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Boo! Bank Of America To Charge $5 Monthly Fee For Debit Card Purchases

| Filed under: Icky Icky PooBusiness Blitz

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Ugh! And the rich get richer!

Bank of America is implementing a pretty yucky new policy onto their customers.

Starting early 2012, customers who use their debit cards at least once within 30 days will be charged a $5 monthly fee.

BofA users who have a mortgage with the bank, however, will still be able to use their debit cards without the fee, which is pretty unlikely for many customers considering how bad the housing market is right now!

This is just one of many upcoming charges that customers will be seeing as the big banks are trying to recover any revenue that was lost from the financial and banking meltdowns in the past couple of years.

So, why not stick it to the little man - huh BofA? Is that your way of keeping your customers happy? Why don't you go after the huge corporations who are worth millions and billions instead of penalizing the average American who is likely struggling?

Total lameballs!!!

[Image via WENN.]

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30 comments to “Boo! Bank Of America To Charge $5 Monthly Fee For Debit Card Purchases”



  1. 1

    The thanks we all get for bailing them out. Drop them like the greedy slimeballs they are!



  2. 2

    This is the thanks we get for bailing them out in their time of need!
    Drop them (cancel your accounts and credit cards) greedy slimeballs!



  3. 3

    You can cancel your accounts, however, all of the banks are doing this.
    Where do you expect the millions in compensation for executives of B of A to come from?



  4. 4

    Regions is charging $4/mo. for debit card use, and $10/mo. additional just to have a checking account. LAME. ASS.



  5. 5

    This is the norm in Canada. You have a plan on your bank account, and you get a certain amount of debit purchases per month and any overages you pay extra for. At least you are only paying 5 dollars a month no matter how many times you use your debit card. In Canada I have to pay 12.95 to have an unlimited amount of transactions on my account. Before I changed to an unlimited account I was paying up to $30 a month in overage charges. Pain in the ass.



  6. 6

    Yeah, Suntrust slapped this same charge on our behinds back in June/July… in addition to killing their "free checking" account.



  7. 7

    ahhh banks in australia have been doing this for years, whats the big deal?



  8. 8

    The bad thing is they are not the only ones doing this. My bank (where I had free checking and Debit Card purchases) is now making you pay $10 a month Service Charge and $4 a month for Debit Card purchases. That $14 total and I have never paid a charge in the 10 years that I have used this babk. I also saw on the news klast night where all banks are beginning to change to some form of charging the customer~no more free checking. To me it's like penalizing the people who are already struggling. Ridiculous!



  9. 9

    B OF A IS FU$$$$KING EVIL and I'm wishing and praying they will go down one day but it's not likely! Take it from me, I worked in their Human Resources in the ATM and Cash Vault dept….I KNOW how evil they are! I got to sit in on meetings discussing all the new fees they were going to charge their customer! The moment the the CEO's feel anything in their pockets, they wipe out whole dept's like THAT! They constantly have a sea of "displaced associates" that need to be rehomed with a job because they change things that often TRYING TO SAVE A THEIR BILLIONS! How DARE they just charge yet another fee like this to recoop their "losses"! They pay their little minons WAY less then the competive rates in every job category just to work a B OF A! Working there SUCKS, they have the oldest shit, come december all their faxes and printers die on them and you're stuck going to another dept or going to Kinkos! EVIL EVIL FRICKING EVIL!!! Please get out of that yucky place! The customer is essentially the enemy…don't expect to be treated kindly if you have identify theft or someone gets a hold of your debit card, but they'll make it seem on the front end like they're totally on top of PROTECTING YOU. Nope!



  10. 10

    Wow, looks like the BofA Public Relations team has hit the first set of comments early!!!! Chime in BofA haters!!!! They are the only one that has a huge website dedicated to how much people hate them!!!!

  11. auds says – reply to this


    11

    It has to do with the new gov't regulations on paying off debt & credit cards… The gov't is forcing credit card companies to put up higher minimum payments & charge lower interest & capping low interest on mortgages, etc. So now they've got to make it up in other ways… You can thank Obama for helping that one!



  12. 12

    go to credit unions if you want free checking. all these big banks aren't penalizing you. they are trying to recouperate what they lost when all the regulations, especially with regards to debit cards went into effect. You have to remember that banks are for-profit. Yes, the big honchos are grossly overpaid but think of the millions of employees that work at the branch. it isn't their fault but they have to get paid as well. checking is going back to the way it used to be… when they charged for checking. Otherwise they wont be able to stay afloat. Yes it sucks and I agree. I'd be pissed too. But think about it this way, with credit unions, they have hidden fees which will come to bite you in the ass, say if you lose your debit. charged. etc…



  13. 13

    Re: sammyg – Uh…. This is why we live in AMERICA. We don't want to put up with this crap, and we won't.



