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Death Of The Debit Card

|Includes:Bank of America Corporation (BAC)

On Wednesday a Federal Court ruling started the ball rolling for a further reduction in Swipe fees for debit card holders.A huge win for retailers and another loss for banks.Consumers who use these cards will eventually see higher fees to cover the bank's shortfall.That is if banks do not replace these cards with some sort of new gimmick.As checks have been greatly reduced by the advent of the Debit Card in what direction will banks go to seek more fees? The American Bankers Association says checking accounts will be next victim in the never ending search for fees.They said that these accounts cost the banks 250 a year to maintain.I would love to see the breakdown of those " Costs ".That reminds of a company where I interviewed at that wanted employees to pay for uniforms.When I asked why did we need to buy these uniforms,the man replied so everyone could be safe.When I heard that supervisor give that answer with a straight face I knew that place was not for me.Just maybe Bank Of America - BAC - will hike fees so the customers will be " Safe ". I single them out because of their plan in 2011 to charge Debit Card holders a monthly fee.They dropped that fee after a huge outcry from customers who promptly closed accounts.Nobody feels safe when the Bank Fat Cats are on the prowl for more fee meat.Now is the time for a money diet and bring back free lollipops for the kids.So we can all feel safe again walking into a bank.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Stocks: BAC