Bank of America Debit Card Fees: Rage Burns Like it’s 2009

The $5 Bank of America debit card fee has sparked rage that hasn't been seen since the height of the financial crisis in 2008 and 2009.

Bank of America isn't the only one charging for debit cards; JPMorgan Chase and Wells Fargo are testing the concept in select markets and two big regional banks have already announced such fees, according to The Associated Press.

Still, the debit card fee rage is directed mostly towards Bank of America because it's the biggest bank by deposit.

Bank of America and others aren't arbitrarily deciding to charge debit card fees; they're responding to new financial regulation that caps the amount of money they can charge merchants for debit card transactions.

What banks like Bank of America have chosen to do is to recoup the lost revenues from customers.

Bank of America customers, however, are unsympathetic and unhappy.

The Bank of America corporate Facebook page is flooded with comments of users threatening to switch or announcing that they have already switched.

We will be closing our account. I have no problem making a few phone calls to stop and switch our automatic payments. The Credit Union has been begging us to join them. And now we will. I hope this new $60.00 a year fee was worth it to you, wrote one user.

Another user threatened to end her 26-year relationship with Bank of America.

The rage isn't just directed at the $5 debit card fee. Instead, the fee seems to have ignited a fresh round of general anger against big banks.

More than 3 years after the collapse of Lehman Brothers in September 2008, Main Street - still facing an unemployment rate north of nine percent - remains resentful of Wall Street, which is swimming in cash and bonuses.

Some have joined the Occupy Wall Street movement in downtown Manhattan. Others are taking out their anger on Bank of America.

So let me get this straight. BOA gets bailed out by using tax payer dollars because of their business practices and bad decisions AND now they want to charge me for using my money? wrote one user on Bank of America's Facebook page.

We gave you 45 billion of our taxes in bailout money and now you want to disrespect your customers by taking money for using a debit card that MAKES YOU MONEY? Seriously? wrote another user.