Bank of America unveils new debit card feePosted: Updated:
Bank of America announced this week that starting next year, customers will be charged $5 a month if they make purchases using their debit card, a change of policy that has drawn fire from Bronx residents.
The fee comes as new regulations cap the amount of money banks can collect from merchants who accept debit card swipes.
Chase and Wells Fargo banks say they are also testing out monthly debit card fees in select areas. However, they have yet to announce a permanent plan.
Meanwhile, Bank of America says there will be no charge for using a debit card at the ATM.