If it’s my money, how come I’m being charged to use it? That’s what a lot of people are asking after Bank Of America announced it will be charging customers five bucks a month to use their own debit cards. This shouldn’t be much of a surprise, since banks have been charging people monthly fees on their checking accounts for years. And a debit card’s merely a plastic check without having to worry about penmanship.
What’s unusual about this is that Bank Of America is blaming it all on the federal government. Specifically, they’re blaming it on the Dodd-Frank act aimed at reforming financial institutions. That law caps the so-called swipe fees that banks can charge merchants when you use your card, and it took effect last Saturday. Now Bank Of America says it needs to charge customers five dollars a month to use their debit cards to make up for the revenue it can no longer charge to merchants.