President Obama is one of many critics of Bank of Americas recent decision to charge its customers a $5 fee for the use of debit cards. The Washington Post reports that the move is part of a wave of changes that are eroding the low-cost model of banking.
For some banks, this could mean anything from the elimination of free checking to the elimination of rewards programs. As casualties of the recession, some credit card holders – who were in good standing with their creditors – have experienced increased interest rates. Debit cards, for years, have been touted as a free and easy way to pay for purchases. This is no longer the case.
Whats worse is that this is separate from the regular monthly maintenance fees that banks have been charging all along.
It seems that BOA is maintaining its business by any means necessary. The bank argues otherwise.
Read more at The Washington Post.