Bank of America to Charge $5 for Debit Cards…


…time to find a new bank.

I’ve had checking, savings and credit card accounts with Bank of America for about seven years now. Kind of crazy considering I hate the bank.

Of course you’re thinking, well if you hate them so much, why do you bank with them? I originally opened a student checking account with them when I moved to Chicago to start college. They were the only bank that had a presence in the town where my parents lived and Chicago, so it was the most convenient option.

Since then I’ve thought about and wanted to change banks several times but I’ve simply been too lazy to do it. It requires research, making a decision and then the fun of remembering to change over all my auto-debits and auto-deposits in a perfectly synced symphony before the fun of canceling my account.

Now that Bank of American plans to charge a monthly fee of $5 for customers who use their debit card to make purchases, I’m out. As great as the free museum admission once a month is, I think I’m officially done with BofA. Their business practices make me sick and I don’t want to have anything to do with them.

I am officially researching all of the banking options in my area and hope to make a decision soon about where I want to move my money. If you’re in the same boat, I recommend checking out Move Your Money’s Bank and Credit Union Search. Just plug in your zip code and it lists all the banks and/or credit unions in your area. I have a lot of options so it might be awhile before I make a decision, but I’ll do it soon.

I need to be careful in my search though, because many other banks are thinking about implementing a similar debt card fee…

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