Bank Of America Plans To Charge Monthly $5 Debit Card Usage Fee

Whenever I hear someone talk about Bank of America, it is usually followed up by complaints ..it seems that they just don't care, and now they are going to charge a $5 monthly free for anyone anytime you decide to use your card for a debit transaction.

After years of raking in excess profits off an unfair and anti-competitive interchange system, Bank of America is trying to find new ways to pad their profits by sticking it to its customers. It’s overt, unfair and I hope their customers have the final say.

Bank of America will charge customers $5 per month to use their debit card starting in early 2012, according to Dow Jones Newswires.

The fee will apply to customers who use their debit card to make any purchases during the month, but won't apply to those who only use it for ATM transactions, according to the report. Debit card use is on the rise, according to Digital Transactions. Signature debit card transactions jumped by almost 10 percent between April 2010 and April 2011, the website reported.

Wow, this is crazy! $60 extra dollars a year (at least for now) just to use your debit card? Insanity. I'm glad I go for the credit union option.

Read the full Huffington Post article here.