Released: October 02, 2011

Tips for avoiding bank fees as B of A unveils $5 monthly debit fees

Source: Maggie Shader, Consumer Reports

Bank of America just announced that starting in 2012, it will charge a monthly $5 fee for debit card transactions. Consumers Union, the policy and advocacy devision of Consumer Reports, offers tips for avoiding bank fees in general as more banks start rolling them out. Other big banks, including Wells Fargo and J.P. Morgan Chase, are also testing debit card fees in certain markets. But plenty of other banks are still offering debt card services without a fee.

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