BofA Announces $5 Debit Fee

    PASADENA, CA - JULY 28:  A man uses an ATM at a Bank of America branch on July 28, 2009 in Pasadena, California. A bank spokesperson announced plans to close about 10 percent of its branchesf which will reduce its US network of 6,109-branches over the next three to five years, eliminating thousands of bank jobs, as customers do more online and telephone banking. The move reverses years of expansion by the nationÕs largest bank which faces growing losses from credit card and mortgage loans.  (Photo by David McNew/Getty Images)

    David McNew / Getty Images

    Here come the debit-card fees. Bank of America customers who make purchases using their debit cards will be charged $5 a month, starting next year, the bank announced today. Customers will be charged the fee whether they make one purchase or several in any given month. They will still be able to withdraw money from ATMs without incurring a charge. Bank of America says they expect the fee to bring in $2 billion in revenue annually, and this could be start of similar programs at other banks: Wells Fargo and J.P. Morgan are testing a $3 fee for some transactions and Citigroup said last week it was raising fees on certain checking accounts but would not institute a debit-card fee.

    Read it at The Wall Street Journal