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Re-posted from Ed Mierzwinksi on the U.S. PIRG Consumer Blog:

As their latest entry into the bank fee frenzy, Bank of America is rolling out a new $5/month debit card fee. They're blaming the October 1 implementation of the "Durbin amendment" limiting fees from  merchants who accept debit cards. Of course, in one of the more awful cross-subsidies around, merchants are forced to pass along bank-imposed "swipe" fees to all their customers, including their cash customers. Of course, Bank of America will still collect big fees from merchants, but not so much as before.

Only "premium" customers will be able to avoid the BofA monthly debut card fee, which will be $5 any month you swipe your card at a merchant  (apparently, you don't need to own a jet to qualify as a premium customer, but pretty darn close -- you need either a mortgage at the bank or a lot of money ($20,000) in the bank).

Here's how the rest of us without jets can avoid it:

Consumers can switch to small banks or credit unions—which are not expected to copycat this fee. PIRG's Bank Fee Tips. To date, big banks haven't had to worry about people voting with their feet but maybe this is “a fee too far” or a "fee too high" and they will start worrying. Recall that earlier this year Chase tested a $5 ATM surcharge in Illinois—then dropped it.

Use simple workarounds--use a credit card at the store (it’s also safer by law) or use the debit card at an ATM to get cash (ATM transactions do not invoke the fee) and then use cash at the store. People did that for years, until debit cards. Some people still do.

The Durbin swipe fee amendment is good for consumers. Merchants will pass along their savings because retail is competitive -- if they don't pass savings along they will lose business. The amendment will also encourage the growth of less-risky PIN-based, instead of fraud-prone signature, debit card networks such as Visa/MC networks.

Here's Senator Durbin's statement on this new fee. More from Candace Choi of the AP via USA Today. More from Scott Reckard of the LA Times-- scroll down and check out the comments from consumers! My favorite comment is "credit unions for the win."