Rising Cost of Debit Card Fees by Banks
Banks are on a drive to recoup fees that have been lost to form of legislation. The recent charges implemented, relate to debit cards, which have added to the frustrations of consumers. The various restrictions imposed by government have caused banks, for example “Chase” to now make their customers pay for statements on paper, checking accounts and online banking. Reports indicate that in some regions, “Chase “add a $15 charge in respect of checking accounts. This has been aggravated by the ending of the bank’s debit rewards program!
Reports show that the Bank of America is considering, taking advantage of this method of supplementing its coffers, by applying a new debit card fee for automatic payments by customers, such as regular cable bills, car repayments and gym membership fees. In addition, various banks have raised the required levels for qualification to their services, including free checking accounts. It has been observed that this will accumulate greater income for the banks as fees.
Meanwhile, it is the consumers who without having the benefit of decreasing prices, they are forced to bear the financial repercussions of these financial policies. Various reports show that this extra burden is being placed on the source, namely the consumer, whose investments and spending, provide the potential of increasing the, much needed economic growth in America.
The trend of establishing fees for debit cards has been adopted by the most prominent of banks, for example the Bank of America. They recently announced, a $5 monthly fee for customers using their debit cards! For example, of the fees expected to be gathered by the banks, Wells Fargo reportedly estimated that should they impose a $3 monthly debit card fee, they would recover more than $200 million, towards offsetting the regulations affect.