Wednesday, November 2, 2011

Bank of America drops debit card fee

I'm pretty sure Bank of America thought no one would notice, or care about, an additional $5 per month fee to their customers for to use debit cards. Now Bank of America and the other major banks planning to implement the fee have changed their minds.

They've announced that, due to customer concern and a changing marketplace, they won't be charging this fee.

This is very good news, for now.

The problem remains though, of the banks hurting financially. The mortgage marketplace hurt them and they haven't recovered. I'm not sure what will happen next but I highly recommend staying aware of what the banks are doing and read your statements carefully. The banks need to earn revenue somewhere, and that'd be from us, somehow.
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