American Banks to Introduce fees for Debit card services.

 The Wall street Journal reports that American's Banking Industry has been raising fees and doing away with free services, has a new target: debit-card users and Bank of America Corp. is laying plans to charge millions of customers a $5 monthly fee to use their debit cards, and other big banks are expected to follow suit. The industry says it needs the fees to recoup revenue it will lose because of new government regulations taking effect Saturday that cap what they can charge merchants for debit-card transactions.


"The economics of offering a debit card have changed with recent regulations," a spokeswoman for Bank of America said Thursday and the fee will apply to standard checking accounts, but not most premium accounts held by affluent customers.

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