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BAC to Charge $5 for Debit Card Use

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  • Description

    FBN’s Gerri Willis shows Bank of America what it can do with its new fees.

  • Duration 2:43
  • Date

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You know -- -- and no one has me more fired up today than Bank of America.

Why because of its.

The nation's largest bank is going to start charging all of its customers -- use debit cards a five dollar monthly be the kicks in early next year.

Yeah the bank says they have no choice that the economics of offering a debit card have changed they say without the -- they just can't make ends meet.

All because of the Dodd-Frank -- Of course the swipe -- amendment goes into -- This Saturday -- -- with these banks can charge retailers for processing debit cards from 44 cents to 21 cents per transaction.

Well guess what that's not my problem.

Banks across the country have been testing this Paper months you may already have seen it.

The Bank of America is the biggest bank to take this national.

Wells Fargo and JPMorgan have been testing -- and certain regions for months now.

And starting in November suntrust will institute the same five dollar fee for its debit card customers.

Pointed these banks know where to hit us the hardest Americans including -- love our debit cards according to credit cards dot com.

Between Visa and MasterCard there are about 520.

Million debit cards in the US.

That's nearly 200 million more cards than people.

And last year alone data cards were -- nearly 37 billion times can you believe that with purchases totaling nearly one and a half trillion dollars.

-- I have my limits remember when the bank would give you a toaster to open a checking account.

-- -- But believe me they used to do that and it wasn't just banks -- used to -- -- -- three air miles -- teacher for opening a credit card account.

It really used to seem like companies wanted our business not just for today's transaction but for a lifetime.

What a difference from today that five dollar fee may not seem like a lot but it's the principle of the thing more and more coming out of my pocket.

I just don't buy it Chris bring -- my purse.

Marrying him in that debit -- Thank you.

Right here at right now.

I'm -- -- Bank of America just what I think of their feats.

I know you're mad too.

All right here's a good side all of us Citigroup is saying it will not impose debit card fees it says such charges would be and I quote.

A huge source of irritation for customers.

Right at least somebody gets it.

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