Welld Fargo Bank
Like most, if not all Americans, I was shocked by the news that Bank of America, or BofA, has decided to assess a $5 fee for every time most BofA customers utilize one of its debit cards. Regardless of whether a particular client uses the card once or fifty times in any given month, the monthly charge is still going to be $5. Those who are fortunate enough to be able to consistently carry over a balance of $20,000 or more with BofA and/or have their home mortgage with the bank will be exempt from these fees.
It is safe to say, in my view, that Bank of America's controversial measure is in response to legislation stemming from the the Dodd-Frank Wall Street Reform and Consumer Protection Act. As of Saturday, October 1, that now limits the amount of charges banks with $10 billion or more in assets will be able to collect from businesses.
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