Bank of America to Charge for Debit Card Usage
By: Newsroom Solutions
Updated: September 30, 2011
Customers of Bank of America will be paying a little extra when they use their debit cards in the future.
The nation's largest bank plans to roll out a five-dollar-a-month fee starting early next year.
Bank of America spokeswoman Anne Pace says the new fee is being imposed because "the economics of offering a debit card have changed."
The move comes as the bank faces revenue losses linked to regulations that limit fees for overdrafts.
Pace says the debit card fees will help offset some costs of overdraft and fraud protection.
The nation's largest bank plans to roll out a five-dollar-a-month fee starting early next year.
Bank of America spokeswoman Anne Pace says the new fee is being imposed because "the economics of offering a debit card have changed."
The move comes as the bank faces revenue losses linked to regulations that limit fees for overdrafts.
Pace says the debit card fees will help offset some costs of overdraft and fraud protection.
