Bank Of America Faces Outrage Over Debit Card Fees

October 01 00:00 2011

New York, October 1 ( – Bank of America (NYSE: BAC) is facing outrage over its decision to charge $5 as fees to some customers for using their debit cards to make purchases. Bank of America made this announcement after they discovered that banks will now receive of smaller share of the charges retailers pay to allow customers to use their debit cards.

Social media sites are full of hate messages for Bank of America’s new policy. Customers are enraged like never before and vowing to move their business out of this bank which has shown no empathy for its customers. However, Bank of America has very little choice. They need to raise capital urgently to ensure that they have enough capital if a recession takes place. Bank of America had not expected much of an outrage from customers as $5 is a nominal charge.

However, customers say that they are tired with the banks attitude which makes them liable for the management’s mistakes. The losses that the bank faces can be largely attributed to the lax due diligence while taking over assets from Merrill Lynch and CFC. A news reporter went as far and cut up her debit card with a scissor to show Bank of America what she feels about their new policy.