Image Source: Bloomberg

BY JONATHAN KETZ

You're watching multisource global analysis from Newsy.

Bank of America plans to charge its debit cards users 5 bucks a month. As Fox News reports, the idea has enraged B of A customers. But the nation’s biggest bank says, blame Congress.

“It will happen this weekend when the so-called Durbin Amendment takes effect. Merchants get a break under that. The fees they used to pay when customers used debit cards will be capped at 21 cents per transaction. That’s down from 44 cents, and that’s a lot of lost revenue for banks.”

The co-sponsor of the bill, Democratic Senator Dick Durbin, was quick with a rebuttal, saying, the bank is quote “sticking it to customers.” A blogger for The Street speculates, maybe ticking off the customers is the point.

“The only other explanation I can think of is that Bank of America is trying to spark enough public backlash that lawmakers are forced to change the bill.”

But will those angry customers complain to Congress, or just switch banks? A CNN Money reporter talked to an analyst for Lowcards.com who says, some card holders may switch, but not all.

“Despite threats to leave the bank, it is more likely that consumers will simply switch back to credit, he said -- a boon for the very bank that ticked off those consumers in the first place.”

So if you’re a Bank of America customer, what do ‘ya do now? CNN thinks it’s got the answer.

Reporter: “My advice to people if you’re really outraged, use cash, go to a credit union. You can go to bankrate.comand find out the fees. Use your two feet. You don’t have to be a victim”
http://www.cnn.com/

According to The New York Times, Wells Fargo and Chase are testing $3 monthly debit card fees-- and Regionals Financial plans to kick of a $4 monthly fee next month.

Transcript by Newsy