From an AP story today:
Angela Malerba, who works in public relations in Boston, carries a debit card because she likes to know when she buys something that she has enough in her account to pay for it. But paying $5 a month to use her own money? That's too much.
So when Bank of America starts charging the fee next year, Malerba figures she'll rely more heavily on her credit card. Or, in a strategy that seems almost quaint in these swipe-and-go times, she may just carry more cash."Paying $60 a year in debit card fees just seems absurd," she says.The 38.7 million people who carry Bank of America debit cards will face a similar decision in the latest example of banks raising fees or establishing new ones -- not just for debit cards but for visiting ATMs or talking to a teller.
Thirty-eight-point-seven million minus me. And my kids, if I can help it. And anyone else who will listen. We, your loyal customers are outraged, BOA. You underestimated us. We stuck with you through the TARP. Through the stories of your terrible decision making about mortgages. We've endured a minimal return on our savings accounts and (mostly) cheerfully paid more for "free checking" We trusted you in spite of your mistakes.
But this? I'm done. So are many others.
See ya, Bank of America, I'm taking my meager investments elsewhere. I look forward to walking into the branch office in Kansas City and telling the poor local manager that I'm moving my assets and credit cards elsewhere.
You can have the big dollar guys who won't pay a cent for the "perk" of using a debit card to access their own money. Enjoy.
