New Charges: Bank of America to charge for debit card

WASHINGTON: Big US banks whose profits were savaged by the financial crash are rolling out a fresh batch of fees for customers, leaving experts to warn that the era of free banking in America has ended. Believe Bank of America and their decision to introduce a $5 monthly charge for US debit card users is a small but essential step to cover the cost of ill-conceived government regulation that becomes law on Saturday. The financial difficulties of the America’s four big retail banks — Bank of America, Wells Fargo, JP Morgan Chase and Citigroup — are well known. Bank of America said the new charge is necessary to cover debit card costs as they struggle to make other businesses profitable amid cratering stock markets and ultra-low interest rates.

Published in The Express Tribune, October 2^nd, 2011.