More Banks Scrap Debit-Card Fees

Bank of America now only bank still planning new charges
By Rob Quinn,  Newser Staff
Posted Nov 1, 2011 1:33 AM CDT
Updated Nov 1, 2011 7:06 AM CDT
Suntrust Banks, Region Financial Scrap Debit-Card Fees
SunTrust is dropping its $5 monthly debt-card charge   (AP Photo/John Bazemore)

The people have spoken—and the banks have listened. SunTrust Banks and Regions Financial have become the latest banks to stop charging customers for using their debit cards. JPMorgan Chase and Wells Fargo have also scrapped testing the new charges, and several other banks say they have no intention of bringing in debit card fees. "Consumers have clearly said this is a no-go," a payments industry analyst tells the Wall Street Journal.

SunTrust and Regions are both dropping their debit-card fees immediately and plan to refund customers who have already been charged. Bank of America is now the only major bank still planning to start hitting its customers with a debit-card fee, but it is offering customers a variety of ways to avoid the charge. Industry experts believe that the consumer uproar, plus the backtracking by BofA rivals, will convince the bank to ditch the fees altogether. (More SunTrust Banks stories.)

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