Bank of America rips off customers

Just to be clear, this is a horrendous bank rip-off, and every Bank of America customer should slose their accounts and move their money elsewhere:

Get ready for a new wave of bank fees. Bank of America will begin charging a $5 monthly fee at the beginning of next year for customers who make debit card purchases.Whether you use your card for one purchase a month or 20, you will pay $5 per month starting in 2012. It doesn’t matter if you select “debit” or “credit” at the point of sale.

There is absolutely no reason a bank should charge you for spending your own money. They already are ripping off customers at a time when the interest rate on U.S. government debt is near zero and they’re putting credit card interest rates at 21%. And debit cards are simply electronic transfers. They cost the bank next to nothing.