As many of you have heard, the rumors are true about some banks charging $5 a month for using a debit card. Bank of America seems to be thr first implementing this transaction. The article is listed below:
NEW YORK (CNNMoney) -- Get ready for a new wave of bank fees. Bank of America will begin charging a $5 monthly fee at the beginning of next year for customers who make debit card purchases.
Whether you use your card for one purchase a month or 20, you will pay $5 per month starting in 2012. It doesn't matter if you select "debit" or "credit" at the point of sale.
If you don't use your card at all, you won't be assessed a fee, and you can still use ATMs as much as you want without getting hit with the new charge. Plus, customers with certain premium accounts will be exempt from the charge.
Other banks have been flirting with the idea of introducing a fee for debit card usage, but Bank of America (BAC, Fortune 500) is one of the first major institutions to announce that it will make this a reality for active debit card customers.
NEW YORK (CNNMoney) -- Get ready for a new wave of bank fees. Bank of America will begin charging a $5 monthly fee at the beginning of next year for customers who make debit card purchases.
Whether you use your card for one purchase a month or 20, you will pay $5 per month starting in 2012. It doesn't matter if you select "debit" or "credit" at the point of sale.
Other banks have been flirting with the idea of introducing a fee for debit card usage, but Bank of America (BAC, Fortune 500) is one of the first major institutions to announce that it will make this a reality for active debit card customers.
