Bank of America to charge $5 debit card fee

[CarrieLynne]

http://www.9news.com/rss/story.aspx?storyid=222058

NEW YORK (AP) - Bank of America plans to start charging customers a $5 monthly fee for using their debit card for purchases.

The fee will be rolled out starting early next year.

A number of banks have either rolled out or are testing such fees. Bank of America's announcement carries added weight because it is the largest U.S. bank by deposits.

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. Customers won't be charged if they only use their cards at an ATM.

The fee will apply to basic accounts and will be in addition to any monthly fees customers are already being charged. For example, one of the bank's basic accounts already charges a $12 monthly fee unless customers meet certain conditions, such as maintaining a minimum average balance of $1,500.

(more at link)

[Warpy]

1. They have made noises about doing that for years

to the point I never bothered with a debit card for that account. It's a ridiculous idea since processing checks costs them a hell of a lot more money than an electronic transfer via debit card does.

They're going to get a lot of grief from merchants as well as bank customers and they're going to find their costs going up and I can't think of a bank that deserves it more.

[randr]

2. After years of ripping off merchants and consumers the new rules for transaction

costs go into affect and they cry about too much regulations. I think I would just go back to writing checks which have to cost them more to process.

[Fire Walk With Me]

3. boa.com: "Home Page Temporarily Unavailable"

We're sorry, but some of our pages are temporarily unavailable. Thanks for your patience.

If you like, you can:

Continue to Online Banking
Access Merrill Lynch Online
Find a Bank of America ATM or branch


In another thread, someone suggested that it's because people are jamming the site, complaining about the fee.

[applegrove]

4. I've been paying $13.00 for 30 years (Ottawa was a test city for interact).

I must be some sorta fool or something.

[nineteen50]

5. These guys get bailed out with taxpayers money

then scheme how to get more money. 

[Tunkamerica]

7. 13 a month?!

that's $4680

[AngkorWot]

6. So... a once a month fee, slightly more than a single-use ATM fee.

I'm literally angry with mad.