Source: DefendYourDollars.org, a project of Consumers UnionThe banks are doing it to us again!
Bank of America just announced it will charge customers $5 a month for debit card purchases beginning in January. That’s right, $5 a month to spend your own money. Even if you swipe your card only once – say for a $2 cup of coffee – you’ll still get hit with the fee, making that cup a whopping $7!
And it’s not just BofA. Wells Fargo and Chase are testing out similar fees to decide if they want to follow suit.
It wasn’t that long ago that taxpayers had to rescue Bank of America because their get-rich schemes emptied their coffers and drove our economy to the brink. Now they’re whining that they don’t make enough money off electronic transactions that cost them almost nothing to process.
If you shop with your debit card (why else have one?) you will pay BofA $60 a year to access your own money. This is ridiculous, particularly since the banks already charge retailers a fee that more than covers the cost of the electronic transaction every time you swipe your debit card.
Congress should investigate if these fees reflect the true cost of processing customers’ debit card transactions – and if the answer is no, do something to stop them.
Even if you don’t use one of these banks, you can still help hold banks accountable for the fees they charge. Ask your members of Congress to get to the bottom of these new fees right now, before we all get soaked again!
The more consumers Congress hears from, the better chance we have of swift action. Please click on the link to send your message now, then forward this (or share it on Facebook) with others so they can do the same.