Bank of America announced Thursday that it would start charging customers a $5 monthly fee for using their debit cards. The policy would take effect next year and would apply to customers with basic accounts and relatively small balances.
The move comes as the banking industry struggles to come up with ways to compensate for the financial hit it will take from a recently implemented rule on “swipe fees” that reduces the amount of money banks get from retailers when a customer makes a purchase via debit card. Banks had fought hard to overturn the rule, a component of the sweeping Dodd-Frank regulatory overhaul that Congress passed last year.
As the Post’s Elizabeth Flock reports, the policy has some consumers so incensed that they are vowing to boycott the nation’s largest bank. What about you?