Saturday, Oct. 15, 2011 | 2:02 a.m.
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Charging a fee for using your own money is absurd. Starting in 2012, Bank of America plans to charge a $5 fee for debit cards transactions. Some benefits of debit card use are: protection against identity theft, ease of cancellation if lost or stolen, tracking use of money and saving paper. One of the biggest reasons is convenience. If debit cards were made mostly for convenience, then this new policy is going against everything cards were intended for. Since 66 percent of people said they would change their payment method, consequently a charge for debit card use may not benefit banks as much as they hope.
Claims are being made to change to different banks, or using only cash, checks or credit cards.
With the generation we are in, debit cards are appropriate, but now we are taking a step back into previous generations. A fee for debit card use, which is our own money, is just as ridiculous as paying a fee to carry your own bag onto an airplane.
Bank of America should reconsider its decision to enforce this policy.
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