Listener Responses: Bank of America's New Charges

Monday, October 03, 2011

Last week, Bank of America announced that it would begin imposing a $5 monthly fee for checking accounts that use debit cards. Other large banks are expected to follow suit. We asked listeners for their reactions to these new charges, and received many responses, including this from J.B. from Massachusetts:

I am a BofA customer and I am not happy about the fee. I use my debit card all the time instead of a credit card, but that will change based on principle. I wonder, how big were bonuses last year and how big will they be this year? I wish they would look inside BofA for ways to save. Maybe cutting back $1 million from the CFO would help the bottom line as well!

Produced by:

Marc Kilstein

Comments [5]

Angel from Miami, FL

The "listener" (below) is absolutely correct. Bank of America is simply protecting itself (by way of a vengeful act) against the people, BoA's customers specifically, who attacked it first. Using the government as a proxy, customers and retailers attempted to limit the banks' ability to gain added revenue from a service once paid for by the banks' many other investments. It doesn't matter that the money they make now is far over the amount it takes to run the debit card service. Or that the point-of-sale infrastructure is paid for by the retailers. There's just no excuse. For shame, denizens of the shopping world. For shame!

Oct. 13 2011 11:11 AM
Catherine from Brooklyn NY

My main problem with the new fees is that once again, they target the people who are least able to afford them. My son, like many other young people, uses his debit card all the time for purchases. He does not have a credit card, which is more difficult to qualify for; also I think he wanted to avoid having credit cards to keep from the temptation of running up credit card debt. He doesn't have a lot of money and an extra fee of $5 a month is significant. I'm not sure but I think a lot of the main users of debit cards are those of lesser means.

It always seems to work out that if you have money, it is easier to stay that way, and if you don't, it is hard to get ahead. And this practice will reinforce that.

Oct. 03 2011 11:50 AM

I too received notification from Citibank which is also discontinuing their rewards program for debit card holders.. Credit Union here I come.. closing my account with Citi.

Oct. 03 2011 10:01 AM
listener

Isn't it grossly dishonest to speak of the increase of bank fees while conveniently ignoring it was the Democrat supported Dodd/Frank legislation that caused it?

Protesters are throwing tantrums on Wall Street about the housing crisis blissfully ignorant that it was Democrat supported regulation in bank lending which caused that quagmire.

Oct. 03 2011 09:24 AM
KJ from Brooklyn

I also received notification from Citibank this week that in order to waive checking fees I must now maintain a $6000 average monthly balance. I'm closing my account at the end of the month and switching to ING, which offers free checking with interest. I am with the protesters in their outrage and think that the we have to put our money where our mouth is and close accounts at these banks. The comedian Louis CK put it best: http://www.youtube.com/watch?v=Hjqy2lJ5yoU

Oct. 03 2011 09:01 AM

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