Debit Card Fees Coming For Bank Of America Customers - Newschannel 6 Now | Wichita Falls, TX

Debit Card Fees Coming For Bank Of America Customers

NEW YORK (AP) - Bank of America plans to start charging a $5 monthly fee when customers make debit card purchases. The fee will be rolled out starting early next year.
     

Paying to use a debit card was unheard of before this year and is still a novel concept for many consumers. But several banks have recently introduced or started testing debit card fees. That's along with the spate of other unwelcome changes checking account customers have seen in the past year.
     

Bank of America's announcement carries added weight because it is the largest U.S. bank by deposits.
     

Bankrate.com this week found that just 45 percent of checking accounts are now free with no strings attached, down from 65 percent last year and 76 percent in 2009. Customers can still get free checking in most cases, but only if they meet certain conditions, such as setting up direct deposit.

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