Bank of America, the largest bank in the U.S., will begin charging customers $5 each month to use their debit card to make purchases. This is an outrageous fee.
What's worse is that Bank of America's decision to charge customers for debit card use will likely spread to other banks. Wells Fargo and Chase bank have already announced plans to test a $3 monthly fee to their customers.
Not everyone will pay the fee (at least not at first). If you have $20,000 in combined balances at BofA or have a mortgage with the bank, they'll waive the $5 monthly fee. That means this change will hit low income customers the worst - including people like me, a recent college graduate working two part-time jobs.
When the recession first hit, we gave Bank of America billions of dollars in bailout money. Our reward is higher fees for the same services. At some point, we've got to say enough is enough.
Please join me in telling Bank of America you're fed up. Sign my petition calling on BofA CEO Brian Moynihan to swiftly reverse the bank's decision to charge us $5 a month to use our own debit cards.
Photo Credit: Bravo Six Niner Delta
The American people bailed out Bank of America during a financial crisis the banks helped create. You paid zero dollars in federal income tax last year. And now your bank is profiting, raking in $2 billion in profits last quarter alone. How can you justify squeezing another $60 a year from your debit card customers? This is despicable.
American consumers can't afford these additional fees. We reject any claims by BofA that this latest fee is somehow necessary.
Please, do the right thing. Reverse your decision to charge customers $5 each month for using their debit cards to make purchases.