Customers angered by Debit card monthly charges

The recent decision by many leading banks to introduce charges on debit cards will lead to many customers shifting to local smaller banks.

Bank of America’s decision to introduce $5 charges per month has met with loud criticism, including customers who were irked at having to pay to use their own money.

A resident of Salt Lake Robby Woodleff said “What I would like to see is (people) switching from (big banks) to local banks and credit unions, the additional fees would hurt low-income consumers the most, especially people like himself who make close to minimum wage.

In the wake of the announcement, a number of Utah credit unions have experienced a jump in membership. Regional president of Heritage West Credit Union Bruce Bryan said “We’ve seen a steady increase over the last week to 10 days, The consumers that come in have stated the reason is they want a better deal than the banks who charge (debit card fees).

“They are saying, ‘I shouldn’t have to pay five dollars a month to use my debit card to make (a) purchase.'”

These recently implemented regulations severely impact organizations with greater than $10 Billion worth, however it will have not impact smaller local banks or credit unions.

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