Debit Card Fees at Bank of America will start to charge you $5 per month for using your debit card at merchants. I am not a big fan of debit cards, and banks that do this are tricking customers. Basically they are doing this because they are not making money off of charging you interest like would happen on a credit card.
Wells Fargo is already doing this, expect other banks to do the same think.
So use caution when using your debit cards. The fee for debit card use has a new Federal limit of $.24.
The banks have condition us to use debit cards, now the only place we don’t get charged is to use the banks atm and withdraw cash, but don’t be surprised if there is a fee for that.
Banks need to make money, as the interest rates drop, but they are making it on the backs of the hard working class. It is just wrong. People are going to move to a cash, keeping their money out of the banks, because all they do is make money with our money and then charge us all sorts of fees for services.
Many banks even charge for writing checks.
Here’s the story from Reuters: