So, B of A and the $5.00 debit card

[classicman]

That makes the news that TD Bank is now charging a $9 savings account fee almost meaningless.

CNNMoney reports the charge isn't outrageous because Wells Fargo and Bank of America also charge similar fees. The bank says the fee is necessary because an abundance of transactions begin to cost it money. The bank is also hiking other fees, including raising wire transfer costs from $10 to $15, certified checks from $4 to $8, money orders from $4 to $5 and stop-payment fees from $25 to $30.

Starting in December, TD Bank (TD) savings account customers who exceed six transactions in a billing cycle will pay a $9 fee each time they take money out of their account. Transactions include online transfers from their savings account to other accounts, as well as phone and debit card withdrawals.

Citing a federal rule known as Regulation D, which limits the number of transactions customers can make from their savings accounts to six, other banks including Bank of America (BAC, Fortune 500) and Wells Fargo (WFC, Fortune 500) already have similar fees in place.

According to the regulation, after six savings account transactions it begins to costs the banks money. So TD Bank says it will begin charging customers instead of eating the cost itself, a spokeswoman said.

CNN