Bank of America Wants Customers to Pay for Financial Regulation

jackalope

Former Staff
Jan 2010
51,139
17,672
Maine
Bank of America Wants Customers to Pay for Financial Regulation
ADAM CLARK ESTES
2:08 PM ET

Bank of America isn't afraid of blaming Congress for their problems. On Thursday, the nation's largest lender confirmed rumors that they were going to start charging their debit card customers a monthly $5 fee for debit card services, and their spokesperson was not shy about tipping her hat to the post-financial crisis Dodd-Frank Act in the process. "The economics of offering a debit card have changed with recent regulations," said bank spokeswoman Anne Pace. "And we've decided to introduce a monthly fee for customers who use their debit cards for purchases." Bloomberg's report describes how the Dodd-Frank Act's cap on swipe fees is affecting Bank of America's bottom line:


more: Bank of America Wants Customers to Pay for Financial Regulation - Business - The Atlantic Wire

Five bucks a month to use a debit card! Okay, I really do need to move banks. Have thought so for years, but it's just such a PITA...
 

Sparta

Former Staff
Aug 2006
22,803
13,551
Connecticut
That's insane. I had a bank charge me ten bucks a month over 5 months because I forgot to put in a change of address on one of my accounts and they got returned mail. Closed them out when I figured out why I was missing 50 dollars.
 
Feb 2011
40,024
9,769
happyfunville
The cost of government regulation on business always ends up being passed on the consumers. Is this really shocking to anyone?
 
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jackalope

Former Staff
Jan 2010
51,139
17,672
Maine
I'm not surprised, and I bet they won't be surprised either when I close my account that's been open since 1988.

Check this:
https://www.usaa.com/inet/pages/bank_main?adid=icmsch39672623

That's where I'm thinking of switching to. Have meant to for years, just the whole mail part of it puts me off. My daughter uses them for her checking and savings. We use them for other things, but never opened a checking account. I think we will.

Such a hassle, switching.
 
Jun 2011
1,474
217
Just think how bad they would fuck you without government regulations.
Well, even with them, you can use a credit card and regularly find at least one card that gets you 1% back, my AMEX OPEN Card (a business card), gets me 1% back on everything, 3% back on gas, 5% back on cell phone bill.....but Bank of America wants to CHARGE you five bucks for using the debt card?

What Bank of America will find out is that people will drop their debit cards and will show up at their own ATM's (assuming they are free) and if not, people will drop them altogether or actually come into the branch and consume the services of their more pricey human tellers.


So, I'm not sure where Mordent's going on this one.