Bank customers will pay to use debit card starting January
By Alicia Barron
PHOENIX – There is another fee banks will be charging and it is making a lot of people angry.
Starting in January, Bank of America customers will be charged $5 a month if you use your debit card to make purchases.
Whether you use your debit card to buy something just once or numerous times customers will pay an extra $5 per month, which adds up to $60 every year.
It also will not matter if you select debit or credit at the register.
So why is Bank of America charging the new fee? New federal rules now cap how much banks can charge retailers when you swipe your debit card so Bank of America says this is how they plan to recoup some of that lost money.
There are some people who are exempt such as customers with premium accounts and student accounts.
Bank of America is not alone. Chase and Wells Fargo banks are already testing similar monthly fees in certain markets.