Some customers say they are unhappy with Bank of America's decision to charge customers a monthly fee for using a debit card.
Starting early next year, the bank will charge customers $5 per month to use a debit card connected to a nonpremium checking account.
"Everybody uses it out of convenience so they don't have to carry cash around, so I disagree with it," Jill Wright said.
Bank of America is following a popular trend. It will join the ranks of financial institutions such as SunTrust Bank, which charges customers a fee of $5 per month for debit purchases and payments attached to certain checking accounts. Regions Bank charges customers $4 per month for debit card purchases connected to certain accounts, as well.
"It's too much," said Wright.
Even Wells Fargo and Chase are testing $3 monthly fees for debit card use in several states outside of Texas.
But not all financial institutions are jumping aboard.
"We haven't even considered it," said Jerry Clancy, president of Lone Star Credit Union in Dallas.
With no shareholders or board of directors to answer to, credit unions such as Lone Star can keep fees low, causing some big-bank customers to make a change, he said.
"...A lot of our accounts that have signed up recently are coming over here because of the bank fees," Clancy said.
And some big-bank customers say one more fee would cause them to jump big-bank ship, too.
"I'm already getting charged monthly fees just for the use of the bank," Bank of America customer David Walker said. "And if you're not going to be able to use your card without another charge, I don't understand. I don't understand that. I'm not for that at all."
The banks currently charging or testing debit-card fees do not charge fees for ATM transactions.
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