BofA Announces $5 Debit Fee

Here come the debit-card fees. Bank of America customers who make purchases using their debit cards will be charged $5 a month, starting next year, the bank announced today. Customers will be charged the fee whether they make one purchase or several in any given month. They will still be able to withdraw money from ATMs without incurring a charge. Bank of America says they expect the fee to bring in $2 billion in revenue annually, and this could be start of similar programs at other banks: Wells Fargo and J.P. Morgan are testing a $3 fee for some transactions and Citigroup said last week it was raising fees on certain checking accounts but would not institute a debit-card fee.