  14. 14

    Everyone needs to calm down :) Yes, BofA (along with other banks) is charging a monthly flat fee for debit card transactions… BUT, they are no longer charging per-transaction fees which, in the long run, could ultimately end up costing consumers MORE money. So, instead of paying per transaction, you pay a flat fee. Not so bad. It is, however, bad news for BofA… since this new policy is expected to cost the bank around $6 BILLION dollars in 2012. I know it looks bad when you read the headlines that fees are taking place… but the fine print should put all your minds at ease. :)



  15. 15

    Won't this encourage a large amount of people to close their accounts and take their money with them, ultimately causing a mild bank run?…

    Silly idea. D:



  16. 16

    Re: auds
    Obama is not responsible for the big banks continual insistence on fucking over the people that are keeping them in business. That's their own doing.



  17. 17

    I seriously encourage every customer of theirs to close their accounts!! We have to stand up for ourselves - generally, people only push you around if you let them!!



  18. 18

    Not surprised…personally I stopped using my boa check card 3 yrs ago after an overdraft fiasco. I use a PayPal debit card I get 1.5% cash back at the end of every month. There is no minimum or limit on my cashback sometimes it's $15 sometimes it's $70. When the transaction posts to my PayPal they take it out of my boa as an ACH. So if you ask me BOA is doing you a favor by showing customers that they're overpaying for a service use a card that earns you rewards. Cancel your debit card or keep for emergencies. I think I'll order a plain ol ATM card so I won't inadvertently use my debit card.



  19. 19

    They are gonna lose a lot of customers. People can't afford it right now, too many people are barely living week to week. I wouldn't be surprised if this is the next bank to fail.



  20. 20

    I HATE this bank!!! First they're laying off 30,000 people and know they're ripping us off!! Everyone should close their accounts with them.



  21. 21

    Nothing new. Banks have been implementing this for a long time as well has having to pay for your checking account. It is about profit margins and since they have large amounts of new regulations, in order to keep their investors happy they don't want to dip below a certain margin. However, this will actually only effect those who can afford it. Almost all banks have a clause to get out of the charges if you are a student or in a poverty like situation, you just have to know the right questions to ask and make sure to make everything known.



  22. 22

    Re: audsRe: auds – seriously turn off fox news and think about what you say instead of just obama bashing. the guy is the greatest president sure but first off congress passed the law obama didnt just drop this on america and secondly many point of the bill passed are to protect the customer, like a chance to get your rates back to starting rates when you missed a payment and they skyrocket after six months of on time payment. (i missed one payment and went from 9 perecent interest to 23% with no chance of going back to 9). it alslo makes people who take out loans prove they can repay the loan so we don't have another financial crisis which of course you blame on obama im sure. the charge for debit cards is the banks trying to make up the money they have been milking out of you for these unfair practices….thats not obama's fault thats the greedy ceo and execs who don't want to loose their 10 mill bonus….



  23. 23

    I knew this was coming it was in the financial news forever, but I was waiting to see what the other banks would do. This is better than what they said would happen which is that we would be imposed with a $50 minimum to use them :P well anyway I might go back to just cash we will see.



  24. 24

    It's not just Bank of America Wells Fargo starts next month $3 for you debit card fee. Just get an account at a credit union .



  25. 25

    I call bull…on this. We are being nickle and dime to death. Everyone is trying to make a buck off the middle class. Check all the bills you pay you can see it. Don't let me start with a major cable company. Shizzle!



  26. 26

    Re: auds
    Dummy! Obama wanted to help people stop having so much debts.
    But the banks don't want any of it.



  27. 27

    This is why the Government.. no matter who is President.. should NOT bail out private companies as a general rule. America is about the best and the strongest will survive, and the other companies shouldl close their doors. It's called competition..We cannot help every failing company out there. That's a huge reason to why we are in this mess with the debt caused by both the Democrats and Republicans..



  28. 28

    bad move on BOA's part, no doubt they will take a big hit for this, and hopefully change their thoughts behind this. I for one, have wells fargo, and I credit union and am VERY satisfied with my banking services. I feel bad for BOA customers, this is crap!



  29. 29

    Amen Cap Chick, Amen! I worked for a major bank in the late '80's when so many things were first DE-regulated, and CEO corruption has been dancing ever since.



  30. 30

    IF the American people were smart (which I highly doubt) they would cancel their accounts with the banks and find a Credit Union. No charges or very little. Show those rich bitch sun tanning day banks that you can stick together and take them down. But no, everyone will just pay the fees and bitch and complain about it but won't stand up and do something about it. Just like with everything else that is so wrong with the great US of A.