UPDATE: Bank of America Debit Card Fees

"In any other line of business, companies would be reluctant to raise their fees for fear of losing customers. That fear doesn't seem to be present in the banking industry," Miller (D-NC) said.

Illinois Democrat Dick Durbin, is encouraging consumers to abandon the bank's debit card.

"My word to consumers across America is talk with your feet, look for a debit card that doesn't charge the Bank of America fee," Durbin told HuffPost, adding that the revenue from the new fee likely far outstrips what they'll lose to swipe fee reform.

"It would be no surprise if we found out that Bank of America is overcharging consumers again. They've been found guilty of that in the past, but I really encourage consumers across America to look for competition that doesn't charge this fee, move their debit cards."

UPDATE: Bank OfAmerica Debit Card Fee Leads To Legislative Response

Starting Saturday, “swipe fees” that banks charge merchants when customers make debit-card purchases will be capped.
That’s good news for retailers, bad news for banks and uncertain news for consumers.
“The rules set to take effect on Oct. 1 will finally make swipe-fee reform a reality and help bring fairness, transparency and competition to a debit-card system that for years has operated without them,” said Sen. Richard J. Durbin, the Illinois Democrat who introduced the swipe-fee amendment. “These rules will give small businesses some relief from the unreasonably high fees that the Visa and MasterCard duopoly fix on behalf of the nation’s biggest banks.”

UPDATE: NEW CAP ON DEBIT-CARD SWIPE FEES