Tag Archives: the worst

Bank of America Doesn’t Think You’re Doing Too Bad. Asks You for $5 More.

Taking a quick break from all the happenings at Wall Street (post forthcoming!), BECAUSE YOU MIGHT BE LOSING MONEY! Seen:

 

“Starting in 2012, Bank of America will impose a $5 flat fee each month you use your debit card to pay for purchases directly. If you use your debit card only to take out money from the ATM, you’ll remain fee-free.
So far Bank of America has received the most flack because it’s the biggest bank, levying the highest fee. However, many banks are upping their monthly service fees, canceling debit rewards programs or changing the qualifications for opening checking accounts. (Check our handy chart below to see who’s doing what.) In fact, as of this year, only 45% of checking accounts are free, with no strings attached, down from 65% in 2010. “

 

Crazy right?  Well, you’re not the only one to think so.  As of the writing of this blog, about 200,000 of your closest friends are a bit bothered by this news.  Help them get to 300,000 signatures at change.org !  ABC News even tracked them down for comment:

 

However, BoA isn’t the only culprit.  Tons of banks are now charging consumers for debit card usage.  Luckily, LearnVest summed it all up for us plebians:

Bank What’s Changed? Does It Affect You? Active?
Bank of America $5 fee for debit card use Yes, if you don’t have a BofA mortgage or $20,000 balance Early 2012
Citibank Higher monthly service fees for many accounts; higher minimums to qualify for free accounts Depends on your checking account; read this for details December 9, 2011
HSBC Higher ATM fees for using competitor’s bank ($2.50 vs. $2) If you take out money at a non-bank ATM In effect
J.P. Morgan Chase $3 fee for debit card use; no more debit rewards program; charge for receiving paper bills Debit card fees apply to some accounts opened in Wisconsin; canceled rewards affect all; if you receive bills in the mail In effect
Regions Financial Corp. $4 fee for debit card use Some consumer checking accounts In effect
SunTrust Banks $5 fee for debit card use; no more reward points Debit card fees for EveryDay Checking accounts opened since June; rewards canceled for all In effect
TDBank $2 fee for using non-bank ATM If you take out money at a non-bank ATM In effect
Wells Fargo $3 fee for debit card use; no more debit card rewards Fee for checking accounts opened in Georgia, Oregon, Nevada, New Mexico, Washington; rewards canceled everywhere Debit card fees start October 14, 2011; rewards canceled October 15