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Banks To Start Adding Debit Card Fees; Bank of America and More

debit
Photo by John Riggs
Starting soon, maybe as soon as tomorrow, if you’re like me and use your debit card to buy everything from gum to groceries to video games, you may have to pay a monthly fee for the convenience of not carrying cash everywhere.

Albeit not much, five dollars, that’s five more dollars that we never used to have to spend just to put our money in a bank. I first heard about Bank of America doing this yesterday, but now I’m learning that other banks like Chase and Wells Fargo may be doing it as well. Not that I’m surprised. A lot of national chain banks are starting to have fees for just about everything else you do.

Here’s what the New York Times said on this:

Bank of America joins banks including SunTrust and Regions in charging the fees. Other institutions, like Wells Fargo and Chase, are testing them, too. And over all, bank fees have crept up to record levels, a recent survey found.

The added fees have come even though the limit on the merchant fees wasn’t as low as banks initially had feared. (The Federal Reserve originally considered a cap of 12 cents, or half of what it finally set.)

Looks like I may be back to carrying cash on me once again. How about you? Tell us what you think in the comments below.

Read More at New York Times

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