Some banks are backing down on planned monthly debit card fees after angry protests from customers and condemnations from both Congress and President Obama. Some consumers had even declared this Saturday, November 5, as ‘Bank Transfer Day.’
SunTrust Banks today announced that it will end its $5 per month debit card fee which it had instituted in June on its Everyday Checking customers. The bank said it will refund the money to customers.
On Friday, Wells Fargo scraped plans to charge $3 per month to customers who used their debit card. The bank had planned testing this fee beginning November 15 on customers in Georgia, Nevada, New Mexico, Oregon, and Washington.
Also on Friday, JP Morgan Chase said it is ending its test of a $3 monthly debit card fee in Wisconsin, and is not going to impose it on consumers.
Bank of America is working on plans to give customers some ways to avoid the $5 debit card fee it will impose beginning in 2012. The fee may be waived for customers that use Bank of America credit cards, maintain higher checking account balances, or make designated direct deposits. Customers
who don’t qualify could still get stuck with the fee.
Regions Financial Corp. continues to charge $4 per month to some of their debit card customers.
“This is great news for consumers, but this is not the end of new fees,” says Bill Hardekopf, CEO of LowCards.com. “Banks are still losing billions of dollars in revenue from the interchange fee regulations. They will find
more subtle ways to make up for this lost revenue, increases that may fly under the radar. Banks may increase existing fees or raise the introductory interest rates on credit cards. They will find some way to increase their
revenue, and it’s always the consumer that will end up paying for these
increases.”
LowCards.com ( http://www.lowcards.com) simplifies the confusion of
shopping for credit cards. It is a free, independent website that helps
consumers easily compare credit cards in a variety of categories such as
lowest rates, rewards, rebates, balance transfers and lowest introductory
rates. It also gives an unbiased ranking and review for each card. The
LowCards.com Complete Credit Card Index
( http://www.lowcards.com/CreditCardIndex.aspx) is the most objective
and comprehensive resource on the Internet which allows consumers to compare
rates for over 1000 credit cards offered in this country. Created by Hampton
& Associates, the company has been analyzing the credit card industry and
supplying objective websites on various consumer expenses for eleven years.
Similar Posts:
- Bank Of America Retreats From $5 Fee, But Look Out For New Fees
- Bank Of America To Charge $5 Monthly Debit-card Fee For Many Customers
- Now Citibank Increases Checking Account Fees
- How To Beat Escalating Bank Fees
- Wednesday Vote On Interchange Fees Will Impact Debit Card Rules
- Major Changes Coming For Your Debit Card, Thank Your Congressman
