Even though swipe fee reform resulted in a bank-friendly compromise, it still managed to halve the amount banks earn every time you pay for something with a debit card. And so the hunt to make up for that lost money continues, with Bank of America looking to charge a $5 monthly fee to some debit card users.
A rep for the country’s largest bank tells Bloomberg that some customers with basic checking accounts who use debit cards for purchases may start seeing this $5 fee in January.
It looks like the fee won’t be charged for customers who only use the cards to withdraw cash from ATMs or who have premium BofA accounts.
“The economics of offering a debit card have changed with recent regulations, and we’ve decided to introduce a monthly fee for customers who use their debit cards for purchases,” said the rep.
BofA to Add Monthly Fee to Some Debit Customers [Bloomberg]