Banks Could Start Charging a $5 Monthly Fee for Using Your Debit Card
Looks like it's time to start storing all your cash in your mattress again. Remember those banks we bailed out? They still want to hold your money for you . . . but now when you take some OUT, they want to keep a piece for themselves.
The latest? According to the Wall Street Journal Bank of America . . . the largest bank in the country . . . just announced that starting next year, they'll charge a $5 monthly fee for you to use your debit card.
That's right: If you use your debit card for anything other than taking money out of an ATM, a $5 charge will be added to your account that month.
And they're not alone. Other giant banks, like Chase and Wells Fargo, are testing debit card fees and could roll them out soon. Other smaller banks have already started instituting them. This is the airline baggage fees all over again.
The banks say the fees are to make up for new federal limits on how much they can charge merchants for taking credit cards. Did I mention we BAILED THESE GUYS OUT!?!
New rules say that a bank will only be able to charge a merchant up to 24 cents each time you buy something with a debit card. The current average is 44 cents.
A study by Bankrate.com found that only 45% of checking accounts in the U.S. are free with no strings attached. They also found that 66% of people said they'd strongly consider not using their debit card if their bank charged a fee.
Will you still use your debit card if your bank started charging a $5.00 monthly fee?