Bank of America shares fall amid debit card fee anger

BBC News, 30 September 2011

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Shares in Bank of America have fallen 2%, a day after it announced plans to charge debit card users $5 (£3.20) per month to pay for their purchases.

Bank of America will roll out the
 change from next year on a
state-by-state basis

Bank of America, the largest US bank by deposits, said it would introduce the fee early in 2012.

The move comes ahead of a new rule that will limit how much lenders can bill retailers for customer debit card transactions.

The bank's debit card holders will still get free cash withdrawals.

The monthly charge will apply to users of Bank of America's basic bank accounts, and will be in addition to any service fees they already have to pay.

A number of smaller US banks, such as SunTrust, a regional lender based in Atlanta, have already introduced charges for debit card purchases.

Bank of America said the new fee will be rolled out on a state-by-state basis.

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