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


The Miami Hurricane

Around the Web
  • Miami Herald
  • UM News
  • Error

James Jones, who starred at Hialeah American High School, the University of Miami and was a part of ...

A classic good news/bad news scenerio arose for Miami Hurricanes football at the recent Atlantic Coa ...

The University of Miami football players are not the only ones getting preseason accolades. The guys ...

Defending national champ Clemson led all Atlantic Coast Conference schools Wednesday with five playe ...

This was a neat idea that Peter King’s Monday Morning Quarterback website rolled out just as NFL tra ...

Gomez, an expert on human values and attitudes in post-Castro Cuba, will serve as interim director o ...

The University of Miami announced the appointment of Cindy Munro as the new dean of the School of Nu ...

Read the latest entries from UM students who are spending part or all of their summer visiting diffe ...

University of Miami’s Office of Civic and Community Engagement harnesses technology to seek affordab ...

UM female scientists share some insight on women in science, science in Hollywood and how Wonder Wom ...

RSS Error: A feed could not be found at http://www.hurricanesports.com/. A feed with an invalid mime type may fall victim to this error, or SimplePie was unable to auto-discover it.. Use force_feed() if you are certain this URL is a real feed.

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 on Thursdays during the regular academic year.