Bank of America Will Charge $5 for Debit Card Transactions

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U.S. bank Bank of America is planning to charge its customers $5 for debit card transactions they make monthly. Frugal customers of Bank of America (BofA) are not happy that it is planning to make its debit cards non-free for if they don’t meet certain balance requirements. The rich customers of BofA are not going to be affected by the recent changes the bank is willing to make after December 2011 expires.

Personal and business checking accounts may be affected by the changes which the bank plans to implement soon. ATM withdrawals made by checking account holders who do business with the bank are not expected to be part of the fee. So, BofA is going to make $60 a year from a single customer who makes debit card purchases every month. Aparently, banks like Chase and Citibank are planning to do the same with their customers so that they can make high annual profits. Do you think Bank of America will lose customers if it decides to charge this preposterous fee?

 

http://money.cnn.com/2011/09/29/pf/bank_of_america_debit_fee/index.htm?iid=SF_PF_LN

 

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