Bank of America gets rid of plans for $5 debit card fee

With the overwhelming customer disapproval of the $5 monthly debit card fee, Bank of America has decided to not charge its customers.

The Daily 49er reports a statement from David Darnell, co-chief operating officer in a press release, "We have listened to our customers very closely over the last few weeks and recognize their concern with our proposed debit usage fee. Our customers' voices are most important to us. As a result, we are not currently charging the fee and will not be moving forward with any additional plans to do so."

On September 30, 2011, Bank of America announced they would start charging a $5 monthly fee for the usage of your debit card. Many customers were outraged by this plan because many found it unnecessary. For Cal State Long Beach students, whom many work part-time or full-time to pay for school and commute, many felt upset and wanted to close their accounts.

According to the Daily 49er, Young Cho, a junior marketing major states, "I was one of the mad customers. I was even thinking of canceling the account."

Like BofA, many other banks such as JPMorgan and Wells Fargo, also got rid of plans for debit card fees.

Price comparisons - the bookstore vs. apple

                                                      Photo by CSULB Bookstore

The CSULB bookstore offers a wide array of school supplies ranging from the traditional pencils, paper, and notebooks to textbooks, CSULB gear, and greeting cards. In addition to all these necessary supplies, the bookstore provides Apple merchandise at lower prices.

Hang Nguyen, a 4th year Liberal arts major, finds her macbook very useful because of all the different applications, such as the iMovie, iCalender, and mail. She also finds the fact that you can view different screens at once as efficient.

At a regular Apple store, an iMac costs $1199, a Mac mini costs $599, a Macbook Pro costs $1199, and a a Macbook Air costs $999. At the CSULB bookstore, an iMac costs $1149, a Mac mini costs $579, a Macbook Pro costs $1099, and a Macbook Air costs $949.

When asked about where she would rather purchase her Apple merchandise, Hang preferred an Apple store. "The Apple store has more people explaining stuff to me. I feel like they are more professional."

Bank of America charges $5 monthly fee

Starting in 2012, Bank of America will charge a monthly fee of $5 for debit card transactions, resulting in $60 a year - just to use your debit card, a service that has always been promoted as free.

Cal State Long Beach currently has a Bank of America ATM at the University Student Union, as well as a Wells Fargo and Chase, who are also testing out debit card fees in certain states.

"The service of the debit card costs the bank money," says Amgad, personal BofA banker. "In a time where the economy is rough, we have to find a way to keep providing service to our customers and in order to do that, we need to find ways to make profit to ensure our business stays afloat."

Bank of America risks losing many customers over this decision, especially during a time of economic recession. People have many other financial responsibilities to have concern over, and this additional fee is not sitting well for many BofA customers.

"It just adds frustration to their already frustrating service," says 3rd year Kinesiology major Mireille Sine. "Did they even think about what $5 could do for a college student? I would definitely consider switching over to another bank."

Taco Bell replaced by new Pete's Fresco Grill

Dashing in between classes to buy a crunchwrap supreme from Taco Bell will no longer be possible because the new Pete's Fresco Grill, an authentic Mexican eatery, has opened in its place.

The Daily 49er says  that Don Penrod, general manager of the 49er shops, states, "The Taco Bell license came up for renewal and we personally thought that we can open up a more authentic Mexican restaurant."

Pete's Fresco Grill is a brand new, CSULB-owned eatery, similar to the Beach Walk, The Nugget, and The Outpost. Its menu consists of burritos, burrito bowls, tacos, quesadillas, tortas, and salads. Items can be ordered a la carte or in combos. In addition to the authenticity, Pete's is also a healthier alternative.

"There's a limited number of places you can eat on our campus. The customer base remains the same," says 6th year Civil Engineering major Jhon Manalese. "People will be willing to try Pete's at least once. If the food tastes good, then it shouldn't be a problem since the demand is just the same as when Taco Bell was there."

The average combo at Pete's is $7 compared to the $5 combo at Taco Bell.

For more information, check out the full article on the Daily 49er