38.7 million people who carry Bank of America debit cards will soon face a $5 fee for swiping their debit cards. The charge is pushing some bank customers to consider switching banks.
Some debit card users will be charged $5 per month as the bank responds to a new rule that limits how much banks can charge retailers for transactions.
The fee applies to customers with basic accounts with smaller balances.
Currently, according to BankRate.com, monthly interest Checking Account fees at Bank of America are $25.00 with a minimum of $5,000 required to avoid fees. Chase has the same fee and requires a minimum of $15,000.
Bank of America fees take effect in selected states in 2012.
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