Nightly News   |  September 29, 2011

BofA to charge $5 monthly fee for debit card usage

Bank of America announced Thursday that it would start charging customers a $5 monthly fee to use a debit card. NBC’s Brian Williams reports.

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This content comes from Closed Captioning that was broadcast along with this program.

>>> bank of america announced today it will start charging customers a $5 a month fee to use a debit card . the new financial reform law lowered the amount banks get each time a debit card is swiped at a store. banks are having trouble because interest rates are low and so is demand for loans. the fee will not apply if the card is only used to get cash from an atm and not for purchases.