NEW YORK – Bank of America said it will begin charging a $5 monthly fee in 2012 for all customers who make debit card purchases.
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The pricing does not change regardless of the amount of activity on the card, with two exceptions: customers who do not use the card for anything other than ATM transactions will not be charged, and customers in certain premium accounts will not be assessed the fee.
The fee is in response to the Durbin Amendment’s cap on merchant fees, now capped at 26 cents for institutions of more than $10 billion in assets. Other large banks have been testing such fees including Wells Fargo, which has piloted a $3 monthly fee for customers in some states.
