http://online.wsj.com/article/SB1000...330404330.htmlThe nation's beleaguered banking industry, which has been raising fees and doing away with free services, has a new target: debit-card users.
Bank of America Corp. is laying plans to charge millions of customers a $5 monthly fee to use their debit cards, and other big banks are expected to follow suit. The industry says it needs the fees to recoup revenue it will lose because of new government regulations taking effect Saturday that cap what they can charge merchants for debit-card transactions.
Bank of America, the largest U.S. bank by assets, disclosed the plan on Thursday in a memo to its senior staff. It intends to begin collecting the fees nationwide early next year.
I can close out my accounts with BofA...but it sounds like many other banks are following suit. I am a huge user of my debit card.
It seems like the best thing to do is to go back to using cash...which psychologically, is harder to do with some purchases.