Bank of America has announced that it will begin charging a $5 per month fee for using a debit card. According to the Yahoo story, they will begin rolling out these fees next year and will only affect people who use their cards for debit purchases and not for normal ATM use.
This just adds to my long time opposition of even using debit cards. As I have said time and time and time and time again, debit cards are not safe. They are a direct link to your cash. Unlike credit cards where you barrow money on credit and make a monthly payment, debit cards are linked to your cash and fund the vendor (or crook) the second the transaction is complete. If you use a credit card you can dispute a charge and more often then not have the charge reversed. Disputing a charge to a debit card means that you have to TRY to get your money back, good luck! Oh... and now BofA is going to charge you $5 for the hassle. Source:Yahoo!
John "Mike" Wright