- Jan 2010
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...