They Are Doing It Again!

Here they go again. New regulations have cut the fees banks can charge merchants for debt card transactions and now we, the consumers, are to pay.

As some of you have read, yesterday the NYTimes published an article detailing most of the information available on the matter.

I, for one, find this to be ridiculous and utterly annoying. How many more times will the banks suffer a decrease and make their customers pay? I understand they are suffering financially, but don't they realize that so are their customers? And by them not being understanding, it will cost them more in the long run?

For example, CitiBank is actually one of the few banks NOT implementing new debt card fees to their customers. They are still going to experience the lower merchant fees, but stated that their customers expressed outrage about being charged debt card fees and decided not to go along with it. Now that's my kind of bank, just might have to change over my accounts to Citi if they are serious about not charing fees.

For those who don't want to bother reading the whole article, here's a breakdown of the new proposed fees by respective banks:

• BoA: $5 monthly debt card fee
• Chase: $3 monthly debt card fee
• Wells Fargo: $3 monthly debt card fee
• Regions: $4 monthly debt card fee
• SunTrust: $5 monthly debt card fee

Now some of these programs are simply pilot programs and might not stick; however, I don't want to wait around to find out. What about you?

Peace,
-El Russo