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Davis Turner, Getty Images
Davis Turner, Getty Images
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Bank of America Will Not Charge Monthly Fee for Debit Card Usage

In September, Bank of America announced it would soon begin charging customers a $5 monthly fee for using their debit cards, saying it was recouping losses from new laws that limited how much it could charge merchants when debit cards were swiped during transactions.

But after a firestorm of negative publicity, BofA waved the white flag of surrender and scrapped the controversial plan.

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Davis Turner, Getty Images
Davis Turner, Getty Images
[

Bank of America to Begin Charging $5 Monthly Fee for Debit Card Usage

In light of new regulations limiting what financial institutions can charge merchants when buyers swipe their debit cards, Bank of America — the nation’s largest bank — will soon impose a $5 monthly fee on customers who use their debit cards to pay for such transactions.

Anne Pace, a Bank of America spokeswoman, said the fee will only be charged when customers use their cards during merchant transactions, not when they’re used at ATMs to withdraw cash.

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Category: Money Tags: ,
Davis Turner, Getty Images
Davis Turner, Getty Images
[

Bank of America to Cut 30,000 Jobs As Part of $5 Billion Reductions

On Monday, Bank of America announced that part of its plan to cut $5 billion in spending by 2014 includes the elimination of 30,000 jobs.

CEO Brian Moynihan made no mention of layoffs during an investor conference, and the bank says it expects the job losses to occur naturally through attrition and not rehiring when people vacate their positions.

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