TD Bank Unveils $9 Fee for Savings Accounts

The recent decision by Bank of America to scrap its plans for a $5 fee for debit card purchases has not stopped other banks from introducing their own new fees, according to CNN Money.

The latest financial institution to jump on the fee bandwagon is TD Bank, which will charge a $9 fee to savings customers who have more than six transactions in a billing cycle. The fee, which will begin in December, will be imposed each additional time the customer takes money out of their account, the news source said.

The savings account move is not a new one, however, as Wells Fargo, Bank of America and others already have similar measures in place. The financial institutions have pointed to increased regulation that forces them to pay when customers exceed six savings account transactions, according to CNN.

The Boston Globe reports that the implementation of fees may only be beginning, as companies look to protect their profits. Likely additions could include higher checking and overdraft charges, the Globe noted.