Revenge for the Durbin AmendmentOctober 3, 2011 | By: Sean Murray
The Durbin Amendment doesn’t lower costs for consumers, nor did it hurt the banks as much as it planned. But that isn’t stopping the banks from lashing out anyway. Bank of America is plowing ahead with a $5 monthly debit card usage fee on consumers.
If you don’t use the card, there’s no fee, but if you do, the fee is enforced no matter how little you spend. A solitary purchase of a $1 cup of coffee would bring on the $5 charge, a travesty that has some people outraged.
For those that love to inappropriately translate figures into an APR, that would be the equivalent of 6,000%.
Read more about new debit card monthly fees HereLast modified: September 28, 2013
Sean Murray is the founder of deBanked, an 11-year veteran of the merchant cash advance industry, a casual Lending Club and Prosper note investor, the co-founder of Daily Funder, an alternative lending speaker, consultant, writer, and enthusiast. Connect with me on LinkedIn or follow me on twitter.