Bank of America to Charge $5 Per Month for Debit Card ‘Swipe’

The banking industry is back to its usual tactics.  We are getting ready to be screwed again on the fees that the largest bank in America will begin to charge early next year.  We are carrying the burden for all of the low down, underhanded, predatory lending they did in the mortgage end of their business.  And since they lost on that venture, now we have to pay up…WITH OUR DEBIT CARDS!

Bank of America is the bank of America, but that doesn’t mean they’re the only game in town.  According to the Wall Street Journal, they sent out a memo to their “senior staff” Thursday stating that they would charge $5 per month for the customer’s use of their debit card in stores.  So if you swipe your card at any retailer, the $5 charge will show up on your statement for that month.  The only “break” they call themselves giving the customer is allowing them to still use the ATM for free.  That transaction will not trigger the monthly fee.

But, the Bank of America wants us to believe that the government’s cap on transaction fees from retailers to the bank for having the use of debit card machines is what makes it necessary for them to charge the new fee.  C’MON SON!  Who do you expect to believe that fraggle nackle bull crap?!  The cap limits, that were implemented in June, are 24 cents per transaction rather than the 44cents they were charging retailers. 

Read the rest of the deceitful practices Bank of America and other banks have up their sleeves here.

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