Bank of America® customers who misplace their debit cards will not be getting a free-pass anymore, as the bank will start charging come July.

Bank of America® (NYSE: BAC) will begin charging customers to receive replacement debit cards starting July 1, according to a revised schedule of fees.

Customers who request a replacement ATM or debit card will be charged a $5 fee. According to a Bank of America® customer representative, the fee will not be imposed if the ATM/debit card was expired or reported stolen.

For an expedited, overnight replacement ATM/debit card, the charge will be $20.

Chase already charges a similar charge for a replacement debit card. The two remaining banks of the top four U.S. banks – Wells Fargo and Citibank – do not currently charge such a debit card replacement fee.

Also, in three states, Bank of America® is also currently testing higher checking account fees that may be rolled out nationwide next year.

Clearly, the new debit card swipe fee rules set to take effect on July 21 has already begun to take its toll. A proposed bill to delay the new rules by 15 months was unsuccessful after a Senate vote. Meanwhile, banks rush to implement new charges and fees related to debit card usage.

SunTrust Bank, which recently stopped offering free checking, has started charging a monthly fee when a debit card is used for certain purchases and payments. Chase has been reported to be testing a fee to receive debit cards in certain states.

The regulation is expected to result in about 80% of a reduction in debit interchange revenue for the entire banking industry.

The debit card replacement fee is no stranger to consumers as many smaller financial institutions have charged to replace a lost debit card. Compared to a debit card issuance fee or hike in monthly account fees, a debit card replacement is a viable option compensate for revenue loss without angering customers.

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  • Teengirlerin

    I have a B of A account. They notified me today that there was a breach of security and that my card had to replaced. I have no access to my account until then. Are they going to pay me something or is this just a one way street.

  • hopeful, again

    B of America confirmed my California UI benefits were posted to my “new”  EDD Debit Card Account. That was July 15, 2011. But, by Aug 22, I had not even received it! When i finally got through to a customer service rep on the phone, I was informed, that
    1-my card wasn’t even MAILED to me until AUG 19th!

    2-Don’t bother going to any B of A branch because without the card, nothing could be done.
    So, now, I asked if I could report card lost/stolen? oh, no….sorry, that would entail an investigation, a delay on payment of benefits. Oh, brother.

    It took  3 more phone calls, and threat I was coming to the closest branch to me with a member of law enforcement AND a member of the Press to get what i am legally entitled to: MY money that is in THEIR possession.

    Yep, that got a response: Oh, well we can make a hardship case exception. SERIOUSLY???? ( AND, THAT COULDN’T HAVE BEEN ACCOMPLISHED ON THE FIRST CALL TO THEM?) HARDSHIP???….how about: the money is now 2 weeks late(r) from the date I was ORIGINALLY to receive my benefits. My rent is late….my car payment is late-thus screwing my CREDIT; AND….I”M  FLIPPIN’ HUNGRY!!!!! IS THAT HARDSHIP ENOUGH?????


    1-Bank of America gets a kick-back from the Gov’t as a sub-contractor for these services.
    2-And they got the use of my money for 5 days; and the money of hundreds if not thousands of other claimants to invest, and profit from this!!!!!

    PEOPLE…..this is one step to the side of  CRIMINAL!!!!!  SHAME on B of A …..and, well…what good does it do, anyway????  Venting cuz i can….not cuz I can do a d–n thing about it.