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New BofA fees may have resulted from swipe fee limits

October 18, 2011

Many companies in the merchant service sector hailed the implementation of swipe fee limits on each transaction.

Many companies in the merchant service sector hailed the implementation of swipe fee limits on each transaction. However, what has been largely seen as an effort to recoup some of the lost funds, Bank of America announced that it would be charging debit card holders $5 a month in new fees.

In a recent interview with ABC, president Barack Obama stated that if the newly created Consumer Financial Protection Bureau was put into place in a quicker manner, the bank may have been prevented from implementing the new expenses.

“[This] is exactly why we need somebody whose sole job it is to prevent this kind of stuff from happening” he told the news source. He went on to say that he wanted the CFPB to act as a watchdog to prevent companies from charging harmful fees.

According to Credit Union Times, there are already some stipulations in place with other accounts. For example, some card companies require that account holders have a minimum of $1,500 in the account each month. 

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