Bank of America charging 5$ a month on debit card users.

[KevlarPants]

http://img.ibtimes.com/www/articles/20111001/223214_bank-of-america-debit-card-fees.htm


Bank of America will start charging $5 on a monthly basis for customers who use their debit cards.


This isn't an arbitrary decision. A new government regulation will cap fees banks can charge merchants for debit card transactions. To recoup lost revenues, Bank of America and several other banks are passing the fees onto customers.


Bank of America will only charge the fee to lower-tiered accounts.

AMERICA!

[MattShizzle]

BOA is an especially bad company.

[RadioRaheem84]

You see this is why big government shouldn't be meddling into the business world. They pass along the costs to the consumers, which is their right as a business.

Ergo, government regulation hurst the average citizens. :rolleyes:

Some of the above talking points of the right has some truth to it, but it really just reflects on where they believe true power lies.

[Nothing Human Is Alien]

The regulation was actually meant to help business, especially small ones. It was a sop for the petty-bourgeoisie. For years, they have been complaining about the charges they have to pay every time they accept a debit card or credit card for payment. That's why so many small stores have signs that say things like "$10 minimum purchase for credit/debit card," even though they are not allowed to do that.

So the petty-bourgeois gets some of the pressure lifted off it and instead its put squarely on the backs of the workers and the poorest of the poor.

[socialistjustin]

They cant get by without those fees? Why the fuck should people be charged for using their own money? Fucking stupid.

[Veovis]

If my bank starts this shit, I'm pulling out my money and going to a credit union.

Hell, I might do it anyway since my bank also services one of my student loans. Don't want them skimming without my permission if I end up defaulting.

[citizen of industry]

The regulation was actually meant to help business, especially small ones. It was a sop for the petty-bourgeoisie. For years, they have been complaining about the charges they have to pay every time they accept a debit card or credit card for payment. That's why so many small stores have signs that say things like "$10 minimum purchase for credit/debit card," even though they are not allowed to do that.

So the petty-bourgeois gets some of the pressure lifted off it and instead its put squarely on the backs of the workers and the poorest of the poor.

Which is so short-sighted, because the workers will be doing less shopping at their shops now.

[MarxSchmarx]

This is lame, but let's also analyze the situation.

I mean look, in america just about anybody can get a credit card and most people with a consumer bank account have ready access to cash if they so chose.

In fact there although Americans abroad are known to be notoriously cash-adverse, in the US a large fraction of the population still relies primarily on cash transactions.

So on some level we have to ask why are people flocking to the supposed "convenience" of debit cards in large numbers. Isn't this really just a luxury of certain segments of the American working class?

I'm not trying to justify this silly fee - but somewhat like the airline baggage fee, yeah it sucks but I have real questions about how seriously it affects the day-to-day lives of working Americans.

[Die Neue Zeit]

^^^ Credit cards can be better than debit cards because, if you're defrauded, it isn't your bank account and you can raise alarm bells to the fraud more easily. Just make sure you pay the full statement balances on time.

[Veovis]

I use my low-limit credit card to do all my little miscellaneous purchases (like a snack here and there) so that I can see how much I spend on such things at the end of the month and see if I need to cut back.

[Nothing Human Is Alien]

This is lame, but let's also analyze the situation.

I mean look, in america just about anybody can get a credit card and most people with a consumer bank account have ready access to cash if they so chose.

In fact there although Americans abroad are known to be notoriously cash-adverse, in the US a large fraction of the population still relies primarily on cash transactions.

So on some level we have to ask why are people flocking to the supposed "convenience" of debit cards in large numbers. Isn't this really just a luxury of certain segments of the American working class?

I'm not trying to justify this silly fee - but somewhat like the airline baggage fee, yeah it sucks but I have real questions about how seriously it affects the day-to-day lives of working Americans.

It effects them because a huge number of people are paid via direct deposit. Their check goes right into their bank account. They may not have time or energy to go to the ATM and withdraw their check (or may not want to carry around large amounts of money, or keep it in their home -- if they even can, some ATMs and banks have daily limits, like $300.. they'd have to make multiple visits to the bank each week just to get to their money). It also effects them because people buy a lot of things online now, using debit cards. So yeah, it effects them.

[chimx]

Wells Fargo is going to start doing the same thing later this year. I think it is going to be $3/month instead though.