Bank Of America Drops Monthly Debit Card Swipe Fee

The banking industry's brief experiment with charging customers to use their debit cards appears to be over as Bank of America Corp. dropped plans to charge customers $5 a month for using their debit cards to make purchases, according to The Wall Street Journal. For the full story, click here.

Editor’s Insight: The good news is that banks are paying attention to customers’ concerns about debit purchase fees. The vending industry, through its national trade association, is working to persuade credit card associations to revise interchange fees on small ticket transactions.

Bank of America Merchant Services, a credit and debit card processor which is partly owned by Bank of America Corp., is working with the National Automatic Merchandising Association to protect the interests of small ticket transaction merchants. 11-02-11