Bank of America will charge customers $5 per month to use their debit card starting in early 2012, according to Dow Jones Newswires.
The fee will apply to customers who use their debit card to make any purchases during the month, but won't apply to those who only use it for ATM transactions, according to the report. Debit card use is on the rise, according to Digital Transactions. Signature debit card transactions jumped by almost 10 percent between April 2010 and April 2011, the website reported.
The Bank of America charge is the latest in a slew of fees big banks are adding to checking accounts and debit cards. JPMorgan Chase tested charging a $5 ATM fee for non-network customers in Illinois in July, a plan they ultimately abandoned. Citigroup announced earlier this month that it would charge customers a $10 monthly fee if their account had a balance below $1,500
The fee will apply to customers who use their debit card to make any purchases during the month, but won't apply to those who only use it for ATM transactions, according to the report. Debit card use is on the rise, according to Digital Transactions. Signature debit card transactions jumped by almost 10 percent between April 2010 and April 2011, the website reported.
The Bank of America charge is the latest in a slew of fees big banks are adding to checking accounts and debit cards. JPMorgan Chase tested charging a $5 ATM fee for non-network customers in Illinois in July, a plan they ultimately abandoned. Citigroup announced earlier this month that it would charge customers a $10 monthly fee if their account had a balance below $1,500
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