Posts tagged bank fees

Bank of America $3.48 Billion Dollar Bailout


Bank of America announced today on September 30, 2011, that they will charge a $5.00 dollar fee to all customers who use their debit card.  Will this mandate cause you to not use your debit card?  Depending on what age you are, you may or may not remember a time when we didn’t use our bank card for everyday use.  I remember those days, when I first got a job at 17yrs old, there was no direct deposit and of course no debit cards.  Everything was hands on, you got paid, and you cash your check at the bank.  I was always instructed by my mother to put something away for in savings, and the rest of the money you have to budget it appropriately to cover any personal expenses.  We’ll that time has changed, many people no longer, use the old fashion way of handling their personal finances.  Many of us spend money we don’t have because we assume that the bank will cover the purchase and we will pay the fees later, for example, when I get paid on Thursday or Friday.   Some people may give me some backlash on my feelings with this situation, but I do not think its wrong for BOA to initiate this new mandate.  I would hope that this mandate would stop individuals from using their debit card.  Did you know that it is estimated that BOA has over 58 million customers, at a $5.00 dollar fee a month which is $60 a year.  BOA will receive over $3.48 billion dollars.  You talking about a bail out their’s your bail out right there.