The nation’s largest bank says it will now charge customers an extra five-dollars per month to use their debit cards. Bank of America expects to roll out the new fees, early next year, which come on top of current service bank fees.
Bank of America joins other banks which have been testing debit card fees, to help bring in more revenue. The change comes as new regulations begin October 1st, which caps the amount banks can collect from merchants when customers swipe their debit cards. There is no similar cap on merchants fees that banks can collect, when customers use their credit cards.