Dodd-Frank "Reform" Leads Banks to Hike Debit Card Fee

Dodd-Frank "Reform" Leads Banks to Hike Debit Card Fee

"Bank of America customers with basic checking accounts will be hit with a $5 monthly fee in order to use a debit card for purchases, the bank announced Thursday. Banks and card companies have been aggressively establishing and raising fees ...

So in a consumer protection bill, Dodd-Frank, there is a directive that the fee banks charge institutions for using their credit cards be cut in half. I think it's 48 cents down to 24 cents per transaction. So the banks, "Well, okay, we've got to obey that law." So what they're doing is they're making it up somewhere else."

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