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The ire exhibited by consumers in the wake of Bank of America’s recent announcement that it would impose a $5 monthly fee for using debit cards for retail purchases does not seem to have been a momentary flash — at least, not based on findings in a survey by The Research Intelligence Group. Thirty percent of U.S. consumers would leave their bank over debit card fees, it indicated.
Bank of America may have hoped it could quietly slip a $5 fee past its customers. If so, it was woefully wrong. This week, the bank announced it would charge debit card customers a $5 monthly fee when they use their cards to purchase goods. The bank pointed to new financial regulations as a reason.
The Durbin Amendment is well-known throughout the financial services community thanks to extensive media analysis over the past year. Originally scheduled to take effect last month, the Durbin Amendment, an addition to the Dodd-Frank Wall Street Reform and Consumer Protection Act, will now take effect in October.
CashNetUSA.com isn’t your typical financial-services business. For one, at a time when 140,000 industry jobs have been lost nationally year to date, the Chicago-based online payday lender is hiring. For another, the headquarters’ vibe conjures up the freewheeling tech-boom era.
The Federal Reserve Bank has issued new rules that will take effect in 2010, radically changing the way credit card companies treat their customers. Essentially, they are strong protections that regulate interest rates and billing methodologies. For instance, card companies will be prohibited from charging interest on balances that were paid off in the previous cycle.