Bank of America will start charging debit-card users $5 a month to pay for purchases. The move comes as the cards increasingly replace cash and as banks look for ways to offset the loss of revenue from a new rule that will limit how much they can collect from merchants.
Paying to use a debit card was unheard of before this year and is still a novel concept for many consumers. But several banks have recently introduced or started testing debit card fees.
The story is portraying this as some sort of scheme that’s trapping debit card users. So switch to banks that don’t charge fees.
Tell your friends. Let’s try to get everyone to switch away from banks charging these fees over to banks that don’t charge these fees. Then let banks decided whether or not to charge them.
Just thinking out loud, here.