BANK OF AMERICA Dumps Customers Over $5? – TheStreet
By MB Snow at September 30, 2011 | 10:51 am | Print
BOSTON (TheStreet) — Bank of America(BAC_) said Thursday it will begin charging customers $5 a month to use debit cards. Much like Netflix’s(NFLX_) recent gaffe of hiking prices for a service people have come to expect — without actually adding any value to the service — Bank of America appears ready to throw away loyal customers over a paltry $60 a year.
The bank insists the move is necessary to make up for lost revenue as a result of new regulations. The Durbin amendment in the Dodd-Frank Act caps the amount of money banks can charge merchants for debit-card transactions.
via Bank of America Dumps Customers Over $5? — Today’s Outrage – TheStreet.