Congress, Debit Card | featured news

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...