Bank of America to release a monthly debit fee

RICHMOND, VA (WWBT) - Bank of America plans to start charging customers a $5 monthly debit card fee.

The fee starts early next year.

You'll only be charged if you use a debit card for purchases in any given month.

You won't be charged for using your card at an ATM.

Wells Fargo is testing a $3 monthly debit card fee in select markets.

It comes as new regulations limit what banks can charge retailers each time a customer uses a debit card.

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