Here we go! Bank of America will charge its customers $5 a month to use their debit card starting in early 2012! The fee will apply to customers who use their debit card to make any purchases during the month, but won’t apply to those who only use it for ATM transactions.
The BOA charge is the latest in a slew of fees big banks are adding to checking accounts and debit cards. JPMorgan Chase tested charging a $5 ATM fee for non-network customers in Illinois in July, a plan they ultimately abandoned. Citigroup announced earlier this month that it would charge customers a $10 monthly fee if their account had a balance below $1,500.
The added fees are an effort to generate cash that bank officials expect they’ll lose as a result of recent regulations — passed through the Dodd-Frank Act — that curb overdraft and other fees.
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