Bank of America Fees Bring Frustration - KAUZ-TV: Newschannel 6 Now | Wichita Falls, TX

Bank of America Fees Bring Frustration

  Some Bank of America customers like Tony Godwin say these new charges are enough to call it quits.

"I've been with them for 15 years and I'd like to stay, but it's time to jump ship," says customer Tony Godwin.

In an announcement, Bank of America shared it's new $5 monthly charge for debit card purchases and most customers are frustrated with the addition.

"I mean they already charge for things so it is frustrating and I get why people are upset,"says Bank of America customer Vanessa Kincheloe.

According to the Wall Street Journal, not everyone will see this charge.  Customers with Premium and Advantage accounts, mainly those with five-figure balances will be exempt from the fee.  In the past setting up direct deposit accounts or agreeing to keep a minimum in your account would be enough to waive fees, but this new charge wont be as easy to escape.


"It kind of shocks me.  Why would they charge you to use it when you already set up an account with the bank, so I'm shocked to hear it," says customer Donta Smith.

"I understand why they are doing it, but times are difficult for a lot of people," adds Kincheloe.

But for some the solution seems simple.

"I went and just told them I'm going to switch banks," adds Godwin.

But fees may not be that easy to avoid.  Banks like Chase and Wells Fargo have also announced a fee of $3, but for now only limited markets are being tested.  With major banks looking to make debit card fees a norm, this may be a picture of where the future of banking is headed.

"I think that that's where things maybe heading just due to the nature of the temperature of the economy.  People are really struggling right now to make money and to make a profit," says Kincheloe.

"I believe every bank will eventually start doing it," says Smith.

Taelor Rian, Newschannel 6.

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