Customers Angry Over Debit Card Charges

8 years 9 months 5 days ago Friday, September 30 2011 Sep 30, 2011 Friday, September 30, 2011 1:22:00 PM CDT September 30, 2011 in News
By: Joe Chiodo
loading

COLUMBIA - Customers told KOMU 8 Friday they are unhappy Bank of America is adding a five dollar fee each month if a customer uses his or her debit card for purchases.

The bank blames the Dodd-Frank Act's Durbin amendment which limits the amount of fees banks can charge merchants on individual debit card transactions. The act is scheduled to go into effect Saturday.

Columbia Bank of America representatives refused to talk about the new debit card policy, but a national company spokesperson, Betty Riess, issued a written statement. 

Riess explained, "The economics of offering a debit card have changed with recent regulations.  As a result we have decided to introduce a monthly usage fee for customers who use their debit cards for purchases."

The new policy allows the bank to charge most customers five dollars each month they make a store purchase. This means that customers who use their debit card at an ATM to withdraw money will not be charged until they use the card to make a purchase.

Additionally, the fee will be waived for customers with certain premium accounts and Wealth Management/Merrill Lynch and US Trust clients. 

Local Bank of America customer Aaron Finkel said, "If they do make this change it will certainly be a reason for me to change banks.  I'm not a big banking customer so any standard fees are not something I want to deal with."

John Risvold, an MU law student and Bank of America customer, said that the fee will specifically hurt Columbia due to the overwhelming amount of college students with tight budgets.

Risvold said, "I think it will have a lot of effect on college students.  We're all on tight budgets.  We're all poor college students so that five dollars goes a long way.  That's an extra lunch, an extra gallon of gas."

Bank of America said that it will notify customers in writing at least 30 days before it begins assessing the fee.

More News

Grid
List
CAMDEN COUNTY — A one year old boy was killed at about 9:50 a.m. July 4 after being hit by... More >>
2 hours ago Sunday, July 05 2020 Jul 5, 2020 Sunday, July 05, 2020 1:37:23 PM CDT July 05, 2020 in News
COLUMBIA — The Columbia Public School District released plans for reopening in the fall and said on June 22 that... More >>
3 hours ago Sunday, July 05 2020 Jul 5, 2020 Sunday, July 05, 2020 1:00:00 PM CDT July 05, 2020 in News
COLUMBIA — UPDATE: In a press conference on Sunday, Columbia Police Chief Geoff Jones provided details on an overnight shooting... More >>
5 hours ago Sunday, July 05 2020 Jul 5, 2020 Sunday, July 05, 2020 10:57:00 AM CDT July 05, 2020 in News
KANSAS CITY, Mo. (AP) — The Missouri Democratic Party’s chairwoman is stepping aside until at least September. The Kansas... More >>
21 hours ago Saturday, July 04 2020 Jul 4, 2020 Saturday, July 04, 2020 6:22:27 PM CDT July 04, 2020 in News
KANSAS CITY, Mo. (AP) — The Jackson County, Missouri, prosecutor says two brothers have been charged with second-degree murder and... More >>
23 hours ago Saturday, July 04 2020 Jul 4, 2020 Saturday, July 04, 2020 4:29:38 PM CDT July 04, 2020 in News
COLUMBIA - The Fourth of July is a day which commemorates freedom. But this year’s holiday follows weeks of... More >>
1 day ago Saturday, July 04 2020 Jul 4, 2020 Saturday, July 04, 2020 3:45:00 PM CDT July 04, 2020 in News
COLUMBIA - A rally was held at the Boone County Courthouse Saturday morning in an effort to show support for... More >>
1 day ago Saturday, July 04 2020 Jul 4, 2020 Saturday, July 04, 2020 3:23:00 PM CDT July 04, 2020 in News
As COVID-19 continues to spread, KOMU 8 will continue to update you about impacts in the community. You can... More >>
1 day ago Saturday, July 04 2020 Jul 4, 2020 Saturday, July 04, 2020 10:12:00 AM CDT July 04, 2020 in News
COLUMBIA —As mid-Missouri experiences a rise in coronavirus cases, the Health Department is struggling to keep up with contact tracing.... More >>
1 day ago Friday, July 03 2020 Jul 3, 2020 Friday, July 03, 2020 6:51:53 PM CDT July 03, 2020 in News
VIENNA — The Historical Society of Maries County is offering a $1,000 reward to anyone who can provide "substantial information"... More >>
1 day ago Friday, July 03 2020 Jul 3, 2020 Friday, July 03, 2020 6:32:32 PM CDT July 03, 2020 in News
COLUMBIA - Four bars within 24 hours may have been exposed to someone who had COVID-19. Boone County Health... More >>
1 day ago Friday, July 03 2020 Jul 3, 2020 Friday, July 03, 2020 6:29:00 PM CDT July 03, 2020 in News
BOONVILLE - Hundreds of mid-Missourians stocked up on fireworks this week for the Fourth of July. 73-year-old Jim Edwards... More >>
1 day ago Friday, July 03 2020 Jul 3, 2020 Friday, July 03, 2020 5:50:00 PM CDT July 03, 2020 in News
MISSOURI — As COVID-19 continues to spread throughout Missouri, state and local officials confirm new case counts daily. ... More >>
1 day ago Friday, July 03 2020 Jul 3, 2020 Friday, July 03, 2020 5:00:00 PM CDT July 03, 2020 in News
BONNE TERRE, MO. (AP) — An eastern Missouri county has seen a big increase in confirmed coronavirus cases, and... More >>
2 days ago Friday, July 03 2020 Jul 3, 2020 Friday, July 03, 2020 3:52:13 PM CDT July 03, 2020 in News
COLUMBIA—Columbia City Council will vote Monday on a new mask ordinance that would require face coverings in all public places.... More >>
2 days ago Friday, July 03 2020 Jul 3, 2020 Friday, July 03, 2020 3:51:00 PM CDT July 03, 2020 in News
JEFFERSON CITY - Two state representatives accused former House Speaker Tim Jones of being involved in cyberbullying Friday afternoon, but... More >>
2 days ago Friday, July 03 2020 Jul 3, 2020 Friday, July 03, 2020 3:17:00 PM CDT July 03, 2020 in News
As COVID-19 continues to spread, KOMU 8 will continue to update you about impacts in the community. You can... More >>
2 days ago Friday, July 03 2020 Jul 3, 2020 Friday, July 03, 2020 2:00:00 PM CDT July 03, 2020 in News
CALLAWAY COUNTY — The Callaway County prosecutor charged David Dodds, 58, from Corydon, Iowa with five felony counts of sexual... More >>
2 days ago Friday, July 03 2020 Jul 3, 2020 Friday, July 03, 2020 1:09:28 PM CDT July 03, 2020 in News
Columbia, MO
Broken Clouds 91°
5pm 88°
6pm 88°
7pm 87°
8pm 85°