Debit card fees
Bank of America will begin charging a $5 monthly fee at the beginning of next year for customers who make debit card purchases. [1]
But Bank of America wasted no time in announcing a $5 monthly fee for debit card purchases to make up for the expected drop in revenue. [2]
FILE - In this July 17, 2009 file photo, a customer uses a Bank of America ATM in Charlotte, N.C. Bank of America plans to start charging customers a $5 monthly debit card fee. [3]
Other banks have been flirting with the idea of introducing a fee for debit card usage, but Bank of America is one of the first major institutions to announce that it will make this a reality for active debit card customers. [4]
Bank of America will charge customers $5 per month to use their debit card starting in early 2012, according to Dow Jones Newswires. [5]
NEW YORK — Bank of America plans to start charging customers a $5 monthly fee for using their debit card to make purchases. [6]
It’s the biggest sign so far of how new bank regulations are going to mean big changes for the millions of customers who have come to rely on cards that are tied to their checking accounts ‘ and don’t rack up potentially huge interest bills. [7]
A Bank of America customer uses a Bank of America ATM in Charlotte, North Carolina May 11, 2011. [8]
But several banks have recently introduced or started testing debit card fees. [3]
Chase and Wells Fargo also are testing $3 monthly debit card fees in select markets. [6]
Bank of America will begin charging the fee early next year. [3]
Other large U.S. banks including Wells Fargo & Co, JPMorgan Chase & Co and SunTrust Banks Inc are testing or planning monthly debit card fees. [8]
Back in June I said that that while placing a cap on those debit card fees might be great news for retailers it would be bad news for customers. [9]
Senator Richard Durbin, architect of debit card interchange fee reform, bashed the proposed monthly fee. [...] The Dodd-Frank Act’s Durbin amendment, due to go into effect on October 1, caps fees banks can charge merchants for processing debit card transactions at 21 cents per transaction from an average of 44 cents, potentially costing banks billions of dollars. [8]
Sources:
[1] Bank of America plans to charge $5 monthly debit card fee …
[2] Bank of America; debit card; monthly fee - latimes.com
[3] More bad news for bank customers: Debit card fees - Wire …
[4] Bank Of America To Charge $5 Monthly Debit Card Fee - Money …
[5] Bank Of America Plans To Charge Monthly $5 Debit Card Usage …
[6] BofA to charge $5 debit card fee - Banks - BradentonHerald.com
[7] Bank Of America’s $5 Per Month Debit Card Fee Is Sign Of The …
[8] Bank of America to charge debit card use fee | Reuters
[9] BofA’s New $5 Debit Card Fee? Blame Dodd-Frank - Forbes