Fargo and J.P. Morgan Chase have abandoned their monthly debit card fee trials that were being conducted throughout certain states across the country.

Community banks and credit unions country-wide have leapt at the opportunity to court customers by pointing out their no-fee, low hassle accounts, hoping to lure consumers over who are frustrated with big commercial banks.

One of the other options consumers who are unwilling to pay the new fees are considering is online banking.

There is a movement on Facebook declaring November 5 as “Bank Transfer Day.”

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
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