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.
BofA to charge $5 monthly debit card fee; others to follow
« Previous Story More Consuming Interests | Consumer news and tips on shopping, saving money, deals and credit Next Story »
We've upgraded our reader commenting system. Learn more about the new features.
The Baltimore Sun encourages civil dialogue related to our stories; you must register and log-in to our site in order to participate. We reserve the right to remove any user and to delete comments that violate our Terms of Service. By commenting, you agree to these terms. Please flag inappropriate comments.