*MUST READ* Bank Of America To Charge $5 Monthly Fee For Debit Card Purchases

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WOW – I am SO glad that I do not have Bank of America

I wonder what they are thinking…

Starting early 2012, customers who use their debit cards at least once within 30 days will be charged a $5 monthly fee. So people who use cash for purchases are up a creek. I personally try and use cash as much as possible to keep track of my spending… 

This is just one of many upcoming charges that customers will be seeing as the big banks are trying to recover any revenue that was lost from the financial and banking meltdowns in the past couple of years.

Do you have any solutions for Bank of America to gain some money then taking it from the little man?



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  • Bren Weeks

    I am a BOA customer and very unhappy about this. I’m in East TN, I have been calling local banks this morning to find a new place for our money that won’t charge us these fees and have been told by all of them this will be coming to every bank and credit union. SunTrust charges $4 a mo, Citi bank charges $3 a mo, First Tennessee will charge $.04 per transaction you use a pin for and $.14 for every transaction you sign for up to a max of $3 a mo. Regions Bank will be charging $4 a mo. I still have plenty of work to do, but if you or any of your readers know of any banks who aren’t going to charge a usage fee please post and lets all work together to save each other some money.
    Much love & many thanks!

  • Cherri Romine Bosecker Anderson

    I see them losing a lot of customers this way, people look for banks that have little to no fees I don’t want to have to pay my bank to use services that they offer. Wow glad I don’t bank with them, sorry to all who do.

  • Amy

    Well I’m pretty sure that I read that the $5 charge is ONLY if you make purchases with your Debit Card, not if you use your debit card to take cash out – though I could be wrong – that is just how I understood the article.

    But yeah that is pretty dumb and it scares me when they say that other banks will follow suit. Granted I really don’t use my debit card to make purchases – I use a credit to build credit and gain rewards – but there are some cheap gas stations that only accept cash or debit which is where I use my debit card. Though it won’t be cheaper if it’s $5 extra!

    • Brandy

      This is true. If you use the ATM there is no charge. I’m wondering if you use your debit card but use the credit option if this charge can be avoided. I use me debit card but select credit always

  • Brandy

    Wells Fargo & Chase are charging $3 in select areas. I see many more to follow unfortunately. I am with a CU and hope they don’t go there!