Bank of America to Charge $5 Debit Card Fee
Finance Friday, September 30th, 2011
By Reuters, FOXBusiness
Bank of America Corp plans to charge customers who use their debit cards to make purchases a $5 monthly fee beginning early next year, joining other banks scrambling for new sources of revenue.
U.S. banks have been looking for ways to increase revenue as regulations introduced since the financial crisis limited the use of overdraft and other fees.
The Dodd-Frank Act’s Durbin amendment, due to go into effect on Oct. 1, caps fees banks can charge merchants for processing debit card transactions at 21 cents per transaction from an average of 44 cents, potentially costing banks billions of dollars.
Banks also face broader operational challenges as low interest rates and higher capital requirements hit profitability, and the sluggish economy depresses loan demand.
To read more, visit: http://www.foxbusiness.com/industries/2011/09/29/bank-america-to-charge-debit-card-use-fee/
Short URL: https://reteaparty.com/?p=3572
If Bank of America would quit sending me checks and credit card offers everyday, they could afford the debit card without the $5 fee. I will be looking for a new bank ASAP.
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