Banks Are Dumping Debit Card Fees

November 1, 2011 in Daily Bulletin

Some banks have been testing out a debit card fee which range from three to five dollars once a month, but these fees have not been well received. According to Time, several banks, including Bank of America, Chase, Wells Fargo, and SunTrust have decided to ditch these fees or make them easier to circumvent because of the large, poor reaction from customers. The article states that the brouhaha began when Bank of America rolled out its five dollar fee for those customers without $20,000 in their account and the response been bad enough that some banks like SunTrust have even issued refunds to avoid backlash. It talks about a few major banks’ plans moving forward:

  • Chase Bank will stop the $3 fee at the beginning of the month
  • Wells Fargo cancelled plans to implement a fee as a test
  • Bank of America is keeping the fee but offering customers more ways to avoid it

To read more about these monthly debit card fees and how they may affect you click here


Source: Time

Edit: According to the Associated Press, Bank of America has officially decided to end the five dollar fee today.

Source: Yahoo