Pages

Friday, September 30, 2011

What do you think of Bank of America's $5 debit card fee?

Ron Swanson - Photo credit: nbc.com
I'm not a Bank of America customer anymore. I haven't been for a while. But the announcement of their $5 monthly fee for the privilege of having a debit card really bugs me. It more than bugs me.

We haven't used a credit card in three years. Or more? A little more. But we do use a debit card. We have to. It's the only way we can buy anything online. And they're handy. Most places don't take personal checks, but they do take debit cards. Debit cards makes life a lot easier when you're living a cash-based life. It eliminates the need to go to the teller at the bank... and only during bank hours. Making sure you have enough cash, etc. And it eliminates the need to carry a lot of cash on your person.

If my bank (Chase) were to start charging a $5 fee to have a debit card, I would switch banks. Seriously. Why? Because I already get charged transaction fees. And this $5 fee is for what, exactly?

Well, according to a Wall Street Journal article,

"The industry says it needs the fees to recoup revenue it will lose because of new government regulations taking effect Saturday that cap what they can charge merchants for debit-card transactions."

So they are trying to make up lost revenue by charging the debit card holder instead of the merchant. Sigh. This is business. I know. But I don't have to like it. Not at all.


More from the Wall Street Journal:

"The economics of offering a debit card have changed with recent regulations," a spokeswoman for Bank of America said Thursday.
In its internal memo, Bank of America said it will levy the $5 fee each billing cycle in which a customer uses a debit card to make a purchase. The fee will not be triggered by transactions at automated-teller machines.
The fee will apply to standard checking accounts, but not most premium accounts held by affluent customers. Banks typically exempt their premium accounts from many fees because they tend to be more profitable than standard accounts with lower balances.

I wonder how long it will take for all the banks to follow suit. I know that right now some banks are using the BOA announcement to brag about the fact that they don't charge a monthly fee. Yet.

Maybe Ron Swanson has it right. Time to buy gold and bury it in lots of different places. Then bury decoy gold to throw off your exes. Ah, I love Parks & Recreation. Don't you?

What do you think about all of this? Is it fair? Is it nonsense? Or is it just business? 

Would you change banks on principal?

7 Comments:

Anonymous said...

Oh my goodness! Amazing article dude! Thank you so much, However I am having difficulties with your RSS.
I donĂ­t know why I am unable to subscribe to it.
Is there anyone else getting the same RSS problems?

Anyone who knows the solution will you kindly respond?

Thanks!!

my web page ... travelmylove.com

Anonymous said...

The only hurdle to accessing this is of course human limitations and the fact that
the brain does not function solely as a learning tool for the human being.
Popular prizes include sports tickets, cash and vouchers for drinks, food
- and dollars off of tabs. They feature almost nightly drink specials and some form of entertainment every night of the week--DJ's, live music, trivia, you name it.

Also visit my web-site :: clever pub quiz names

Anonymous said...

In that case, this kind of question should not be taken from any show telecasted in specific country.
I believe my exact words were "I don't want to be your dirty little secret. The food is decent and the drink specials on Tuesdays include $2.

My site ... free pub quiz answers

Anonymous said...

The decor on the inside of the restaurant is absolutely beautiful.
Popular prizes include sports tickets, cash and vouchers for drinks, food
- and dollars off of tabs. 28.

My website: Free Pub Quiz And Answers

Anonymous said...

Narrow blood vessels lie alongside the intestines of the earthworm and they absorb the nutrients from the alimentary canal feeding the rest
of the body. Local country clubs are offering trivia fun for as little as forty dollars per couple.
The food is decent and the drink specials on Tuesdays include
$2.

my webpage pub quiz names

Anonymous said...

Some were practical, of course, but others were psychological and emotional.
Anna had been looking through my phone while I was naked.

They feature almost nightly drink specials and some form of entertainment every night of the week--DJ's, live music, trivia, you name it.

My web blog - easy pub quiz and answers ()

Anonymous said...

Narrow blood vessels lie alongside the intestines of the
earthworm and they absorb the nutrients from
the alimentary canal feeding the rest of the body.
Local country clubs are offering trivia fun for as little
as forty dollars per couple. Her father, Bruce Paltrow, produced the critically acclaimed TV series that is considered the precursor to many medical shows today, St.



Here is my blog post pub Quiz names

Post a Comment

You're about to leave a comment. Thank you! When leaving your comment, please keep in mind that Love in the Time of Foreclosure is about love, positivity and helping people experiencing financial crisis. So, keep it constructive, please. Comments will be moderated and any comment that is clearly and intentionally mean-spirited will be deleted.

Share

Widgets

Related Posts Plugin for WordPress, Blogger...