Bank of America to Add $5 Monthly Debit Card Fee
Posted on September 30, 2011Reuters reports that bank of America is going to start charging users $5 a month for debit card use. The move is likely to aggravate Bank of America's customers, especially since it is coming at a time when many American consumers are struggling. Bank of America has information about its fees here, but details about the new debit card fee are not there yet.
Bloomberg reports that only Bank of America's Premium and Platinum Privileges accounts will be spared from the new debit card fees. Bank of America requires customers to maintain balances of $20,000 for the Premium account and $50,000 for the Platinum Privileges account.
Reuters says other major banks, including Wells Fargo, JPMorgan Chase and SunTrust Banks, are testing and/or planning to add the fees. Reuters says Citigroup is not planning on adding the fees because customers told them debit card fees would be a "huge source of irritation."