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Bank of America to Charge Customers $5 Monthly Debit Card Usage Fee

By Martin Harris in Banking
September 30th, 2011

It’s going to cost you more to access your own money if you’re a Bank of America customer and use a debit card thanks to a new monthly fee.

bank of America FeesIn a move that is certain to enrage consumers and enrich banking institutions, Bank of America has announced they will start charging customers a $5 monthly debit card fee starting early next year.

They’re not alone. Other national banks, Chase and Wells Fargo are also testing similar fees in select markets. Regional banks SunTrust and Regions Financial have also announced monthly debit card fees that go into effect later this year.

Sen. Dick Durbin slammed Bank of America over the announcement, saying “It seems that old habits die hard for Bank of America. After years of raking in excess profits off an unfair and anti-competitive interchange system, Bank of America is trying to find new ways to pad their profits by sticking it to its customers.”

The decision has drawn much criticism as Bank of America was one of the largest recipients of US taxpayer bailouts, totalling $45 billion in federal bailout money in 2008 and 2009 to deal with losses at Merrill Lynch.

Durbin also added, “Banks that try to make up their excess profits off the backs of their customers will finally learn how a competitive market works.”

The new Bank of America debit card usage fee will apply to basic accounts and will be in addition to any existing monthly service fees charged to account holders.


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