If you're a Bank of America customer, add another five bucks to your monthly bills.
"Yeah, (how’s) it work out? About 60-dollars a year just for the privilege of leaving them your money in their bank,” Wichitan Sam Tyree said.
Starting next year, BOA will charge five dollars a month when you use your debit card at stores. It doesn't matter if you hit "debit" or "credit" at the register. However, you will not be charged if you just use an ATM.
"But if you go to QuikTrip and you're filling up and you use your debit card, it looks like, even once that month, you're going to be charged that five-dollars,” Trust Investment Officer Michal Emory said.
Emory says the fee is in response to new federal rules, capping how much banks can charge retailers when you swipe your debit card.
"Clearly it's corporate greed,” Wichitan Darron Smith said.
There are a few things you can do to avoid that fee. Go to an ATM, and always use cash. Check-out local banks and credit unions. Or use a credit card. Just make sure you pay it off at the end of the month.
"We've heard a lot about trying to get out of debt, our nation has too much debt. And, really this part of the bill and these changes that are coming back really encourage you to use your credit card,” Emory said.
Emory says expect this fee to catch-on.
"I think all of your big banks, this will be the norm,” Emory said.
Chase and Wells Fargo are testing a three-dollar monthly fee in a few areas already.
