Bank of America's new debit card transaction fee is receiving less than stellar reviews from students.


Bank of America’s new debit card transaction fee is receiving less than stellar reviews from students.

According to reports, the Dodd-Frank Wall Street Reform and Consumer Protection Act has many U.S banks responding with various new charges to accounts. Most recent to jump on the bandwagon is Bank of America.

The new $5 monthly charge on debit card transactions is being levied in an effort to make up for expected lost profits as a result of the Dodd-Frank Act, the bank has said.

Natalie Romero, undeclared major, was made aware of the upcoming fees in late September while listening to KPCC. “I remember thinking, ‘of course’…the passage of Dodd-Frank left many people speculating that banks would begin adding fees elsewhere, so I rather expected it, but it was still a bit of a shock,” she said.

Unfortunately, for those who are unaware, the bank is seeing more disappointment from the lack of personal notification to account holders about the additional charges.

Dean Gaddi, graphic design, and a two-year account holder, had no knowledge of the new fee. “I’m actually surprised I didn’t get any notification, and I’m actually really disappointed to be finding it out through a reporter, not from the bank,” he said.

Bank of America also charges a $14 monthly service charge which is made to standard checking accounts that do not meet Bank of America account requirements such as having a minimum balance of $1,500 in a checking account, or $5,000 or more in a checking account linked to savings, Individual Retirement Accounts, or Certificate of Deposits.

In an effort to protest corporate banks as a whole, Romero, who is also involved in Occupy Long Beach and Occupy Wall Street, signed a petition on Change.org along with many other unsatisfied customers.

Romero also plans to support Bank Transfer Day on Nov. 5, a day in protest of the bank fees in which account holders are urged to close all existing accounts with corporate banks.

“People have already been arrested for trying to close their CitiBank accounts, which just goes to show how little respect the bank has for its customers,” Romero said.

Ryan Van Den Vlekkert, electronic engineering, and a four-year account holder with Bank of America, was fully aware of the new charges being made.

“I’m extremely dissatisfied with the bank, but [the five dollar fee] isn’t too hard to deal with,” he said. Switching banks is a bigger hassle to Van Den Vlekkert than dealing with the actual charge.

Like other disappointed students, Romero plans to close her account with a corporate bank. “I am going to close my JP Morgan Chase account and transfer my money into a credit union account,” she said. “I no longer wish to support banks that make bad decisions and charge their customers outrageous fees to pay for them.”

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