Bank of America to charge $5 monthly fee for debit card purchases

I wonder how much more will the consumer have to pay. How long will it be before other banks will follow behind them? These banks are making more money than ever, but they continue to let people go and raise our fees. Who is really looking after the consumer?

Most Bank of America customers will soon see a new charge on their statements -- $5 for any month in which they use a BofA debit card to make a purchase.

Consumers should prepare for more such charges, analysts say, as big banks strive to recover revenue they have lost to financial reforms adopted in the aftermatch of the economic meltdown.

The new Bank of America fee will be phased in early next year, said Anne Pace, a spokeswoman for BofA, the nation's largest retail bank.

Customers will still be able to use their cards at the bank's automated teller machines without being charged, the bank said Thursday.

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