Bank of America plans $5 monthly debit card fee

Friday, September 30, 2011

Bank of America plans to start charging customers a $5 monthly debit card fee. The fee will be rolled out starting early next year. Industry insiders expect other banks to follow Bank of America's lead.

"I don't like it, I don't like it. I don't think it's fair," says Rodney Lawley. Lawley is a long-time Bank of America customer. He is now considering taking his money elsewhere. On Thursday he found out about the new changes going into effect next year. Customers won't be charged the fee if they use any of the bank's ATM's. Chase and Wells Fargo have been testing $3 monthly debit card fees in select markets.

Brian Hickman is a Clovis-based financial planner. He says, "The greatest impact happens on the smallest accounts or their less affluent accounts. At this point, the banks are okay to lose those clients. They are not profitable; that is really why the fee is there."

Chase and Wells Fargo area already testing a $3 monthly debit card fee in select markets.

Financial planners say one tip to save money is to check in with local banks. Credit unions and banks with only a few branches often charge lower fees.

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