Bank of America has announced that it will begin charging a $5 per month fee for using a debit card. According to the Yahoo story, they will begin rolling out these fees next year and will only affect people who use their cards for debit purchases and not for normal ATM use.
This just adds to my long time opposition of even using debit cards. As I have said time and time and time and time again, debit cards are not safe. They are a direct link to your cash. Unlike credit cards where you barrow money on credit and make a monthly payment, debit cards are linked to your cash and fund the vendor (or crook) the second the transaction is complete. If you use a credit card you can dispute a charge and more often then not have the charge reversed. Disputing a charge to a debit card means that you have to TRY to get your money back, good luck! Oh... and now BofA is going to charge you $5 for the hassle.
Source:Yahoo!
Posted by
Mike Wright
October 2, 2011 at 7:46 AM
Well, of course BofA and all other banks will find ways to make up for their lost revenues. Did anyone really expect them to cheerfully write off their losses and move on? Whoever did expect that probably also believed that retailers will be passing their savings on to their customers. Ever since the Fed cut the debit interchange fees it was obvious to anyone who was paying attention that consumers will end up footing the bill. http://blog.unibulmerchantservices.com/debit-card-fee-limit-lifted-to-24-cents-consumers-will-still-pay-for-it