Bank of America Debit Card Charge: Everything You Need to Know

Bank of America debit card charges can be a surprise to many customers.

Some common fees associated with Bank of America debit cards include the monthly maintenance fee, which can range from $4.95 to $12 per month, depending on the account type.

If you don't have a direct deposit, you may be charged a monthly maintenance fee of $4.95.

This fee can add up quickly, especially if you're not careful with your account balance.

You can avoid the monthly maintenance fee by maintaining a minimum balance of $1,500 or having a direct deposit of at least $250 per month.

Bank of America also charges a non-sufficient funds fee of $35 per transaction.

Curious to learn more? Check out: Will Bank of America Reopen a Closed Credit Card Account

Bank of America will charge a $5 monthly fee to debit card users starting in 2012, as a way to recoup losses from new government regulations that limit the fees banks can charge merchants and customers for debit card transactions.

This fee will not apply to premium or business accounts, but will affect ebanking and standard checking accounts.

The new fee is expected to generate almost $6.6 billion in lost revenue for the bank industry.

Many other banks, including Wells Fargo and J.P. Morgan Chase, are also expected to implement similar fees.

Customers are already threatening to leave Bank of America if the fee is approved, citing that it's just another way for the bank to make more money off of them.

Some customers may be able to avoid the fee by switching to alternative forms of banking, such as local credit unions or online-only competitors.

However, these alternatives may not offer the same level of convenience and accessibility as larger banks.

The fee will not apply to ATM or credit card transactions, but will only affect debit card purchases.

The $5 fee is a relatively small amount of money, but it's still a charge that customers will have to pay just to use their own money.

Some customers may be willing to pay the fee, especially if they value the convenience and security of using a large bank like Bank of America.

Additional reading: Debit Card Tap to Pay

However, others may see this as just another way for banks to make money off of them, and may choose to switch to a different bank or alternative form of banking.

Here are some key facts about the Bank of America debit card fee:

Bank of America's decision to charge a $5 monthly fee for debit card use has left many customers wondering what alternatives they have.

Local banks and online-only competitors like ING Direct are not charging any fees for debit use, making them attractive options for those looking to avoid the new fee.

If you're a student, you may be hit hard by this new fee, especially if you're used to the reliability and efficiency of bigger banks.

However, choosing smaller banks or credit unions could mean less security or accessibility for your money.

Many customers have become accustomed to the convenience of online banking with bigger banks, but this may be a good time to consider switching to a local credit union.

A unique perspective: How to Use a Debit Card in a Store

For example, second-year communications major Rachel Culhane uses a debit card from a credit union located over 150 miles away, and has desired a "big bank" brand checking account simply for its convenience.

But with the new fee, it may be worth considering the benefits of a local credit union, even if it means less convenience.

As one student pointed out, "five dollars really isn't that big of a deal", but it's still a fee that can add up over time.

However, if you're looking to avoid the fee altogether, you can simply stop using your debit card and switch to cash or credit card transactions.

Here's an interesting read: Bank of America Credit Card Late Fee

Some people are not happy with Bank of America's $5 monthly debit card charge.

@jtleggett expressed frustration with paying for the privilege of using their own money.

Many are considering switching banks, like @mistertexas, who is actively looking for a credit union.

@Jared808 is also considering alternative options, such as the RushCard, if all banks follow Bank of America's lead.

@dorothy1961 recalls paying $10 a month for a checking fee just a decade ago, but now believes it's their responsibility to pay for bank services.

Bank of America plans to start charging a $5 monthly fee to debit card users, which will take effect in April 2012.

This fee is a response to new government regulations that limit the amount of money banks can charge merchants and customers for debit card transactions. The new regulations will cut the fees collected from debit card transactions by about half.

The $5 fee will not apply to premium or business accounts, but will apply to ebanking and standard checking accounts.

Bank of America is not the only bank considering this debit fee. Other banks, like Wells Fargo and J.P. Morgan Chase & Co., are expected to devise similar plans.

If the fee is approved, customers will pay $60 a year just to spend money they already worked hard for. This could lead to customers abandoning the bank altogether.

The fee is a result of the Dodd-Frank financial reform legislation passed last year, which regulates the charges banks can levy.

For more insights, see: How to Wire Transfer Money to Bank of America

Consumers can avoid these fees by using alternative forms of banking, such as local credit unions or online-only competitors like ING Direct.

Here are some examples of banks that are considering or have already implemented debit fees: