Posted by: ewkigo | October 28, 2011

Bank of America and Debit Card Fees

Extra extra read all about it!

Rumor has it that BofA is reconsidering it’s proposed $5.00 to its customers who use their debit cards. Well duh! I’m not surprised. I don’t think they will completely get rid of the fees, well at least not yet, but the fact that they are trying to find incentives to offer its customers is promising (ie maintaining a $20,000 balance = wow!!). The second largest bank is actually thinking about the repercussions of such fees. If they are not careful they may no longer be the second largest bank in America.

Although the economy is not where is was a couple of years ago, most households are not fully confident in it yet and slight changes such as these fees will weigh heavily on BofA customers. JP Morgan Chase &Co tried out their $3 fee for a few months and they received such a negative response from its customers. I, myself, am a BofA customer and I do like their services but I know so many people who said they would rather take all their money out and put it in a federal credit union and avoid all the charges and I completely understand how they feel. An additional $5 a month may not seem like much but for those of us who live paycheck to paycheck will opt for something else. In my opinion, they should really consider if the $5 fee is worth losing their customers, which will be an inevitable consequence.

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Responses

  1. They had to adjust sooner or later. Consumer outrage especially with the internet is a force to be reckoned with!!
    http://finance.yahoo.com/news/Chase-Wells-Fargo-drop-debit-apf-905349477.html?x=0

  2. Guess what! BofA is actually thinking and decided to drop their fee 🙂
    http://mobile.reuters.com/article/idUSTRE7A04E120111101?irpc=986


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