Stop proclaiming your business management ignorance.
BofA has a transaction expense and there is no business model anywhere suggesting it should come from profits rather than the benefitting consumer!
I’m sure when the concept of debit cards came up, the business model suggested getting the consumer hooked on using the card and later, introducing fees.
The only ignorant one is you as you seem to have a reading problem. These fees would have been introduced ANYWAY, even if this Dodd/Frank had not passed.
It has been planned for some time. BoA sucks. I have done business with them in the past and they were the worst bank I ever had to do business with. As far as fees go, they are now paying the price for their stupidity in trying to push this increase now.
Several other banks are lining up to introduce this fee also, and it will almost surely kill off a large part of the debit card industry. I know I will go back to writing checks or paying cash before I pay.
I am at a credit union and they have not tried this stupidity yet, but if they do, I’ll send them back the card. I am not the only one who feels this way and watch as the BoA stock continues its downway trend.