Bank of America To Charge $5 Monthly Fee For Debit Card Usage

[KRonn]

I was going to warn you guys about this when Frank-Dodd/Durbin was passed, but figured nobody would listen.  With such a low cap in place for the interchange fees banks can charge merchants, banks aren't just going to take the loss in revenue & smile about it (I wouldn't expect lower prices in stores, either).  So banks are going to do annoying crap like this now that they have zero (possibly less than zero) incentive to offer debit cards to their customers.

I saw news stories about Banks and other credit card vendors likely rising/creating fees in other services as regs were put on them. No surprise, and I doubt this is the first increase due to the new regs.

[garbon]

Stuff like this is why I use a credit union.

I'd retreat to my credit union account but with no local branches - atm fees would be obnoxiously as well.

My credit union gives ATM reimbursement.

Mine, while lovely, does not.

[garbon]

Any Canadian Bank is much worse then that.

Not really sure how that's supposed to be helpful.

[Grey Fox]

Any Canadian Bank is much worse then that.

Not really sure how that's supposed to be helpful.

That it's pretty good & it's going to get much worse before it gets good again.

[Martinus]

What, in your mind, would constitute a non-silly fee?

Maybe if all banks end up following them.

Ok, so it's not a silly fee if it's a cartel? Gotcha.

[Martinus]

Any Canadian Bank is much worse then that.

Yeah. I mean. Wtf. I pay about $10 per month for my debit account alone. Yanks have it too good.

[garbon]

Ok, so it's not a silly fee if it's a cartel? Gotcha.

Well you've little room to complain or throw one's weight so to speak when everyone is doing it. Sort of like how most airlines here now charge for checked luggage.  Opposite side would be that airline which charges for carry-on baggage.

[garbon]

That it's pretty good & it's going to get much worse before it gets good again.

I hope things don't get so bad here that it becomes Canada.

[crazy canuck]

Yeah, just think what might happen if you had a stable banking system in the US.

[Ed Anger]

5/3 better not pull this shit or I'll pull my 70 dollar checking account from them.

[Grallon]

Don't want no fees, don't want no taxes, don't want no regulations, don't want no government!   Christ is this litany ever so juvenile! 





G.

[sbr]

Don't want no fees, don't want no taxes, don't want no regulations, don't want no government!   Christ is this litany ever so juvenile! 





G.

We earned our money through our rugged individualism, no one is going to take it away from us.

[Admiral Yi]

Don't want no fees, don't want no taxes, don't want no regulations, don't want no government!   Christ is this litany ever so juvenile! 

These particular fees were caused by the people who want more government, more regulation, and more taxes, as long as it's someone else paying them.

[Razgovory]

These particular fees were caused by the people who want more government, more regulation, and more taxes, as long as it's someone else paying them.

By all means, lets let the banks do what they want.  Then all of them can end up like Washington Mutual.

[Admiral Yi]

By all means, lets let the banks do what they want.  Then all of them can end up like Washington Mutual.

I'm very heartened to learn that capping debit card fees will prevent any further bankruptcies.  Perhaps it would make sense to eliminate federal deposit insurance now.