Thursday, September 29, 2011

Boo BOA!

Startled by the news that Bank of America will begin charging $5 a month to customers who use debit cards.  BOA is trying to recoup some of the $2 billion in swipe fees that Congress outlawed beginning next month. 

I expected, and previously posted, that banks, including my own Wells Fargo, were doing away with debit card reward programs, but I'm flabergasted that banks are actually going to start charging for debit card use.
And as a regular debit card user, I'm not sure what we'll do if Wells Fargo rolls out such a program that applies to our accounts.

I wonder if the merchants who promised to reduce prices if swipe fees were reduced will live up to their end of the bargain.  Somehow, I think prices will stay the same and the consumer will end up paying both the merchant and the bank.

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