Bank of America says it will start charging a $5 monthly fee early next year if customers use their debit cards to make purchases. It's just the latest unwelcome change for customers at the four largest banks in the past year or so:
BANK OF AMERICA
• A new $5 fee to replace debit cards took effect in September; a rush overnight order costs $20. Previously, both services were free.
• The bank is testing a menu of checking accounts with a variety of fee options in Arizona, Georgia and Massachusetts. The fees range from $6 to $25 a month depending on the level of service.
• In May, the monthly fee on the basic MyAccess account rose to $12, from the previous $8.95. Customers can still avoid the fee by meeting certain conditions.
CHASE
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• Ended its debit-rewards program in July, and introduced a new program that offers customers varying cash back offers when shopping through its online mall.
• Introduced a new basic checking account with a $12 monthly fee, up from $6. The fee is waived for customers who meet certain conditions.
• Tested $4 and $5 ATM fees for non-customers in Texas and Illinois.
• The bank is testing a $3 monthly fee for debit cards in Wisconsin, and a $15 monthly fee for basic checking accounts in Georgia.
CITIBANK
• Starting in December, Citi will raise the fee on its basic checking account to $10 a month, up from $8. Customers can avoid fee by meeting certain conditions.
• Will no longer give rewards points for debit-card purchases. But customers can earn more points by opening a savings account.
• Citi says it has no plans to introduce a debit-card fee.
WELLS FARGO
• Ends its debit-rewards program this month.
• Plans to test a $3 monthly debit-card fee starting Oct. 14. The fee will be applied to checking accounts opened in Georgia, Nevada, New Mexico, Oregon and Washington. The fee would be in addition to the fees ranging from $5 to $30 that Wells Fargo already charges. Those monthly fees can be waived if customers meet certain conditions.