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BANK OF AMERICA aka THE WORST BANK EVER PLANS TO CHARGE $5 USAGE FEE

September 30, 2011 by Don Of Dons.  
Filed under .Voice of The Hood


Video Bank of America to charge costomers $5 debit card usage fee
(Video report & full article inside)

Bank Of America To Charge Customers $5 Debit Card Usage Fee Bank of America will charge customers $5 per month to use their debit card starting in early 2012, according to Dow Jones Newswires.

The fee will apply to customers who use their debit card to make any purchases during the month, but won’t apply to those who only use it for ATM transactions, according to the report. Debit card use is on the rise, according to Digital Transactions. Signature debit card transactions jumped by almost 10 percent between April 2010 and April 2011, the website reported.

im glad im no longer with that wack ass bank . two months ago they sent my mother a foreclosure notice for being late on her mortgage . the only problem is my mother has never been late on her mortgage , and her mortgage was through another bank she never delt with BOA . real talk i hate that b-tch made bank

Bank of America will charge customers $5 per month to use their debit card starting in early 2012, according to Dow Jones Newswires.

The fee will apply to customers who use their debit card to make any purchases during the month, but won’t apply to those who only use it for ATM transactions, according to the report. Debit card use is on the rise, according to Digital Transactions. Signature debit card transactions jumped by almost 10 percent between April 2010 and April 2011, the website reported.

(This piece has been updated to include Senator Durbin’s comments.)

The Bank of America charge is the latest in a slew of fees big banks are adding to checking accounts and debit cards. JPMorgan Chase tested charging a $5 ATM fee for non-network customers in Illinois in July, a plan they ultimately abandoned. Citigroup announced earlier this month that it would charge customers a $10 monthly fee if their account had a balance below $1,500

The added fees are an effort to generate revenue that bank officials expect they will lose as a result of recent regulations — passed through the Dodd-Frank Act — that curb overdraft and other fees, according to the Detroit Free Press.

A banking industry group told the Free Press in May that creating or charging fees is one of the few ways banks can recoup revenue lost through through the new rules. One of these laws, a Federal Reserve regulation that puts a cap on debit-card swipe fees, will take effect next month, according to Bloomberg. The Huffington Post reported

“The economics of offering a debit card have changed,” Bank of America spokeswoman Anne Pace told Reuters Thursday.

In the past, other banks have explicitly tied legislation meant to curb anti-competitive aspects of bank fees to reduced rewards for customers.

“Congress recently enacted a new law known as the Durbin Amendment that significantly impacts debit cards,” reads a Chase letter to customers. “As a result of this law, we will be changing our debit rewards program. After July 21, 2011 you will no longer earn Disney Dream Reward Dollars when you use your Disney Rewards Debit Card.”

http://www.huffingtonpost.com/2011/09/29/bank-of-america-debit-card-fee_n_987304.html

 

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3 Comments on "BANK OF AMERICA aka THE WORST BANK EVER PLANS TO CHARGE $5 USAGE FEE"

  1. StAlbans&Jamaica on Sat, 14th Jul 2012 2:04 pm 

    There’s only five months left while people are scared to death they breathe their last breath, days of our lives go on and on let’s keep it flowing y’all.

  2. Kelli on Fri, 27th Jul 2012 11:30 pm 

    Wow, that’s a dumb move for a bank I’ve never heard anything good about. I wonder how much of their success can be attributed to their “patriotic” name.

  3. Decision on Mon, 6th Aug 2012 1:50 pm 

    The bank can charge whatever fees they want but its up to the consumer if their going to use that particular bank

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