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Rep. Barney Frank On Bank Of America Debit Card Fees09:00
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Bank of America announced Thursday that it will soon start charging customers five dollars every month that they use their debit cards to make purchases.(AP)  

When Congress passed legislation last year designed to rein in Wall Street, the thinking was that Main Street needed much more protection.

But in the 14 months or so since the Dodd-Frank financial reform bill became law, consumers have found that like it or not, those extra protections come at a cost.

Banks have done away with free checking accounts, raised ATM fees, and even started charging for paper statements. Now, consumers will have to pay for using their debit cards too.

Bank of America announced Thursday it will soon start charging customers $5 every month that they use their debit cards to make purchases. The bank, which has 275 branches across Massachusetts, isn't the first in the nation to introduce a fee for debit card use. It is the nation's largest bank, though, so the move carries added significance.

Rep.  Barney Frank represents Massachusetts 4th Congressional District and was a chief author of the Dodd-Frank Bill. He joins us to talk about the Bank of America decision.

Guest:

This segment aired on September 30, 2011.

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