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DENVER – Bank of America customers will now pay $5 a month for purchases they make with their debit cards as the bank moves to recoup an estimated $6.6 billion in lost revenue.
Some customers say it is one fee too far.
Banks have been looking for ways to generate revenue since regulations changed following the financial meltdown of 2008.
The Dodd-Frank Act’s Durbin amendment, due to go into effect October 1, caps fees banks can charge merchants for processing debit card transactions at 21 cents from an average of 44 cents.
Other large banks are either testing or planning to raise fees for debit purchases and other services, such as putting canceled checks in with monthly statements and even including paper with those statements.
“We encourage consumers to let their feet cross the street when it comes to banking services,” said Donny Katz of COPIRG. “There are small independent banks and credit unions which have no charges for normal banking services.”
The fees won’t kick in until 2012, which should give consumers time to shop around for the best deal on banking services.
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