Banks Impose New Debit Card Use Fees – Will That Change the Way We Shop?

Most Americans have gotten used to a buying almost everything with their debit cards. But, if you’re a Bank of America customer, that’s going to cost you, come 2012.  B of A is planning to charge a $5 monthly service fee to customers who use their debit cards for shopping.

This move is just one of many consumer fee hikes that have been made by Bank of America and others in response to new regulations meant to enforce fairer behavior from the big banks.  Since banks like B of A will no longer be able to charge merchants high transaction fees for debit card use, they have now, apparently, decided to take it out on their customers.  Or at least, take it out on their smaller customers.  Premium accounts (aka, those that are already full of lots of money) will not be charged this fee.

Sen. Dick Durbin (D) of Illinois didn’t mince words in his response to B of A’s announcement:

“After years of raking in excess profits off an unfair and anti-competitive interchange system, Bank of America is trying to find new ways to pad their profits by sticking it to its customers,” Durbin told CNN Money on Thursday. “It’s overt, unfair and I hope their customers have the final say.”

Easier said than done.  Both Chase and Wells Fargo are testing similar programs, and many smaller banks have already implemented them.  An Associated Press-GfK poll apparently found that 66% of people questioned say they would simply change their payment methods, if confronted with this fee.

What will you do?  Will you switch banks?  Do you think its fair for banks to charge more for their services.