Bank of America will now charge $5/month to debit card holders who make purchases with their cards. You can thank new Dodd-Frank regulations on debit cards for the $60/year fee. It takes effect in early 2012, according to BusinessInsider.
According to an internal memo sent to the bank employees today that is cited by Dow Jones, "The fee will apply to various consumer checking accounts but will not apply to customers in certain premium accounts."
Sounds like if you keep a certain amount of cash in there, you're home-free.
Other banks will do something similar (remember JPMorgan considered $5 ATM fees), because the Durbin amendment to the Dodd-Frank financial reform act, the reason for the profit loss on debit cards, applies to all U.S. banks that issue debit cards.
"The economics of offering a debit card have changed with recent regulations," a spokesman for BofA said..
Read more: http://www.businessinsider.com/bank-of-america-to-charge-5month-fee-for-debit-card-holders-2011-9#ixzz1ZMeRxsm8
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