CHARLOTTE, N.C.,None — Thank you for voting on wsoctv.com. Would this force you to switch banks? Would a $5 monthly fee force you to change banks? Yes No Not sure
Bank of America plans to start charging customers a $5 monthly debit card fee.
The fee will be rolled out starting early next year.
A Bank of America Corp. spokeswoman says customers will only be charged the fee if they use their debit cards for purchases in any given month. Customers won't be charged if they only use their cards at an ATM.
Customers with a premium or advantage account are exempt. So are customers who have more than $50,000 in Bank of America accounts. The new fees do not apply to Merrill Lynch and US Trust clients.
Chase and Wells Fargo have been testing $3 monthly debit card fees in select markets. Neither bank has said when it will make a final decision on whether to make the fee permanent.
Customers have been seeing higher banking fees and fewer rewards in the past year or so. The changes come as banks adjust to new regulations that will limit traditional revenue sources.
A Bank of America spokesperson told Eyewitness News that the bank still offers other advantages and benefits. She said it is up to customers to choose the bank that meets their needs.
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