Bank of America reveals new debit card fee

Bank of America announced this week that starting next year, the bank will begin charging customers a $5 a month for using their debit card to make purchases.

The fee comes as a result of new federal regulations that cap the amount of money banks can collect from merchants who accept debit card swipes, forcing banks to make up the difference to pay for services like fraud protection.

Some customers say they are feeling nickel-and-dimed and will be looking for a new bank before the fee is implemented.

Competitors like Stamford First Bank that pride themselves on ?fee-free banking? are welcoming the potential for new customers.

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