Bank of America may lose TCU customers who are frustrated with the new monthly fee for debit card users.
The bank announced last month that customers will be charged $5 a month to use their debit cards, according to The Washington Post. The fee will begin next year and will apply to debit card purchases but not ATM withdrawls.
Emily Cowan, a freshman political science major, said the new charge is unfair because she is being charged to use her own card, and writing checks is a hassle.
“I’m going to have to start thinking about [purchases] a lot more,” Cowan said.
Brendan Mulqueeny, a freshman mechanical engineering major, just opened an account with Bank of America and said he does not expect the new fee to change his spending habits even though he uses his card. Having a Bank of America ATM in the BLUU is too convenient to change banks, he said.
Seannie Nahas, a junior fashion merchandising major said she did not know about this new charge, but now that she is aware of it, she will stop using her card.
Larissa Matthews, a junior sports psychology major, said she will completely switch to her Chase account because of the fee.
“You should just get a credit card if they’re going to charge you extra. With a debit card, you put in as much as you want to spend,” Matthews said.
Rebecca Starkey, a junior middle school education major, said she heard about the bank’s new charge from her parents but had not received any notification from Bank of America about the new fee.
A $5 fee does not sound like much, but it can add up over time, she said.
Although Starkey did not have immediate plans to switch banks, she said she may consider it in the future.
“Why stay if other banks are not charging?” Starkey said.