Bank of America Corp. plans charge debit card fees totaling $5 per month beginning next year for customers who swipe their cards for purchases. Other banks seem to be following suit with BofA and Wells Fargo, who announced their debit card fee back in August.
Will your bank charge monthly debit card fees? Here is a full list of the fine print:
Bank of America: Bank of America will charge a $5 monthly fee to any customer without a premium account anytime they make a purchase, including Essentials, eBanking, and Enhanced checking accounts. Customers who do not use their debit cards or those who only use it to make a transaction on an ATM will not be charged. Customers with a link to Merrill Lynch will also not be charged.
Wells Fargo: Wells Fargo Co. will charge a $3 monthly fee for debit and ATM cards in certain states (Georgia, New Mexico, Nevada, Oregon and Washington) beginning Oct. 14.
Chase: Chase will charge a $3 debit card fee to Wisconsin customers beginning in February. No statement has been made about rolling out the plan to other states.
SunTrust Banks: SunTrust Bank will charge $5 monthly debit card fee on Everyday Checking Accounts starting Nov. 10. It had charged new customers the fee since July.
CitiBank: Citigroup Inc. said earlier this month that it would not charge a debit card fee, saying a fee would be a huge source of irritation to customers, according to Bloomberg.
TD Bank: TD Bank has no plans to charge a debit card fee.
Capital One Bank: Capital One does not have plans to charge debit card fees.
Regions Financial: Regions Financial, based in Birmingham, Ala., will start charging a $4 fee in October, according to the Washington Post.
HSBC Bank: No charge yet, though Mybanktracker.com says HSBC is still reviewing the impact of charging a debit card fee.
Citizens Bank: No debit card fee in place currently.