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More bad news for bank customers: Debit card fees

http://finance.yahoo.com/news/Bank-of-A ... 25092.html

Bank of America said Thursday that it plans to start charging a $5 monthly fee when customers
make debit card purchases. The fee will be rolled out starting early next year.



The fee will apply to basic accounts, which are marketed toward those with modest balances, and will be in addition to any existing monthly service fees. For example, one such account charges a $12 monthly fee unless customers meet certain conditions, such as maintaining a minimum average balance of $1,500.

Customers will only be charged the fee if they use their debit cards for purchases in any given month, said Anne Pace, a Bank of America spokeswoman. Those who only use their cards at ATMs won't have to pay.

A study by Bankrate.com this week found that just 45 percent of checking accounts are now free with no strings attached, down from 65 percent last year and 76 percent in 2009. Customers can still get free checking in most cases, but only if they meet certain conditions, such as setting up direct deposit.

Bank of America's announcement carries added weight because it is the largest U.S. bank by deposits.



...............................................................Bank of America

Bank of America sucks. Had them many years ago and they should be called bank of fee's. Credit Unions are much much better.