BofA Finds New Way of Making Money: $5 Debit Card Charge

By Shira Ovide

Well, at least banks have found fresh ways of making money, since that whole mortgages and loans thing isn’t working out so well.

According to our Dow Jones Newswires colleague Andrew Johnson, BofA plans to charge customers a $5 monthly fee for making purchases with their debit cards.

Remember that BofA and other big banks are trying to offset expected lost revenue now that the Fed has capped the fees they can charge for each debit card purchase.

So that means banking customers can expect to be nickel-and-dimed, just like in the airline industry. Two bucks for peanuts, $5 for earphones, $1 for each trip to the bathroom (extra if you want toilet paper). Remember that J.P. Morgan’s Chase bank has been testing ATM fees of as much as $5 a pop for people who use a Chase ATM and aren’t a bank customer. “Free” checking accounts aren’t so free anymore, either.

You are now the piggy bank, dear bank customer.


S/N I'll be taking my money out of my bank account this week. Thanks in advance Bank of America.


Cited here: WSJ