Bank of America (NYSE:BAC) will start charging a $5 monthly debit card fee starting next year -- a move that has incited fury amongst many of the nation's biggest bank's customers.
The new fee comes as banks grapple with fresh regulations that have been imposed as a result of the Dodd-Frank Act's Durbin amendment that reduces the debit card processing fee banks can impose on merchants, which banks say is an important source of income. Currently, banks charge merchants, such as retailers, 44 cents per transaction – but starting next month, banks can only charge 21 cents per transaction.
In light of reduced profitability, some banks are increasingly turning to customers to fill the gap. Indeed Bank of America isn't alone, Wells Fargo (NYSE:WFC) and JPMorgan Chase (NYSE:JPM) announced they too are exploring new debit card fees.
Still, some banks say they won't succumb to peer pressure. For instance, Citigroup (NYSE:C) already revealed it doesn't plan on imposing new debit card fees.
So, the question remains: Will Bank of America customers remain loyal to their trusted bank or take their business elsewhere? FOX Business took to Twitter to find out: @FoxBusiness asked our followers "Will Bank of America’s new $5 monthly fee stop you from using their debit cards?"
Here's a compilation of some of your responses:
These responses are not necessarily a representation of FOX Business' view, and in no way represent and endorsement of any aforementioned institutions.