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On Your Side: Local banks charging debit card fees

AUGUSTA -- Get ready to fork over more money to your bank just for the privilege of using your debit card. Bank of America announced that they will be charging customers $5 per month to use their debit cards.

The new charge is a result of banks trying to make up for loss of revenue stemming from a new federal rule.

"The economics of offering a debit card have changed with recent regulations, as a result, we have decided to introduce a monthly usage fee," Bank of America told News 12.

On Saturday, banks will only be able to charge merchants up to 24 cents per debit card transaction. In the past, they have been able to charge merchants up to 44 cents. The new change means billions of dollars in loss of revenue for the banking industry and some banks are enacting debit card fees to make up for the loss.

Here's a list of banks in the Augusta area that are charging customers to use their debit cards:

  • Bank of America - $5 (beginning in 2012)
  • Wells Fargo - $3 (in Georgia but not South Carolina)
  • Chase - $3
  • Regions Financial - $4 (beginning in October)
  • Suntrust - $5

    News 12's On Your Side found local banks that are NOT charging a debit card fee:

    • Georgia Own Credit Union
    • SRP Credit Union
    • Fifth Third Bank
    • Augusta Federal Credit Union
    • Georgia Bank and Trust
    • First Citizens Bank


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