We Asked, You Answered: Will BofA's New Debit Card Fee Send You Running?

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?"

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Here's a compilation of some of your responses:

@jtleggett Yes. Why am I going to pay BOA $5.00 each month, so that I can spend my own money? #MyFoxBiz

@mistertexas not at all I'm actually in the process of switching banks. #MyFoxBizKimAveno #MyFoxBiz I'm looking for a credit union as we speak.

@rcluk86 absolutely...local banks will be happy #MyFoxBiz

@joeleebs Absolutely stop using them. they will probably lose a lot of business out of principle #MyFoxBiz 

@wvwebcrawler Absolutely! Are they nuts? As far as I'm concerned, BoA is DoA. #MyFoxBiz

@Jared808 I will not bank with BofA or any bank that tries to nickel & dime me. If all banks follow BofA, here I come #RushCard! #MyFoxBiz

@CapitalistsEdge #MyFoxBiz I have never understood the appeal of debit cards. Use a credit card and pay it off

@RandSt0 #MyFoxBiz Won't stop using debit card will change banks. Better yet, start writing checks which is more cumbersome to process for bank

@KevinKabooom It might cause to me to simply bank elsewhere. I have been wanting to and this is probably the last straw. #MyFoxBiz

@dorothy1961 Within last decade I use to pay $10 a month for Checking fee. It is my responsibility to pay for my bank service. #myfoxbiz

So, will Bank of America's new $5 monthly fee stop you from using their debit cards? Join the conversation on Twitter by following @FoxBusinses and using the hashtag #MyFoxBiz

These responses are not necessarily a representation of FOX Business' view, and in no way represent and endorsement of any aforementioned institutions.