A lot of people are crowing today abou Bank of America's decision to cancel their monthly fees for debit card transactions. Not so fast, America, they'll get the money one way or the other.
Let's remember that BofA decided to impose these fees because of the new costs the bank must bear thanks to the Durbin amendment. Those costs haven't gone away.
This reminds me of a friend who went on a business trip to a snowy part of the country and had to buy galoshes to save his shoes. He put the galoshes on his expense report but his boss rejected it saying they wouldn't pay for that expense.
My friend reworked his report and handed it back to his boss with the words "find the galoshes". They were there, but hidden among other costs.
BofA will be playing a game of "find the debit card charges" with their customers as they rework their fee structure. If you're a low balance BofA customer, you'll pay it somewhere.
Sent via HolyCoast.com mobile.
Let's remember that BofA decided to impose these fees because of the new costs the bank must bear thanks to the Durbin amendment. Those costs haven't gone away.
This reminds me of a friend who went on a business trip to a snowy part of the country and had to buy galoshes to save his shoes. He put the galoshes on his expense report but his boss rejected it saying they wouldn't pay for that expense.
My friend reworked his report and handed it back to his boss with the words "find the galoshes". They were there, but hidden among other costs.
BofA will be playing a game of "find the debit card charges" with their customers as they rework their fee structure. If you're a low balance BofA customer, you'll pay it somewhere.
Sent via HolyCoast.com mobile.
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