Beginning next year, Bank of America will be charging customers $5.00 for the convenience of purchasing items with their debit card. This is in addition to their $35.00 overdraft fee and their monthly maintenance fees that range from $8.95 to $25.00. Here, is a list of Bank of America’s checking options and how to avoid monthly maintenance fees. If you have a high balance, then you are covered. However, I can’t fathom how many people will be leaving B of A and other large banks that follow suit for small banks and credit unions. This could is an opportunity for the banks that do not follow suit.
Follow Up: Close to Free Checking Accounts
- Bank of America debit card fee plan met with resistance and anger (guardian.co.uk)
- Bank Of America Plans To Charge Monthly $5 Debit Card Usage Fee (huffingtonpost.com)
- Bank of America plans $5 debit card fee (cbsnews.com)