BofA to charge $5 monthly debit card fee; others to follow

Reuters reports that Bank of America next year will start charging $5 a month for customers who use a debit card.

And other banks, Reuters says, are expected to follow:

"Wells Fargo & Co, JPMorgan Chase & Co and SunTrust Banks Inc are already testing or plan to fully roll out monthly debit card fees."

Recent regulations -- such as restrictions on overdraft programs -- have cut into banks' fee income. And thanks to the Wall Street reform law, starting next month banks will collect less revenue from merchants to process debit card transactions.

Banks have responded by raising fees or introducing new ones for services that traditionally have been free.

So, if a $5 monthly fee is added to your debit card, will you pay it? Or, switch to cash -- which for now remains free. 


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