Bank of America to Charge Monthly Debit Fee

customers will need to set aside some extra cash for new monthly debit card fees.

Starting early next year, the large national bank will charge customers who use their debit cards for purchases a fee of $5 each month. The fee coincides with other U.S. banks attempting to generate money following regulations on charges since the financial crisis. 

"The economics of offering a debit card have changed," Bank of America spokeswoman Anne Pace said in a Thursday Reuters article.

But others weren't buying the monthly fee as fair to customers.

"Bank of America is trying to find new ways to pad their profits by sticking it to its customers," according to Senator Richard Durbin, architect of debit card interchange fee reform, in a prepared statement in the Reuters report. "It's overt, unfair, and I hope their customers have the final say."

Bank of America has a branch at 30650 23 Mile in Chesterfield Township as well as multiple ATM machines in the township and New Baltimore.