MYRTLE BEACH, SC (WMBF) Bank of America announced that it plans to charge debit card users $5 per month if they use their card for purchases… that's 60 bucks a year. Other banks have been quietly adding fees as well and you should expect this trend to continue.
Consider This: The rules have changed and banks are required to lower fees that they charge merchants for credit card transactions. When you add up that loss in revenue it represents billions of dollars. So the banks found another source for that revenue …you.
At least Bank of America publicly announced this fee and is giving customers several months warning. That gives customers time to decide if they should stay and pay for the convenience or switch banks. But keep in mind, these fees will probably be implemented at other banks much like the checked-baggage fee most airlines now charge you.
One option to avoid the fee is to use a credit card, but paying it off every month takes self control and could lead people into debt and that's exactly where the banks benefit the most.