But they’re only trying to make up for lost revenue stemming from the Durbin Amendment of the Dodd-Frank act.
“The economics of offering a debit card have changed with recent regulations,” a spokesman for BofA said.
Credit Suisse’s Moshe Orenbuch estimates just how much these new fees are helping:
The need to change account structures and pricing is a priority for banks given the sheer magnitude of reg changes. We estimate that Reg E, Durbin and increased FDIC premiums cost our large cap banks about $14Bn annually. While the debit card usage fee has received negative press, we estimate that this fee equates to about 40% of the total revenue impact of regulation reform.