Are Debit Card Fees Out of Control?

Bank of America and other banks introduce new fees.

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Starting in 2012, lower-tier Bank of America customers will have to pay a $5 monthly fee to make purchases on their debit card. (The fee does not apply to those just using their debit card to get money out of ATMs.) Other banks have introduced extra charges in recent months. Citigroup will charge customers with a balance below $1,500 a $10 monthly fee. JPMorgan Chase tested a system in Illinois that charged non-network customers a $5 ATM fee, but have since abandoned the plan. Wells Fargo and SunTrust are also instituting new charges. Some banking industry members are blaming the new fees on the Frank-Dodd Act, arguing the regulations being placed on banks by the legislation require them to find new ways to bring in revenue. Nevertheless, customers are livid at the new charges, especially as they seem to be aimed at lower-income users.

[Rick Newman: 5 Ways to Beat New Bank Fees]

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