Fee Simple
Bank of America will institute a $5 a month fee for debit cards. I assume this is in response to Congress regulating other fees, sometimes hidden (e.g., when you don't pay fully or fail to do it on time), out of existence
There's a good chance this will be adopted by the entire banking community. Or did you think they'd just shrug when the government made billions of dollars of their shrinking revenue illegal? So now we can all enjoy paying more, right out in the open, even if you play by the rules.
posted by LAGuy @ 12:11 AM
5 Comments:
You came blame who want but B of A is the one imposing the fee. Note- you can turn in your debit card for a regular ATM card. They don't like it but they will do it.
I prefer they make their money charging people who don't use the card well, but the government is forcing them to charge everyone or go out of business.
I've always avoided having debit cards. At least twice my bank (Wells Fargo) has sent me a debit card when I asked for an ATM card, and then I had to have them send me the ATM card I wanted.
If there's a five buck fee, pretty soon everyone will dump debit cards.
No, people who can't qualify for credit cards will get them to have a card they can use to charge things. But, once again, it will prove that it costs more to be poor than it costs to be middle class (let alone rich).
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