March 1, 2012
Due to last year’s consumer backlash, Bank of America backed off from charging their $5 monthly debit card fee. You didn’t think they’d stop there, did you? They didn’t.
According to the Wall Street Journal, they are now testing a $6-$25 monthly fee, depending on which type of checking account you have. This is for new customers only, and they are testing in Arizona, Georgia and Massachusetts. There are ways to avoid the fee, however, why would anyone pay a fee for checking accounts when they can go to a federally insured credit union and get Free Checking? It is unclear whether or not this fee will actually get implemented nationwide, but in this poor economy, who wants to give a “big bank” their hard-earned money each month?
Help us spread the word. You don’t have to pay a fee to have a checking account! Find a credit union in your area, or if you are in our area, join us!