This article was last updated on April 16, 2022
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The Bank of America released a statement on Thursday saying that it will soon impose a monthly fee of $5 for all customers who use their debit cards to make purchases. The charge will be applied starting early next year.
For an average customer paying a fee for using a debit card was something that would not have imagined in their wildest of dreams but this is fast becoming common practice as many major banks have taken this step this year, many of them have already started charging customers.
Bank of America’s declaration carries additional weight because it is the biggest U.S. bank by deposits.
The charges will be applied to basic accounts, which are used by consumers with humble balances, and will be on top of any existing monthly service charges. For example, one such account charges a $12 monthly fee unless customers meet certain conditions, such as maintaining a minimum average balance of $1,500.
Anne Pace the Spokesperson of BOA said “Customers will only be charged the fee if they use their debit cards for purchases in any given month, those who only use their cards at ATMs won’t have to pay”
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