If you’ve ever thought about switching from your Big Bad Bank to a Small Community Bank, now might be the time. Bank of America announced that it will charge their customers a $5 monthly fee to use their debit card for purchases. The way to get out of this fee is to not use your debit card for purchases. However you can still access ATMs to withdraw money without incurring the fee.
I’m a reluctant Chase (read: former WaMu) customer, and I can only assume that it’s a matter of time before they start charging to use their debit card as well. The only thing keeping me from switching is that there are thousands of ATMs in the cities that I frequently visit that I can use for free. But at what point is the convenience of having a bank where you can access ATMs fee free worth it?
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