Poll: Is Your Debit Card Worth the Fee
You may soon be paying a monthly fee to use your debit card, if you're a Bank of America or Wells Fargo customer.
If you're a Bank of America or a Wells Fargo customer, be prepared for a new monthly charge on your debit card service, even if you only swipe it once a month.
Bank of America announced this week that it plans to charge customers a $5 monthly fee for debit card purchases, starting early 2012, the Dow Jones Newswires reports. Wells Fargo will be testing a similar $3 charge to customer checking accounts in Georgia and four other states, starting Oct. 14, according to the Wall Street Journal.
In the months customers use their card to make purchases, the fees will be automatically applied to their accounts—even a single purchase made in a month with a debit card would trigger the $5 fee, according to media reports. The only way to avoid the fee is through debit card use at Bank of America ATM's. Most premium accounts would also be exempt from the new policy.
Experts say that this is a new trend with most major banks, and at some point, monthly charges for basic banking services will become the norm.
What actions would you take if you bank starts charging a monthly fee? Tell us in the poll below.
In This article
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Bank of America
1720 Mars Hill Rd NW, Acworth, GA -
Wells Fargo
6060 Cedarcrest Rd NW, Acworth, GA -
Bank of America
4460 Cobb Parkway North NW, Acworth, GA
Hobert Todd
10:02 am on Saturday, October 1, 2011
Its a dirty trick to help rip off the hard working American people and turning this country into a communist country. All people should quit using the dirty bastards Bank------- Hobert Todd 93 Mission Hill Dr, Cartersville Ga.30120 ( htodd43077@aol.com )
Steve Seaman
10:06 am on Saturday, October 1, 2011
just to let everyone know, anyone living Acworth area and is a customer of Cobb EMC, you are eligible to become a member at Lockheed Federal credit Union. Credit unions are nonprofit, offer some of the best rates available and will never charge a monthly fee for their debit cards. I left Bank of America seven years ago to become a member Lockheed Federal credit Union, you need to do the same to us.
Chris LaPierre
10:12 am on Saturday, October 1, 2011
It's a calculated way to have their corporate screw ups repaid by their customers! They make bad loans, lose money, the feds bail 'em out, we pay more in fees so they can repay the feds.They pay interest on your cash but at the end of the day you lose money to use a bank. This is intended to help the banks survive..but I hope that it back fires! Credit is what is killing our economy anyway....let's go back to cash!
Tiffany Hughes
11:12 am on Saturday, October 1, 2011
Bank of America isn't the only 1 doing this. **REGIONS BANK** began charging $4 a month to use our debit cards the BEGINNING of Sept, and didn't bother to tell us customers until last week. Make sure BOA is not the only bank being brought into the spotlight for twisting the screws on their customers as Regions Bank did it first. Shame on you both!
Steve Seaman
1:54 pm on Saturday, October 1, 2011
Just watch, all banks will follow suit they have just been waiting for the big boys to do it first.
lisa56
8:02 am on Monday, October 24, 2011
I'll be taking my money to a credit union. I have no intention of paying BofA to use my money!
Ceci
3:34 pm on Friday, October 28, 2011
I hate the fact that BofA is doing this to its customers...but I don't see other banks more convenient or better than BofA either. I think I'll just stop using my debit card for purchases and only use credit cards...maybe just put the debit card away so I remember to not use it. This is so messed up!