So, about debit cards. BoA says it has a “right” to earn a profit. Not sure they understand the nature of rights, but anyway, any bank earns a pretty penny from the depositor depositing their cash in said bank. So the idea that they are charging for a service they can’t otherwise provide doesn’t really pass the smell test.
On the other hand, if $5/month is annoying, switch banks. The article describes people protesting the bank. Their rights of assembly and speech can be exercised, but wouldn’t voting with their feet and switching banks be a better option. Maybe I am odd, but I grew up with a father who kept a decent amount of cash on hand. If people kept more cash, they would not need a cashless, card-based purchasing system as much. Maybe a knock-on effect would be a better sense of personal finance. “I can’t afford X” is easier to understand when a fly buzzes out of your empty wallet.
- Bank of America Charging a Fee for Debit Cards in 2012 (thehappyhousewife.com)
- Where to Turn in the Wake of Debit Card Fees [Personal Finance] (lifehacker.com)
- Grass-roots Crusade against Bank of America over $5 debit card fee grows (stiel.wordpress.com)