2 The Voice, For Students, By Students I November 16, 2011 | www.fsuvoice.com | send news tips to the editor; thevoice.fsu@gmail.com
Banks call it quits on debit card fee
by Nathalie Rivera
Voice Staff' writer
Bank of America, the nation’s second-largest bank, has de
cided to halt its decision to charge a monthly $5 debit card fee
after announcing last month that they would begin charging
fees.
According to the Credit Union National Association, an
estimated 650,000 customers switched from banks to credit
unions since the announcement was made Sept. 29.
Wells Fargo and JP Morgan Chase, two major competitor
banks, also decided to call it quits on the bank fees, followed
by Sun Trust.
Despite the countless complaints from the public. Bank of
America was the last one standing with their plan to charge
a fee.
However, after seeing that they would be the only ones still
charging the fee, they then decided to drop it. They declined
any comments concerning how many customers closed ac
counts.
“We have listened to our customers very closely over the
last few weeks and recognize their concern with our proposed
debit usage fee,” said David Darnell, co-chief operating of
ficer. Our customers voices are most important to us. As a
result, we are not currently charging the fee and will not be
moving forward with any additional plans to do so.
The new fees were prompted by a new federal rule that
limited the fees banks can impose on merchants for each pur
chase a customer makes using their debit card. The law regu
lates how much a bank can charge a merchant depending on
the banks’ assets. The banks can charge to about 24 cents per
transaction, which is half the average charge of 44 cents. It
is expected that the limit will cause banks to lose up to $6.6
billion a year, leaving banks scrambling to find ways to make
up for the lost revenue.
“Banks in general, really should not charge a specific bank
fee. I’m curious to know where the funds are being distrib
uted. I would like to have an explanation of those fimds,” said
Pamela Collins, a sociology professor at Fayetteville State
University.
People now more than ever are becoming more vigilant
when it comes to their banking and finances. With protests
such as the “Occupy Wall Street” movement, it is no doubt
that people are becoming less tolerant of big banks.
Sen. Richard Durbin of Illinois openly criticized the fees
stating, “It seems that old habits die hard for Bank of Amer
ica. After years of raking in excess profits off an unfair and
anti-competitive interchange system. Bank of America is try
ing to find new ways to pad their profits by sticking it to its
customers. It’s overt, unfair and I hope their customers have
the final say.”
In Honor of those who served
I
Vietnam veterans spoke at The Chancellor’s Distinguished Speaker Series’ which was held in conjunction with FavetteviiiP-« u
mg on Wednesday, Nov. 9 at the Seabrook Auditorium. While the nights events were led by Dr. Raynor it was the Vietnam lit Homecom-
their time of service in Vietnam and life after returning home. The veterans are members of Dr RaJn^r’!! ! veterans who spoke about
Brotherhood of Vietnam Veterans. project Breaking the Silence: the Unspoken
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