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."
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