Poll: Will You Pay New Debit Card Fees?

Now that has announced it will begin charging a $5 monthly fee to members who use a debit card, many are watching closely to see if other banks follow suit.

Bank of America's fee is set to go into effect in early 2012. Wells Fargo will start testing a similar $3 charge to customer checking accounts in five states on Oct. 14.

The fees will supposedly only be charged to months when customers use their cards. That means you'll be able to take money out of an ATM with no penalty, but if you swipe that debit card at a store, the convenience fee will be tacked onto your account.

While some folks are too loyal to their bank to leave, others are plotting to move their business out of the big name institutions and into community banks and credit unions. At least one North Carolina representative has introduced legislation to make that process easier. Meanwhile, Illinois Senator Dick Durbin is encouraging Bank of America users to "get the heck out of that bank." On the flipside, some are alleging that Durbin actually caused the $5 fee, blaming his recently approved legislation that limits the amount banks can charge merchants every time someone swipes a debit card for a transaction.

We want to know: What will you do if your bank starts charging a monthly fee for using your debit card?

Vote in our poll and share your thoughts in the comments section below.