Got Bank of America? Well, it might be time that you switched over to another bank. Uh, any other bank at this point, because the company has decided to charge its customers $5 a month to use their debit cards when they shop. Because of this decision, stocks for the company have literally already started to decline (a 2 percent decrease in late morning trading according to The Washington Post), not to mention many people have taken to social media to have the biggest unanimous fit ever. On The Washington Post‘s site, one commentator said the following:
“Bank of America is so sad that it cannot make money off of their bogus overdraft fees (overdraft charges applied before CHARGES EVEN CAME IN TO BE PAID AND ON $2 DEBIT CARD TRANSACTIONS). So they have figured out a new way to screw the consumer. This consumer refuses to be screwed anymore. Good bye, Bank of America.”
One over on The Los Angeles Times‘ site had this to say: “Use Credit Union or change to local banks. These people are pigs – got a bail out – paid their CEO’s large amounts of money and now this!!! You have be kidding!!!”
Bank of America’s new debit fee came out as a response to the recent legislation sponsored by Representative Richard Durbin, which reduced the amount of money banks could collect from consumers when they use their cards in stores. With the numerous lawsuits against the company, major layoffs and huge losses already, this is not a good look for the company whatsoever. Another PR nightmare if I must say so myself. But just to be clear, the fee will be charged once a month and will not apply to ATM withdrawals, online bill payments or money transfers. Now that this has happened, I guess this is a good time for non-Bank of America users to rep your bank! Who should Bank of America customers switch over to?