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.
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