ALBANY, N.Y. (AP) — New York officials say new regulations require payroll card companies to eliminate fees for account maintenance, overdrafts, checking on balances and inactivity.
In light of new regulations limiting what financial institutions can charge merchants when buyers swipe their debit cards, Bank of America — the nation’s largest bank — will soon impose a $5 monthly fee on customers who use their debit cards to pay for such transactions.
Anne Pace, a Bank of America spokeswoman, said the fee will only be charged when customers use their cards during merchant trans