The current generation of youngsters does not believe in using cash for any of their purchases. They would rather pull out their debit cards and let the retailer use the swiping machine to pay for their purchases. Between debit cards and school and college ID cards, they have grown up without understanding many of the nuances of the banking industry. Thanks to their ignorance, most of them will not even …

The implementation of newer rules and regulations for better transparency in financial transactions and prevent customers from falling prey to high interest rates surely seems to have worked in favor of the customers, but rattled the banks and financial institutions who were looking for loopholes to make up for the loss in revenue they incurred as a result. The most recent change brought into effect by the federal government is …

Bank of America has been bringing about a lot of changes in recent times to make up for the loss in revenue caused by the implementation of many rules and regulations by the federal government to offer better protection to customers as compared to banks. One of the recent announcements by this banking major in the United States, heralds that the bank will charge customers and $5 fee on a …

Free checking accounts have become hard to find. Although they have not gone away completely, they have certainly become far more elusive. Bank of America made an announcement on Friday that it would start charging its customers $5 every month for using the debit card. This will come into effect next year and it is something that banks are already testing in some areas. Citibank which is another competitor has …

The debit card fees have caused a huge backlash for banks. Today, Molly Katchpole who is a customer at Bank of America will present a petition with 125,000 signatures to the bank and close her account. She will cut up her debit card in full view of media persons and spectators. There are a number of local residents who are likely to follow this trend and they too would be …