A top senator crashed after Bank of America company, one of the biggest recipients of taxpayer bailouts in the U.S., announced that they charge their customers a new fee of $ 5 per month for the use of cards Debit - if only to buy a coffee for $ 2.
Although the bank has no plans to charge customers to use the ATM, the fee would be triggered once a month, if buyers use their debit cards to make any purchase.
"Clearly, unfair, and I hope that their customers have the last word," said Sen. Dick Durbin, D-Ill.,.
An industry representative said that these rates may be more common as banks try to compensate for the loss of income from other fee that is capped with a new set of financial regulations.
However, the decision of Bank of America drew the anger for several reasons. The company is the largest U.S. bank deposits. And reaped $ 45 billion in federal bailout money - they get the first piece in 2008 and the rest in 2009 to cope with the loss of Merrill Lynch.
Durbin excoriated the company for "sticking" to their customers.
"It seems that old habits are hard to Bank of America. After years of raking in excessive profits of a trading system unfair and anticompetitive, Bank of America is trying to find new ways to pad their profits by sticking customers, "Durbin said in a statement.
While banks may be trying to compensate for lost benefits under the old system, Durbin said the system was unfair. Before, banks were collecting billions of dollars in fees from merchants when customers swiped their debit cards. As of October 1 regulation is the culmination of those fees.
"Banks are trying to offset their excess profits at the expense of their customers will eventually learn how a competitive market," said Durbin.
Bank of America to return all the ransom money he received in late 2009 - the federal government for more than 4 billion out of the organization.
The new rate applies to basic accounts and will add to the current monthly service charges.
For example, a basic account of bank charges a monthly fee of $ 12 unless customers meet certain conditions, such as maintaining a minimum average balance of $ 1,500.
A fee for using debit cards is still a new concept to many consumers and was unknown before this year. However, there are indications that may soon become an industry standard.
SunTrust, a regional bank based in Atlanta, began charging a debit card fee of $ 5 on their basic checking accounts this summer. Regions Financial, based in Birmingham, Alabama, plans to start charging a fee of $ 4 next month.
Chase and Wells Fargo are also testing $ 3 monthly debit card in select markets. Neither bank has said that when a final decision on whether the operation of the share more broadly.
This summer, an Associated Press-GfK found that two thirds of consumers use debit cards more frequently than credit cards. But when asked how they would react if you were charged a $ 3 monthly fee for debit cards, 61 percent said they would find another way to pay.
If the fee was $ 5, 66 percent said they would also change your payment method.
Bank's share of the debit card in the United States will be launched in stages, beginning with select states in early 2012. The company did not mean that states would be affected first.
