It’s true, people as a group were able to dissuade the large banks from imposing upfront fees for using debit cards. What many don’t realize is that banks operate for profit and at the responsibility of providing returns to their shareholders. This means that is you stop the banks one way, they will find another way to load you with fees.. and they’ve done just that.
In a recent New York Times article, select banks upped wire transfer fees and depositing online via your phone. The reasoning behind this is the loss of income from overdraft fees and the lowering of the per swipe fee they could charge merchants. I feel bad for any business that is forced to endure such loss, and I’m sure that people are feeling the pinch in these times. So the question remains, is it better for banks to up these “hidden” fees or to just be upfront about the true cost of running a business, turning a decent profit, and giving you the transparency required? The article mentioned tries to answer some of these questions, which is great for everyone to make an informed decision. But I would still like my bank to be in touch with me about this, rather than having to read it in an article.. I am currently still a customer at BofA, but that may soon change.