debit card fees
Bank of America Corp. will charge customers $5 per month for making debit-card purchases as it becomes the latest big bank to roll out more fees in response to new regulations. [1]
Bank of America, the nation’s biggest bank, said Thursday it planned to start charging customers a $5 monthly fee when they use their debit cards. [2]
Bank of America will begin charging a $5 monthly fee at the beginning of next year for customers who make debit card purchases. [3]
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. [4]
Paying to use a debit card was unheard of before this year and is still a novel concept for many consumers. [5]
The round of charges stems from a rule, which takes effect Saturday, that limits the fees that banks can levy on merchants every time a consumer uses a debit card to make a purchase. [2]
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. [6]
Chase and Wells Fargo also are testing $3 monthly debit card fees in select markets. [7]
But several banks have recently introduced or started testing debit card fees. [5]
It doesn’t apply to customers with certain premium accounts, those who don’t buy anything with their cards that month or those who use their cards only to make ATM transactions. [4]
NEW YORK — Bank of America plans to start charging customers a $5 monthly fee for using their debit card to make purchases. [7]
NEW YORK - Bank of America will start charging debit-card users $5 a month to pay for purchases. [5]
Anne Pace, a Bank of America Corp. spokeswoman, said Thursday that customers will only be charged the fee if they use their debit cards for purchases in any given month. [7]
For example, one such account charges a $12 monthly fee unless customers meet certain conditions, such as maintaining a minimum average balance of $1,500. [5]
The rule, known as the Durbin amendment, after its sponsor, Democratic Sen. Richard Durbin of Illinois, is part of the Dodd-Frank financial overhaul law. [2]
Sources:
[1] CHARLOTTE | BofA puts a fee on debit cards | The Herald …
[2] Bank of America to make customers pay monthly fee for debit …
[3] Bank of America plans to charge $5 monthly debit card fee …
[4] BofA puts a fee on debit-card use - Home Page - NewsObserver.com
[5] More bad news for bank customers: Debit card fees
[6] Bank Of America To Charge $5 Monthly Debit Card Fee - Money …
[7] BofA to charge $5 debit card fee - Banks - BradentonHerald.com