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BofA To Charge $5 Monthly Fee For Debit Card Transactions

If you have a basic checking account with Bank of America, you'll likely have to cough up $5 a month for BofA debit card transactions. Dow Jones Newswires obtained a memo sent to bank executives. You can read the story here. Bank of America is charging the fee to make up for lost income that will result from new regulations that limit what banks can charge merchants when customers make purchases with their debit cards. Beginning Saturday, those fees will be capped at 24 cents per transaction. The average fee had been 44 cents, Dow Jones reports: "This new fee allows us to continue to offer the convenience of a debit card with the full range of added features customers have come to expect," including fraud protection and monitoring, special savings programs and other services, the bank's memo said. The fee will take effect early next year. It will not apply to some premium accounts, the report says.