Opinion

Staff Editorial 10/6: Bank fees just don’t please

Natalia Leal withdraws money from the ATM on October 5, 2011. "I heard they'€™re charging $5.00 a month now, which ends up to be $60.00 a year, that'€™s ridiculous. I don'€™t care how convenient this ATM is, I'€™m switching banks."€ Natalie Edgar//The Miami Hurricane

As if money wasn’t tight enough already, banks will start charging debit card users $5 per month for purchases made with their card in 2012.

Bank of America is the most recent bank to make this decision and, as UM’s on-campus bank, it affects most of us very directly.

If we step back and take a look at recent trends, this new fee is not surprising. Free checking accounts are a thing of the past; according to a report relased by The Miami Herald, only 45 percent are free, which is down from 75 percent in 2009. ATM fees have also been on the rise.

However, being charged for spending our money seems ridiculous.

New federal regulations limit the amount banks can charge merchants when a customer uses his or her debit card.

This will most likely lower Bank of America’s revenue and the new fee is being enacted to offset this. In other words, customers are now responsible for paying for what merchants used to.

Should we be saddled with this responsibility? It feels more like a punishment than anything else.

The use of debit cards will probably decrease once this fee goes into effect, with people either turning to cash, checks or credit cards to make their purchases.

Credit cards present the same ease and convenience as debit cards, but may have some unfortunate consequences. If we become reliant on credit, it sure won’t be doing our economy any favors.

One would think (and hope) that Bank of America would keep us broke college students in mind when figuring out exemptions from the fee, but think again.

Only certain premium accounts will be exempt; that is, accounts with more than a specific amount of money in them.

These figures haven’t been released yet, but it’s probably safe to assume that an account filled with minimum wage paychecks from an on-campus job won’t cut it.

If you still want to use a debit card, the University Credit Union is an option with fewer fees. Changing banks may be a hassle, but $5 per month adds up.

Editorials represent the majority view of The Miami Hurricane editorial board.

October 5, 2011

Reporters

The Miami Hurricane


Around the Web
  • Miami Herald
  • UM News
  • HurricaneSports

University of Miami running back Mark Walton was rolling — until he got rolled on, or stepped on. Wa ...

University of Miami safety Sheldrick Redwine got to wear the gaudy (but beautiful to Canes and their ...

This just in: University of Miami at Florida State will kick off in Tallahassee at 3:30 p.m. on Oct. ...

For those concerned about the apparent on-field struggles of graduate transfer Dee Delaney, an All-A ...

This week’s Top 25 college-affiliated football polls, released Sunday afternoon, agreed on how to ta ...

UM students fan out across South Florida to help local neighborhoods rebound from the impacts of Hur ...

Classes resume on the Coral Gables campus after the removal of 4 million pounds of landscape debris. ...

Students living in residential housing are returning to campus and classes with renewed resolve. ...

UM’s student-run ’Canes Emergency Response Team puts their training into action to assist with recov ...

UM students recount how they rode out the storm called Hurricane Irma. ...

The University of Miami's football game at Florida State on Oct. 7 will kick off at 3:30 p.m. E ...

Walton rushes for career-high 204 yards and Rosier has four touchdowns in Miami's comeback vict ...

The University of Miami volleyball team outlasted Virginia, 3-2, in Atlantic Coast Conference action ...

Junior golfer Dewi Weber highlighted second round action for the University of Miami women's go ...

The Miami Hurricanes swimming team wrapped up its opening weekend of competition at the All-Florida ...

TMH Twitter Feed
About TMH

The Miami Hurricane is the student newspaper of the University of Miami in Coral Gables, Fla. The newspaper is edited and produced by undergraduate students at UM and is published weekly in print on Tuesdays during the regular academic year.