Bank of America Charges for Debit Cards Bank of America announced that it's charging debit card users $5 per month to pay for purchases using the card. The Federal Reserve capped the per-transaction swipe fee. Banks have been pushing consumers away from cash purchases. When buyers use cash, banks can't collect fees. Banks were charging merchants up to $.44 per debit card transaction. Now they can now only charge $.21 each. They're scrambling to keep fees coming in. Banks already penalize accounts that don't maintain minimum balances: around $1,500. This hits youth, teen and college students especially hard. My sons both pay fees because they were unable to maintain a minimum balance.
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