Board 8 > Bank of America is now charging $5 a month for using your debit card

(+) Yeah! (+)

Uh... time to change.

What are you guys using that doesn't cost anything?

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...what.

I've had a BoA debit card since 2004. I don't use it much these days, but I better check this out.

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First State Bank. Don't think they're in every state, though.

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Heard about banks doing this.

Any word on Wachovia/Wells Fargo?

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Local banks best.

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Time to get a credit card

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It's funny how ATM's were created to cut back on costs with checks.

Oh and I've been in the process of switching to BECU. Should be canceling my BoA account some time next week or this weekend.

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I think my Netflix account is tied to my debit card. Let's see if I can change that then!

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From: SpeedYoshi | #002
Time to get a credit card

never

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Damn, Wells Fargo is testing a $3 monthly fee in several states including my own. Millions of people use debit cards and have grown accustomed to them being free. This is something that can have major blowback. I'm personally worried because my only credit card is an American Express. That isn't accepted in tons of places, so I'll sometimes have to use my debit card if I can't cover it in cash. This is really a hassle. I'll do everything possible to avoid the $5 fee, but I can't plan to have enough cash or only go to places that accept AmEx every freakin' time I leave the house.

Yeah, banks are gonna get torn apart for this.

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Menji76 posted...
From: SpeedYoshi | #002
Time to get a credit card
never

Huh.. why?

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wait, just for HAVING a debit card, or only if you use it to buy things? because I never use my debit card except for using the atm.

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PNC.

Definitely not everywhere, though.

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From: SlymDayspring | #013
wait, just for HAVING a debit card, or only if you use it to buy things? because I never use my debit card except for using the atm.

from the article i looked up

In its internal memo, Bank of America said it will levy the $5 fee each billing cycle in which a customer uses a debit card to make a purchase. The fee will not be triggered by transactions at automated-teller machines.

http://online.wsj.com/article/SB10001424052970204138204576600800330404330.html

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It also mentions a couple other banks

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Don't worry guys, I have all the clubs

Debit cards made the idea of credit cards (and the possibility of credit card debt) a bit less necessary. That's one of the many reasons they became so popular and in nearly everyone's wallet. They're much faster and more convenient than cutting/carrying checks, they're accepted in just as many places as any credit card, and they're directly tied to the money you have now, so unless you overdraft, debt/fees are never an issue. People grew fond of this tremendous convenience, and expected it for free. People gon be pissed.

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