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

Randy Ableman has built something special with his Miami Hurricanes diving program. Here’s why: Ther ...

Two days after the University of Miami football team played its spring game, coach Mark Richt stayed ...

The University of Miami’s most anticipated Atlantic Coast Conference baseball series of the season e ...

The University of Miami announced Sunday evening that sophomore safety Jeff James, Jr., has parted w ...

UM’s 2018 recruiting class, already regarded as the best in the country, added two more gems over th ...

The period of the first 100 days in office is a telling gauge for a president's full term in th ...

UM students, staff and faculty join the worldwide march to end men’s violence against women. ...

Greek Week at the University of Miami is committed to raising money and awareness for United Cerebra ...

Carlos Bustamante, a Presidential Distinguished Scholar, kicked off his series of lectures about gen ...

Edward Abraham, M.D., has been named Dean of the University of Miami Leonard M. Miller School of Med ...

University of Miami men's tennis team is set to start ACC Championship play Wednesday in Rome, ...

Malcolm Grant plays for Tajfun Sentjur in Slovenia ...

The University of Miami Department of Athletics continued to earn high praise with its student-athle ...

The University of Miami men's tennis match against Virginia Tech has been cancelled due to heav ...

The series finale between Miami and Florida State at Mark Light Field was cancelled due to inclement ...

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.