News Bank of America, Other Banks Institute Debit Card Fees

Bank of America, Other Banks Institute Debit Card Fees


What we’re told is the unstable atmosphere of larger banking institutions has recently been having its ‘trickle-down’ affect on their customers. For Bank of America it means doing away with free use of debit cards even after the bailout. Now they look to institute a $5 monthly fee for the right to use their debit cards if they use their debit card in that month minus ATM usage. Their reasoning is to recover revenue because of government regulations on them that limit what they can charge merchants for debit card transactions. So, to recover the supposed ‘lost revenue’ they’re passing costs on to millions of their customers by early 2012. For Bank of America that loss in revenue is said to be around two billion to be recouped from consumers and other sources.

Yet they’re not alone in this since several bigger banks are looking to join them including Wells Fargo and J.P. Morgan Chase set at their own respective monthly fees. All this is in response to swipe fees on debit cards being limited by the federal government. While it’s spun as being approximately six-billion dollars a year of loss in revenue for these large banks. The truth is that it’s a small amount compared to how much these banks make annual and passing the cost on to the consumers is less about recovering lost revenue and more about padding their wallets for their own comfort. Which some would say is more out of greed than financial necessity. These monthly debit card fees are being added on top of elimination of free checking accounts and minimum account balance requirements. It’s no surprise that larger banks are doing this since they see, like everything else in the banking world, their customers as abundant revenue generators and not, well, customers.

And you know what will be the blowback from the majority of Americans who bank at these institutions and are best known for their standing up for their rights and fighting against the unjust? A big sigh and acceptance of being milked for their income some more as they sit themselves back down in front of their televisions. Our founding leaders must be so disappointed in us.

Bank of America, Other Banks Institute Debit Card Fees
General Contributor
Janice is a writer from Chicago, IL. She created the "simple living as told by me" newsletter with more than 12,000 subscribers about Living Better and is a founder of Seekyt.

Latest news

Japanese Owl Meaning and Symbolism

If you're wondering about the Japanese owl meaning and symbolism in Asian cultures, the Owl, along with Maneki Neko...

What Are the Signs of Depression in Women

Gender and depression have long been the scope of research in the field of emotional disorders; most authors believe...

Top 7 Superfoods for Men to Stay Young

Superfoods are generally regarded as targeted foods that provide the maximum nutritional benefit - thus these foods are nutritionally-dense...

Best Brain foods for Kids – Boost Brain Power and Keep Sharp

A child's brain is developing rapidly and if you want them to improve their performance in school and their...

7 of the Best Brain Foods for Studying

The foods that you eat can improve the functioning of your brain. Just like drugs, foods have amino acids,...

B12 Shots for Dogs – 10 Key Benefits

The end of 2010, my little dog -- a 7-pound Papillon -- became very stressed after a flood in...

Must read

Ideas on how to save money in this terrible economy

It’s not a secret that times are tough...

Laminate Flooring | Make Rooms Look New

Hardwood laminate flooring can make rooms look like...
- Advertisement -

You might also likeRELATED
Recommended to you