BofA considering ways to scale back debit card fee


Friday, October 28, 2011

Bank of America Reportedly Considering Ways
to Scale Back Debit Card Fee Plan
Consumers Union: Bank of America Should Drop
Debit Card Fee for All Customers

SAN FRANCISCO, CA – Bank of America is reportedly considering ways to scale back its plan to charge most of its customers a monthly $5 debit card fee according to Reuters. The bank has indicated that it is exploring ways to allow more customers to avoid the fee, including maintaining a certain minimum balance, using direct deposit for paychecks or having a Bank of America credit card. No specific details have been officially announced by the bank.
“It’s clear that Bank of America is feeling the heat and is looking for ways to respond to the overwhelming public opposition to its unfair debit card fee,” said Norma Garcia, manager of Consumers Union’s financial services program. “It’s hard to know how many of its customers will be in a position to avoid the fee based on what we know so far. If Bank of America wants to show that it is listening to its customers, it should drop the debit card fee altogether. Consumers shouldn’t have to pay a fee just to have access to their own money.”
Garcia added, “Ultimately, consumers will have to judge for themselves whether Bank of America is offering a fair deal. There are plenty of credit unions and other banks who are offering checking accounts without debit card fees.”
Consumers Union has published a set of tips for consumers who want to switch banks.
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