Consumers, Debit Card | featured news

Its planned $5 fee for using a debit card has driven out into the open other fees that were long hidden to consumers. This may be a very unpopular thing to say about Bank of America and its planned $5 monthly debit card fee, but it's worth saying anyway: Thank you, Bank of America.

Few seem terribly pleased with Bank of America’s decision to charge its users $5 every month they use their debit cards. BofA blames Congress for passing the Dodd-Frank Act, claiming the law’s new regulations are responsible. The law, which was implemented in June, restricts the fees that banks can charge merchants when customers use debit cards to pay, lowering them from 44 cents to 24 cents.

Consumers are wedged in the middle of a fight between bankers and merchants as the Senate stages a showdown vote over whether to limit fees that stores pay financial institutions...

Wells Fargo is no longer making their debit card rewards program available to new customers.

A New Hampshire man says he swiped his debit card at a gas station to buy a pack of cigarettes and was charged over 23 quadrillion dollars.