Taking a quick break from all the happenings at Wall Street (post forthcoming!), BECAUSE YOU MIGHT BE LOSING MONEY! Seen:
“Starting in 2012, Bank of America will impose a $5 flat fee each month you use your debit card to pay for purchases directly. If you use your debit card only to take out money from the ATM, you’ll remain fee-free.
So far Bank of America has received the most flack because it’s the biggest bank, levying the highest fee. However, many banks are upping their monthly service fees, canceling debit rewards programs or changing the qualifications for opening checking accounts. (Check our handy chart below to see who’s doing what.) In fact, as of this year, only 45% of checking accounts are free, with no strings attached, down from 65% in 2010. “
Crazy right? Well, you’re not the only one to think so. As of the writing of this blog, about 200,000 of your closest friends are a bit bothered by this news. Help them get to 300,000 signatures at change.org ! ABC News even tracked them down for comment:
However, BoA isn’t the only culprit. Tons of banks are now charging consumers for debit card usage. Luckily, LearnVest summed it all up for us plebians:
| Bank | What’s Changed? | Does It Affect You? | Active? |
|---|---|---|---|
| Bank of America | $5 fee for debit card use | Yes, if you don’t have a BofA mortgage or $20,000 balance | Early 2012 |
| Citibank | Higher monthly service fees for many accounts; higher minimums to qualify for free accounts | Depends on your checking account; read this for details | December 9, 2011 |
| HSBC | Higher ATM fees for using competitor’s bank ($2.50 vs. $2) | If you take out money at a non-bank ATM | In effect |
| J.P. Morgan Chase | $3 fee for debit card use; no more debit rewards program; charge for receiving paper bills | Debit card fees apply to some accounts opened in Wisconsin; canceled rewards affect all; if you receive bills in the mail | In effect |
| Regions Financial Corp. | $4 fee for debit card use | Some consumer checking accounts | In effect |
| SunTrust Banks | $5 fee for debit card use; no more reward points | Debit card fees for EveryDay Checking accounts opened since June; rewards canceled for all | In effect |
| TDBank | $2 fee for using non-bank ATM | If you take out money at a non-bank ATM | In effect |
| Wells Fargo | $3 fee for debit card use; no more debit card rewards | Fee for checking accounts opened in Georgia, Oregon, Nevada, New Mexico, Washington; rewards canceled everywhere | Debit card fees start October 14, 2011; rewards canceled October 15 |