B Of A To Charge Monthly $5 Fee For All Debit Card Purchases

September 29, 2011 4:31 PM

LOS ANGELES (CBS) — Bank of America will begin charging customers to use debit cards for purchases early next year.

Bank of America plans to start charging the $5 a month fee for all debit purchases. The charges will apply to basic checking accounts.

The fee will not apply if the card is used at ATM locations.

B of A will introduce the fee in stages, state by state. The bank isn’t saying which states will be first.

An Associated Press poll found that the new fees may change customer habits as 2/3 of consumers use debit cards more often than credit cards. Sixty-six percent of consumers polled said that if banks charge a $5 debit card fee, they’d find another way to pay.

Several smaller banks have already started testing debit card fees.

B Of A To Charge Monthly $5 Fee For All Debit Card Purchases

Taxpayer

Skank of America is the worst bank in the United States it shoulf have stayed Bank of Italy.

joey

CITI will be #2 on your list, they are raising checking acct fees $20.00 a month starting in Dec.

Marla

Here it comes – get ready…. This is just the begining people…
Reason

profits only topped 3billion last year. Not nearly enough to separate the divine from the swine in society.
david the foodie

Do it and you lose my business.
MelissaP

Another way the banks have found to “pay back” the tax dollars used to bail their sorry selves out!
m

Avoid all big banks. Use small local banks only. Tht will show the banks who owns the money. The small banks will appreciate the business and the big banks will fill thier britches.
Janet

II belong to Chase. If they pull this on me then I will close my checking account and use money orders. Most of America is going broke so it’s not like I have a lot of money in the bank to begin with. I have a huge safe in my garage I will use. I people stop banking then what will happen? The banks will die just like us.

Emmy

I jsut called chase to see if they had this monthly fee also…. apparently, there is a $10.00 monthly fee for having a checking account with them. The fee is only waived if you keep a DAILY balance of $1.500, or have direct deposit of at least $500.00 ….
James

Just find a credit union that doesn’t charge such fees, a very simple thing to do.

Wynne

And the State of California has already turned all its unemployment and disability and other public service payments into debit cards through BofA. So now the bank is going to rake in $5/month on how many millions of people in California alone? What a crock!
Seamore Butt

I can care less because I cancelled BofA a year ago since some stupid ass teller wired me a fake cashier check and blamed me for the mistake and it should have been the teller’s fault for not notifying me. F U BofA! CHASE FTW!
lourdes

not only their service is bad now their going to charge too, I hate that bank.
Timothy McGarry

We need to stick together on this, people. BOA is a crooked bank and so are some others. No fees. Period.. You get my money to play with. That’s all. Boycott until they all go under. Wait for the small banks to rise up again. I’ve so had it with these criminal bankers.
Reason

I was with Fidelity Federal – became Cal National, and it now US Bank. Big company now but I am not paying fees just to use my debit card at all. If everyone would just patronize banks that dont do this – it would stop – but people…… well, people wont change – only complain.
Hannah Buxton

Shame on you and your decision to do this in this Economy!
You must be run and operated by the MAFIA!! You have definitely lost my business!
Phoebe

Do it & I change banks… as if they need the money.
Paul Foor

Yet another wau to nickel and dime us to death. I can’y help but wonder what they will think of next.
Change over to a Credit Union!

Credit Unions are the best wat to stick it to the banks folkf, you are the owner.
susie

I already am going to cancel my wells fargo because they want to charge $10 a month, and my other accounts are at b of a, and if they do that i will go to my local credit union. i will cancel everything. my money may be nothing to them but if lots of people follow they will slowly go under. thats what we need. they are getting to big and greedy. Imagine that after they whined to get bailed out. and now this. cant stand big banks
James

Why anyone would pay these excessive bank fees is beyond me, there are to many other choices available.
Gavin Hawkins

It won’t affect my Balance Rewards Money Market; Prima and Growth Maximizer accounts, right? Only they mentioned “basic checking accounts.” =)
g00gle909

To Major Banks charging the 5 doller fee I think we Americans are going to close out our account and move on and slowly watch you fall apart.We are tired of being Taxed from our goverment and now being tax for having a account..We still have option.
Jake

GREEEEEEEEEEED!!!! What greedy b-strds. How about I pay cash and use checks. You won’t be able to collect the interest on my account and you will have to cover the overhead of processing checks. Greeeeeeed. It’s all about greeed.
LISA

I’ve had it with these big GREEDY banks. Three years ago I closed my Chase account and now belong to a credit union. I’m very happy!
Howie_Sol

With BofA’s website being down the very next day after the new fees were announced, it sounds like hackers did a DoS attack http://en.wikipedia.org/wiki/Denial-of-service_attack in protest. Too bad it did not make BofA reverse their decision to further fleece customers.
JoshMc

One thing we know for sure, if Bank of America gets away with this outrageous fee to use your own money, the other big banks will soon follow. I will be exploring online bank accounts http://rebuildcreditscores.com/best-online-bank as an option in addition to local credit unions.