Bank of America's New Debit Card Fee Punishes Account Holders

I am a Bank of America account holder. I happen to like being an account holder with one of the largest banks in the world . The convenience this offers far outweighs any day to day irritation I may have with (being an account holder at one of the largest banks in the world) Bank of America.

Despite Bank of America's recent money issues, I never imagined that it would trickle down to me - a decidedly small account holder at one of the largest banks in the world.

Until today. After reading this article about the new $5 monthly fee for debit card users, I am left feeling a tiny bit punished.

Bank of America's New Debit Card Fee Punishes Account Holders

I use my debit card for just about every purchase I make. I believe it saves time, money, and trees; and yes, it is incredibly convenient.

For that, Bank of America has decided it will now charge certain account holders who use their debit card (for store purchases) a monthly $5 fee to do so.

Though the new fees will not start until early next year, polling numbers indicate that consumers are not thrilled with Bank of America's decision.

That's a serious understatement. No one asked for my vote but please feel free add it to the list of unthrilled consumers.

It feels like a punishment.

Bank of America's New Debit Card Fee Punishes Account Holders

Because the new fee is intended for basic account holders, I may actually be safe from it. This doesn't thrill me. My account was opened when I had a heck of a lot more money on deposit and now that I don't, I pay a monthly maintenance fee to keep my account in good standing.

With my current domestic/economic situation I should be a basic account holder with Bank of America. Some months I struggle to cover that maintenance fee but believe that someday (again) I will be in a better position; I want to keep this account I've worked so hard to maintain these last 5 1/2 years - call it silly pride, if you will.

And therein lies the rub. Why is Bank of America punishing it's debit card account users with modest holdings?

Shouldn't Bank of America be rewarding these customers for their loyalty in these difficult economic times?

Bank of America's New Debit Card Fee Punishes Account Holders

I'm not suggesting that Bank of America pass out free money. But don't punish the people who put their hard-earned cash in your bank. Regulation changes or not, can you not come up with a better solution? A compromise, maybe? A lower fee?

I am not a financial genius, one look at my Bank of America account will tell you that. But I do know customer service. And from where I'm sitting, I can't see anyone benefiting from this new $5 debit card user fee - except Bank of America.

Today, I am not proud to be an account holder with one of the largest banks in the world - Bank of America.

Today, I simply feel punished.

Please Note: This contributor makes no apologies for her thoughts regarding Bank of America's recent debit card fee decision. She has no plans to switch banks at this time. This contributor does often share her opinion regarding items that affect her personally. For this she is grateful for the opportunity to do so without discrimination.

Sources:

Personal Experience

World's Largest Banks

Yahoo! Finance: More Bad News for Bank Customers

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