That Will Be Five Dollars Please
I must say I am not a Bank of America customer, nor am I interested in becoming one. I prefer those smaller independent banks where everyone really does know your name and branches have presidents, not a head teller who will have to check with upper management and “get back to you."
This mega giant bank did upset its customers in September of this year when it announced a monthly $5 fee would be charged for using debit cards beginning in January of 2012. The number of times you use the debit card doesn’t matter—1, 10 or 20—the $5 fee applies. And, it doesn’t matter whether you run the card as debit or credit when the purchase is made.
You can choose to not use the debit card at all and no fee will be deducted from your account, but for goodness sakes, what’s the point of even getting a debit card if you’re charged money to use it?
Ellen DeGeneres, in her own comedic style, made fun of Bank of America (BofA) and its new fees on her daily television show “Ellen." There’s a great YouTube video from her show so if you want a laugh, you can watch it here.
While Ellen’s video will leave you laughing, most BofA customers are not laughing and some are fighting back. Dan Freed of MAINSt.com reported that “Andrew Plepler, Bank of America's global corporate social responsibility executive, told Molly Katchpole, a the 22-year-old Bank of America customer who launched an online petition asking the bank to cancel the fee that doing so would be "premature," but that "we constantly listen to our customer feedback."
Kudos for Ms. Katchpole for attempting a petition but they very often don’t work and in my opinion, your best bet here to avoid the $5 fee is to change banks because Mr. Plepler is not interested in your customer feedback.
It wasn’t all that long ago when banks needed some help and cried about how their investment portfolios were the lowest in history and they lost money too! Sorry BofA, tell it to Joe the Plumber or the Average Joe for that matter. We simply can’t equate having billions of dollars and asking us to shell out five more bucks to aid you in your losses. You should have paid more attention to your balance sheet.
Banks and large corporation giants can and do get bailouts or protection from the U.S. Government, but the average person—nope, never gonna happen.