Revenge for the Durbin Amendment

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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 Here

Last modified: April 20, 2019
Sean Murray

Category: Debit Cards, MPR Authored

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