Bank of America to add $5 monthly debit card fee as era of low-cost banking ebbs

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Bank of America will become the first major bank to charge customers across the country a monthly fee to shop with their debit cards, part of a wave of changes that are eroding the low-cost model of banking that consumers have long enjoyed.

The $5 fee will debut next year for the bank's basic checking accounts. It will apply only to debit card purchases and not to ATM withdrawals, online bill pay or mobile phone transfers. A spokeswoman said the bank is "adjusting our pricing to reflect today's economics."

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Ylan Q. Mui 30 Sep, 2011

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Source: http://feeds.washingtonpost.com/click.phdo?i=ad6537d38c2f7a1570e6138ed0b3e081
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