BofA Plans $5 Monthly Fee for Some Debit-Cards 

Yep, and BofA is unfortunately not the only one, according to the NY Times http://bucks.blogs.nytimes.com.....card-fees/ -

Bank of America joins banks including SunTrust and Regions in charging the fees. Other institutions, like Wells Fargo and Chase, are testing them, too. And over all, bank fees have crept up to record levels, a recent survey found.

Read more about the survey here - http://bucks.blogs.nytimes.com.....bank-fees/
http://www.bankrate.com/financ.....count.aspx

Bank of America is like United / Delta, they do something everyone else follows and it becomes a norm.

This move by Bofa is a move to make this a norm.

Here is a simple solution: get a credit card and use as debit for purchases (pay each month in full). Use your banking card for cash withdrawals, or come to the branch in person.

"citi" charges $8 unless if i made 8 transactions a month

Well it will be a good idea to call or visit your bank once to find out what exactly are these new charges. These are not going to be nice surprises if they show up.

Chase has dropped their proposed plan for $3 debit card fee - http://consumerist.com/2011/10.....d-fee.html

Chase joins U.S. Bancorp, Citigroup, PNC, KeyCorp and other large banks that have recently moved away from the plan to charge consumers a monthly fee when they use their debit cards to make purchases, reports the Wall Street Journal. The bank recently tested the fee in both Washington and Georgia.

Small businesses and other merchants complained that the fees were too high, especially for small purchases. The new debit card fee has caused outrage among politicians and consumer groups. They commended Chase for its decision and reiterated its call on Bank of America to end its plan to charge a $5 debit card fee beginning in 2012.

I never use debit any more. Call me paranoid, but after a couple of instances where merchant's terminals were compromised, I don't trust it any longer. And I only use a true credit card (not a card tied to my bank account or PayPal to shop online).

Bank of America abandons plan to charge $5 debit
http://latimesblogs.latimes.co.....d-use.html