Starting Saturday, big banks must fulfill a new regulation that limits the fees they can charge merchants for processing debit card purchases which is going into effect on October 1. This new debit card interchange fee regulation will limit the fees to 21 cents with an extra 0.05% of transaction price plus another penny in certain cases to cover fraud avoidance costs. Bank of America is the latest large bank that has announced new fees for debit card usage. Starting early next year, the bank will charge $5 a month, in any month that the customer uses a debit card to make a purchase. However, there will be no fee if customers only use their debit cards at ATMs or if customers have a debit card, but don’t use the card, they won’t acquire the fee.
Bank of America joins banks including SunTrust and Regions in charging the fees. Other institutions, like JPMorgan Chase and Wells Fargo, are testing them, too. Atlanta bank SunTrust began charging monthly $5 debit card fees this summer on its Everyday Checking and Student Checking accounts, Regions Bank has added a $4 monthly fee on some checking accounts and both JPMorgan Chase and Wells Fargo are testing debit card fees of $3 a month in select markets.
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