“The economics of offering a debit card have changed with recent regulations.”
That’s all Bank of America has had to say in the past few days, in light of news that the largest bank in the United States will begin charging its customers $5 every month they use their debit cards.
Customers are saying a lot, though. According to Time’s Moneyland blog, about three-fourths of Bank of America customers surveyed in an online poll said they’d switch banks.
Of course, if those customers are looking for banks where they won’t get charged new fees, they may have fewer choices than they think. Wells Fargo, Chase, Suntrust, and Regions are testing similar fees. Citibank isn’t introducing a debit card fee but does plan to levy fees on low-balance accounts.