Bank Tactics to Replace Lost Debit Card Fees

The Atlantic Wire explains a few of the ways big banks are attempting to recover the estimated $12 billion a year of income they lost with the passage of consumer protections that spurred Bank of America’s debit-card debacle:

– Bank of America is now charging $5 to replace a lost debit-card, and $20 to have it rush-delivered. The bank also has also raised its fee for holding a basic MyAccess checking account to “$12 a month, up from $8.95.”

– Citigroup and Chase, which chose to not follow suit with BoA in adding a $5 monthly debit-card fee, have like BofA also raised account fees. “This month, Citigroup’s basic checking account jumped to $10 a month, up from $8,” The Times writes. “Chase raised the fee on its standard checking account to $12 a month in February; many of those customers were previously charged nothing at all.”

– U.S. Bancorp is now charging an additional 50 cents per check deposited by mobile phone, and TP Bank now has a $15 charge “for each incoming domestic payment” when cash is wired to an account.

And it’s not only fees: on average the interest rate depositors earn on their savings accounts fell from 0.8% to 0.74% during the first half of this year, and “nearly every major bank has embarked on a cost-cutting campaign, eliminating branches and staff.”

Accept none of it.  Make it perfectly clear to said banks that the surplus from now-banned predatory overdraft and swipe fees has been rightly and permanently transferred to the consumer.  Give them not one single cent of that surplus back because they deserve none of it. Move your money elsewhere.

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