Bank of America to charge $5/month for debit cards - KPTV - FOX 12

Bank of America to charge $5/month for debit cards

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NEW YORK (AP) -

Bank of America plans to start charging customers a $5 monthly debit card fee.

The fee will be rolled out starting early next year.

A Bank of America Corp. spokeswoman says customers will only be charged the fee if they use  their debit cards for purchases in any given month. Customers won't be charged if they only use their cards at an ATM.

Customers have been seeing higher banking fees and fewer rewards in the past year or so. The changes come as banks adjust to new regulations that will limit traditional revenue sources.

On Oct. 14, Wells Fargo will start charging a $3 monthly fee to debit card users in Oregon, Nevada, New Mexico and Georgia.

Chase is also testing a monthly fee. Neither bank has said when it will make a final decision on whether to make the fee permanent.

Copyright 2011 Associated Press. All rights reserved.

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