Would you pay the B of A $5 debit card fee

No.  If my bank were to start charging I would cancel the card, and move to a bank that doesn't charge fees.

Discover still pays me to use their card, and I pay it off every month.  No point in using an ATM card.

No way.
I was actually considering switching to Bank of America because my home mortgage is owned by them, and I can't subscribe to an automated monthly payment unless I have an account with them (so dumb). But now that they are charging, I will just set a reminder on my calendar to go online and manually pay every month.

Not a chance. 

As a new low that I recently heard, a friend with a bank account in Amsterdam is now being charged a monthly fee because he has too much money in his savings account. Um... what? 

Who wants to pay $60/year to use a debit card when you can have a credit card for FREE and just pay it off every month (which financially works EXACTLY the same as a debit card).

I wouldn't pay it.

I'm not sure about BoA, but some banks will waive monthly fees if your relationship (mine includes mortgage balance) is substantial enough.

I think the bigger issue is the fact that retailers (the smart ones) have already built in the cost of credit/debit card transactions into the price of their items.  So while they now have a decreased and finite cost for a debit card transaction of 21 cents, are they reducing the cost to the consumer?  I doubt it.

So, we will now pay twice for that debit card usage.  I know the Arco gas stations charge a 45 cent transaction fee for the use of a debit card and have for several years.  I haven't seen that charge reduced to 21 cents yet.  I will be curious to see if they do, and if they don't, if someone files a law suit.

Bottom line, debit cards make lines to check out much faster and are still cheaper than handling a paper check.  It is a win-win for the merchants and the banks that charge the fee.  If anything, it makes it more expensive for the working poor who already pay fees to have a checking account since they most likely can't keep high balances to offset charges.  Many of these same people don't qualify for credit cards or shouldn't have them in the first place. 

If you're paying for banking, shop around.   I have had free checking with no minimum balance, free online bill pay and free checks for over 10 years now.   There's got to be a regional/local bank that's willing to use your money for free.

If $60 is not worth anything you, I'd be happy to take it off your hands
 
I use a debit card for 90% of my purchases (some of us like to limit the credit card purchases but that is another whole thread). Why would I add a $60 annual fee to something I can get for free at any other bank? 

agreed $60 a year is not a lot of money but it could pay for my weekly beer!  Seriously, I think people are just tired of being nickle and dimed.  I know I sure am.  My wife and I have been going through our budget finding 9.95 here, 4.95 there.  then the fees added on to the cell phone etc.  It sucks and I'm tired of it.  I'm really tired of it and it needs to stop.  I belong to a credit union and pay nothing for my ATM, debit card, etc.  I have not had an account at a major bank for over 15-years.  BofA is next of the banks to look for a bailout anyway!

Exactly.  That's a race entry, to make it tri related.  I am sure there will be some banks that will use this to their advantage, I know WF is testing this in some markets at $3 a month, and if it comes to L.A. I am shopping our accounts.

I don't pay for any banking due to my balances and the use of direct deposit.  So far, my bank is  not jumping on the band wagon.  However, many banks are also looking to restructure their accounts fees to also help offset the revenue hit by the reduced merchant fees.

The free checking account is disappearing rapidly according to many articles due to the tightening of what fees banks can charge.  This will impact lower income individuals at a much higher rate.  Depending on where you live, the small regional banks are a thing of the past. 

I worked for one of the last big regional banks in San Diego and we were bought in 1994 by what is now Wells Fargo.  We were bought by First Interstate and then they were bought by Wells.

It's not so much how much the fee is but the fact that there even is a fee, it's the principle.  As far as I'm concerned EFF them, moving my banking over to my CU.

Its bank of america, wouldn't use them period

Goverenment response on this makes me mad.  The gov't limited the fees the banks can charge the stores for collection so it forces the banks to inact fees else where.  Understandable, this service does cost.  however, the stores aren't going to lower their prices since their expenses have gone down.  But now consumers are having to pay again that fee.  So the consumer is going to get hit twice.

But in general, I would rather see fees like this then hidden fees charged to the stores. 

Just to +1 what everyone else is saying.

Jan 1, I don't know what exactly I'm doing.  Either closing the BofA account straight up, or just using it to pay rent by check.

Not a chance, besides that the customer service on these MEGA banks is horrible.  I'll stick with my local credit union which excells at treating me like a customer with a choice to go somewhere else if I am not served.

I used to be a member at BoA and Wachovia but both treated me so badly on seperate occasions that I will not support that type of service.

Credit Unions people... credit unions... no fees, friendly, easy to work with...

As for work,  my business has it's accounts with BoA.  In 7+ years we have not paid a single $1 in fees of any kind.