New Debit Card Fees Mean Bad News For Bank Customers

Some are calling it the banks’ new “Swipe and Gripe” program.

Swipe your debit card to make a purchase — then gripe about the added charge to do so.

Bank of America now plans to charge customers a $5 monthly debit card fee beginning early next year.

“I think that’s a rip-off. It’s just more money for the bank,” said Sharon Garafola, a B of A customer from Rancho Mirage.

She says she likes banking with B of A but claims a new debit card fee would only cause her to close out her account.

“I would pay cash for a little while. Then I would find a bank that’s not going to charge me for debit,” said Garafola.

B of A says customers will be charged the fee only if they use their debit cards for purchases in any given month. Those who use their cards only at ATMs won’t have to pay extra.

Customers appear to be united in their disgust over the new fee.

“There’s too many other banks to go to. Why stay here when they’re going to be charging you?” said Lorena Colin, a customer from Indio.

Some wonder why Bank of America would need to charge customers after getting billions in bailout money.

“And here we’re stuck having to pay that money to them. Why? They should return that money back to us,” said Bob Arce, a customer from Indian Wells.

B of A isn’t alone.

Wells Fargo and Chase are also testing new monthly debit card fees in select markets.

Banks say it’s because new regulations will cap the fees they can collect from merchants whenever customers use debit.

That’s not the case with credit.

“They’re going to keep going and going until they can just bleed the people to death,” said Arce.