Thursday, September 29, 2011
The mobsters at Bank of America plan to charge customers a $5 monthly fee for usage of their Visa debit cards, according to the Wall Street Journal.
Bank of America earlier this year whined about changes in debit card rules to cost the company about $2 billion a year. Recently, BofA said the debit-card changes will cut revenue by about $475 million in the fourth quarter this year.
Credit card issuers and credit industry experts warned both President Obama and the U.S. Congress that the Credit CARD Act of 2009 would make credit cards more costly for all users and inaccessible for many low-income families and people with less than perfect credit. But alas, the warning fell on deaf ears.
My advice to readers near and far held hostage by the mobsters at Bank of America is to seek out local and regional banks as well as credit unions. Local financial banks are taking advantage of Bank of America’s greed and rolling our many free checking and saving account products.
In the meantime, I suggest Bank of America customers start writing checks for your purchases because the cost associated with check processing is a far greater burden to the bank than Debit card processing.