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Bank of America is going to start charging a $5 monthly fee for using debit cards. How do you plan to respond?

  • The other day, I read that Bank of America has announced that it will start charging a $5 monthly fee for using debit cards next year. The good news is the fee will only apply when the debit card is used for purchases; which means that if I use my card only at ATMs on a given month, I do not have to pay the fee for that month. Right now, I am thinking about simply keeping my checking account at Bank of America and using my debit card strictly to withdraw cash as needed, but the thought of switching to another bank or a credit union has crossed my mind. One reason I'm inclined to choose the former is that this is just the latest development in a trend: Chase, Suntrust, and Wells Fargo have started charging debit card fees; and if I pull my money out of Bank of America and open a checking account at another bank, and that new bank starts charging a monthly debit card fee, then I will not have done myself much good. If you have a checking account at Bank of America (or any other bank that has started charging debit card fees), how do you plan to respond? Do I have the right idea, or should I go ahead and look into switching? Are there any additional options besides those two? I will appreciate any advice you can give me.

  • Answer:

    I withdraw cash at the teller/cashier at Bank of America -- I don't even HAVE a debit card. It makes their head spin every time they ask for my debit card and I tell them flatly, "I don't have one," and I give them my account number.

Calvin at Yahoo! Answers Visit the source

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Instead of using the debit card for purchases, use a credit card and pay the balance in full every month. No interest, not fee for using the debit card, and if you get a rewards credit card, you can actually get paid to use their money. People closing their accounts due to the charge for debit cards won't bother BoA much at all. They are too big and too many people will continue to use their debit cards and pay the fee -- many probably won't even realize they are being charged a fee, considering the number of people who never bother to check their statements.

bdancer222

I would recommend that you keep your account. When big banks like Chase, Suntrust, and Wells Fargo are doing it. There's a chance that somewhere in the future other banks will start doing the same thing. You should look at it that way -> You pay $5 fee if you ever use your card at an ATM machine that is not affiliated to your bank. So that's $60 a year and I heard on the news that banks paid a certain amount of money each year to maintain a customer checking account. It's this money that banks are starting to charge customers now instead of letting you use a checking for free.

James

i am going to close my account

beckconnie63

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