“The backlash should be directed at Congress.
Part of the reason Congress gets away with this is that every time they do it, people blame it on private industry. It’s not the result of the capitalist system. It’s the result of regulation, and government.”
Worth repeating. Over and over.
This is a direct result of government regulation. If you think this is only going to affect B of A you are mistaken. Things like limits on overdraft fees, etc. etc. are going to cost all consumers money. Banking services cost money and the more government regulation they have to deal with the more these services are going to cost you, simple as that.
Myself, I use a Paypal card for pretty much all transactions. Not only is there a firewall between my money and merchants, I also get back 1% of my transactions each month. And if I switch banks, it's a quick change on the Paypal website for where funding comes from, and no changes for everywhere else.
Won't surprise me if Paypal starts up a fee for this service, and I'd certainly consider paying it as well. I like having my money separated from the card, and there's two layers of protection if my card information gets stolen, plus a further protection of an automatic limit on the card's use at any moment.