Bank of America to Add Fee for Debit Card Purchases

Starting next year, most Bank of America customers will be charged $5 for any month in which they use a BofA debit card to make a purchase, the Los Angeles Times reported Thursday.

According to the bank, customers won't be charged for using their debit cards at the bank's automated teller machines, the Times said.

This is the first effort by a major bank to add a debit card fee, but analysts say other big banks striving to generate revenue may follow Bank of America's lead, according to the Times.