If you use a debit card, pay attention! Early next year, Bank of America plans to join other banks in charging their customers a monthly fee for debit card use.
At Bank of America, the new $5 fee will be added to all basic accounts on top of any existing monthly service fees. Card users will not be charged the fee if their only debit card use is at an ATM.
Some other banks around the country are testing out this fee as well. These banks include Regions Financial, SunTrust, Chase and Wells Fargo in select markets with fees ranging from $3-$5.
This summer, an Associated Press-Gfk poll discovered that 2/3 of customers use debits cards over credit cards. With this overwhelming prevalence of debit cards, these fees are tough to avoid unless you refer back to using cash, personal checks, and credit cards for purchases.
How can you find out if you will be charged these fees? Keep your antenna up and look for any emails, letters, or statement inserts for anything relating to your financial institution and its rates. Just because your bank hasn’t raised their fees, it doesn’t mean they won’t in the future. So pay attention, you don’t want to be hit with these charges without being aware of them first!
For more information, please click here for the entire article from USA Today. How do you feel about these fees? Please comment below!