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BofA Offers More Ways Around $5 Debit Fee

$20K minimum balance isn't the only option

By Neal Colgrass, Newser Staff

Posted Oct 29, 2011 1:51 PM CDT

(Newser) – Turns out Bank of America customers won't have to maintain a $20,000 bank account to avoid monthly debit fees after all. With other banks canceling debit fee plans, BofA will now offer customers other means of avoiding its $5 monthly debit card payment—like having paychecks directly deposited, or using the bank's credit cards. Or customers can simply pay a $9-to-$20 monthly fee to avoid further penalties, Reuters reports.

As for other banks, Wells Fargo and JPMorgan Chase both nixed their proposed $3 debit card fees yesterday. Citigroup Inc. never included such a fee; bucking the trend, SunTrust Banks is instituting a $5 monthly debit fee for checking account owners. One consumer activist praises JPMorgan for dropping the fee but isn't sure BofA's changes will ultimately benefit the customer. "Clearly, there is overwhelming public support to drop the fee," she says.

Protesters with the "Occupy Seattle" movement burn a Bank of America debit card as they protest, Saturday, Oct. 15, 2011, in downtown Seattle. (AP Photo/Ted S. Warren)

In this July 17, 2009 file photo, a customer uses a Bank of America ATM in Charlotte, NC. (AP Photo/Chuck Burton, File)

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COMMENTS

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Showing 3 of 22 comments

brady51h

Oct 30, 2011 10:19 PM CDT

Gee I wish I knew that three weeks ago when we moved the last of our money and direst deposits out of BofA.and over to the Credit Union. Yeah right, bye bye now

truefreedom

Oct 30, 2011 8:59 PM CDT

Community banks and credit unions are the only way to go. I don't trust B of A or any other national banks, they charge all these fees and then they turn around tohelp finance wars around the globe using their customers' money. I use to bank with Wells Fargo and I got disgruntled with them when they lost $400 of my money that they couldn't account for the deficit and they told me they can charge me to investigate where they lost my money.

ren1999

Oct 30, 2011 8:42 PM CDT

I know a way to avoid Bank of America's $5.00 a month debit card fee! Take your money out of Bank of America and put it in a Credit Union.

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BofA Offers More Ways Around $5 Debit Fee

$20K minimum balance isn't the only option

OTHER STORIES ON OUR RADAR

Bank of America • Wells Fargo • fees • JPMorgan Chase • debit cards • bank fees

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