So glad I’m with Schwab (which actually refunds all ATM “convenience” charges):

Bank of America is the latest bank to say it will begin charging a monthly fee for checking accounts that use debit cards. Starting early next year, the bank will charge $5 a month, in any month that the customer uses a debit card to make a purchase. (If customers have a debit card, but don’t use it, they won’t incur the fee.) The fee won’t apply to A.T.M. transactions, and it won’t be charged to customers with certain premium accounts.

Ouch.

Update, November 1, 2011: Wow, that was quick: Bank of America backs off debit card fee after consumer backlash

“This is a victory for consumers who are voting with their feet,” said Ed Mierzwinski, head of the consumer program at U.S. PIRG. “For the first time, a bank fee has bitten the bank.”

1 Comment

corey

federal laws changed how much they can charge on debit card transactions so they are shifting the costs to this fee.

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