There have been various thoughts lingering around the idea of charging customers an extra monthly debit card fee for the use of their debit cards to making purchases.
Various banks have already jumped on this bandwagon.
Bank of America is still considering whether they should charge customers monthly $5 for any debit card purchases.
This issue mainly addresses the debit card users. Those who prefer using their credit cards would not be affected by this rule. Many high school and first and second year university students would fall under that category, since many of them do not possess credit cards.
Nevertheless, they will only have to pay the fee if they make direct purchases with their cards. Thus, if they use their cards at ATM machines, they would not have to pay the fee. But who would want to carry all the cash around? Is this not the reason why they purchased debit cards at the first place – so that they would not have to deal with the cash?
This may be of advantage for the banks, however, it is definitely of disadvantage for all the debit card users.
https://prepaid.bankofamerica.com/EDDCard/Pages/Home.aspx
MLA
“Bank of America Joins Banks Charging Monthly Debit Card Fees â USATODAY.com.” News, Travel, Weather, Entertainment, Sports, Technology, U.S. & World – USATODAY.com. Web. 09 Oct. 2011. <http://www.usatoday.com/money/industries/banking/story/2011-09-29/bank-of-america-debit-card-fee/50608896/1>.
Bank of America | Home | Personal. Web. 09 Oct. 2011. <https://www.bankofamerica.com/index.jsp>.