Main Street

Hey Bank of America: We’re Not Your ATM

Bank of America is instituting a new policy starting in 2012 that would charge debit card holders $5 a month – $60 a year – to use their own money.

Don’t be fooled: this is a big bank’s version of a hissy fit. Bank of America claims this is in response to a new law that limits “swipe fees,” which protects small businesses from getting jacked every time a customer uses a debit card. So instead of continuing to jack businesses that rely on their cardholders, which was making them piles of money, Bank of America has decided to jack their own customers. You know, to hurt us more directly.

Let’s just quickly review that Bank of America made $3 billion in profits in 2010, and paid absolutely no federal corporate income taxes in 2009 and 2010. In fact, Bank of America received a $1.9 billion tax refund from the IRS, despite their huge profits, not to mention the gargantuan amount of money we all paid to bail them out in 2008. While they and the other big banks are losing some money because of new regulations that limit swipe fees and overdraft fees, we’re not talking about a struggling business here.

And to answer the possible label of “job creator,” let’s also review that Bank of America is laying off 30,000 American workers, double more than any other U.S. based employer in 2011 so far.

What’s worse? They aren’t the only ones instituting new fees:

Wells Fargo and Chase are testing $3 monthly debit card fees. Regions Financial, based in Birmingham, Ala., plans to start charging a $4 fee next month, while SunTrust, another regional powerhouse, is charging a $5 fee.

People are outraged. We’re outraged. And as the AP describes, Bank of America and Co. really think they can get away with it.

They are banking (ha) on the idea that you are too tired, too beaten down, too apathetic to switch banks and take your money elsewhere.

They want to continue to treat us like an ATM. They won’t get away with it. We’re going to remind Bank of America, we’re Not Your ATM.

Visit WorkingAmerica.org/NotYourATM and join our conversation on Twitter today using the hashtag #NotYourATM.

Tags: Bank of America, Corporate Accountability, OWS