Most Bank of America customers will soon see a new charge on their statements -- $5 for any month in which they use a BofA debit card to make a purchase.Read the rest here.
Consumers should prepare for more such charges, analysts say, as big banks strive to recover revenue they have lost to financial reforms adopted in the aftermatch of the economic meltdown.
The new Bank of America fee will be phased in early next year, said Anne Pace, a spokeswoman for BofA, the nation's largest retail bank.
Customers will still be able to use their cards at the bank's automated teller machines without being charged, the bank said Thursday.
They also can make debit purchases free if they have a mortgage from Bank of America or if they have a total of $20,000 on deposit at Bank of America and in certain Merrill Lynch accounts (you may recall that Bank of America's corporate parent bought Merrill Lynch as the financial crisis set in).
Yet again I am compelled to say it... BANKS ARE THE ENEMY!