As if students do not have enough expenses to deal with, let’s add an extra monthly payment for simply using a debit card.

Bank of America will charge a monthly fee of $5 in the beginning of 2012 for those who use their debit card for purchases.

People who use them only for ATM transactions will not get charged. Premium users will also not get fined. Yes, banks need to make a profit, but why create a plan singling out those who are not premium customers?

This kind of defeats the purpose of having one. People who can’t afford premium membership have debit cards to buy things.

“The fact that this fee only applies to non-premium customers is a bit of a kicker as well since those that likely will not notice the lost $60 a year will not be paying it,” said freshman computer engineering major Kurt Harper.

For a student balancing a job, living and school expenses, $5 can add up.

“I think it would be wise for cash-strapped students to seriously consider switching banks,” Harper said. “I know I would not mind an extra $60 in my account a year.”

Bank of America should definitely reconsider launching this plan or it could potentially lose many customers. No one wants to dish out money, even if it is only $5 a month, for virtually nothing.

“I know that if I had an account there I would vote with my wallet and bring my business elsewhere,” Harper said.

This plan is not to make it difficult on the customers solely, but also an attempt by banks to recover after loss of revenue.

According to an article from the Wall Street Journal, Bank of America officials said the bank will lose up to $2 billion in annual revenue. This plan is designed to help make up for the losses next year and other banks throughout the country are planning similar fees.

Wells Fargo will start charging $3 a month in Georgia, New Mexico, Oregon, and Washington while JP Morgan Chase has already began charging customers in Wisconsin a $3 monthly fee as well.

“They can be shady at times, like overdraft (charges) when you thought you did not. (It’s) whack,” said graduate psychology student Ramsey Ali.

If premium customers also had to pay the $5 a month, losing $60 a year most likely would not put a dent in their wallets. But for a student, $5 can slowly rip every stitch out of their wallet by the end of the year.