BofA plans to charge a $5 dollar debit card fee next year

Let me get this straight? We, the tax payers bailed out these HUGE bank monopolies with our hard earned money and now they want to charge us a $5 dollar fee for using their precious debit cards? Are you kidding me??

Bank of America will become the first major bank to charge customers across the country a monthly fee to shop with their debit cards, part of a wave of changes that are eroding the low-cost model of banking that consumers have long enjoyed.

The $5 fee will debut next year for the bank’s basic checking accounts. It will apply only to debit card purchases and not to ATM withdrawals, online bill pay or mobile phone transfers. A spokeswoman said the bank is “adjusting our pricing to reflect today’s economics.”

Perhaps the bank’s decision simply reminded us all over again that we are living increasingly in a fee-littered world, where companies continually seek out new ways to nibble away at our wallets by charging for the smallest of once-free services, leaving many customers feeling nickel-and-dimed.

[ Source:  Washington Post ]

You’re damned right we feel “nickel-and-dimed!” At least Obama is showing some balls here by calling the charge “not good business practice.” In reality he’ll probably receive a nice incentive for his campaign troubles from a lobbyist. For now we’ll take his call-out at face value and hope he can do something to help out the little guy. I’ve been banking with BofA since 1995 but this might be the last straw and switch over to a Credit Union like I should have all these years.

What do you think? Do you agree with this fee? Think its a bunch of crap? Leave your comments below


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