$5 Debit Fee: Did Bank of America Really Get the Message?

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We support reforms to the financial marketplace that protect consumers from unscrupulous banks and lenders.

By Consumers Union on Monday, January 23rd, 2012

Bank of America

 

The Street is reporting that three months after it abandoned plans to charge a $5 monthly debt card fee, Bank of America is now admitting that its fee scheme caused many customers to close their accounts.   B of A CEO Brian Moynihan recently noted “an elevated level of account closings” in the final months of last year, which prompted the bank to reverse its debit card fee plans.

Translated into dollars and cents, according to The Street,

“the trend was most visible in certificates of deposit and investment retirement accounts, which fell to $82 billion in the fourth quarter of 2011 from $96 billion in the quarter a year earlier.”

That’s a lot of money and future business walking out the door.   

Has Bank of America really learned its lesson, or will it try to come up with a stealthier, but equally annoying way to pocket more money from you?  Have you seen any new fees or policy changes by your bank that are making your account more expensive?   Tell us your story in the comments section.  We’re keeping an eye out for unfair bank fees and want to hear from you.

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