Bank of America announced today it will begin charging a $5 monthly fee at the beginning of next year for customers who make debit card purchases, CNNMoney reports. The new fee is similar to that instituted at Regions Bank and others, whereby customers aren’t charged the monthly fee if they don’t use the card outside of ATM transactions, but are charged for even one use of the card. The new fees are coming down as a result of federal regulation that recently lowered the so-called swipe fees that banks charge retailers each time a customer uses a debit card. Read a recent Business Report story about new debit card fees being imposed by Regions and other Baton Rouge area banks here.
Bank of America to begin charging for debit card use in 2012
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