Major Banks to Withdraw Debit Card Fees

The backpedal by big banks on debit-card fees is gaining momentum.

Close-up of silver digits on a credit card. Very shallow depth of field, focus on number 2. You can see the texture of the card in the in-focus areas.

11/01/2011 --

SunTrust says that starting Wednesday, it will no longer charge the five-dollar monthly debit card fee it began charging in June.
Regions Bank said it will nix its four-dollar monthly fee, starting today.

It started charging the fee this month.

Both banks said they will refund any customers previously charged the fee.

They say customer reaction drove the back-track.

The stampede to reverse fees began Friday.

That's when J-P-Morgan-Chase announced it would not impose the charges, and Wells Fargo followed suit.

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  • by Harry Location: California on Nov 1, 2011 at 05:03 PM
    I am more concerned about monthly service charges. Citibank just sent me a notice that they will be transfering my acct from EZ Checking to the Citbank Account Package. If I keep $15,000 in the account I WILL NOT BE CHARGED $20 monthly. How's that up from $6,000 in October. What a deal!!! I gues they really don't need deposits. By thw way I have well over the cap but will change to a credit union just for spite. The Occupy had nothing to do with the debit card change only savvy bank customers.
  • by Randy Location: Tallahassee on Nov 1, 2011 at 10:47 AM
    once again anyone who banks with one of the big banks is out of their mind They will be back again to charge fees. Go to your local credit union or local bank.
  • by Voice of Reason Location: Florida on Nov 1, 2011 at 08:01 AM
    The fees were implemented because new federal regulations cut into banks' profits. I'm sure Congress had good intentions, but good intentions often backfire. Banks are now backing off these fees, but rest assured they're not likely to settle for lower profits as a result of the new regulations. They're going to figure out a way to make that money back.
    • reply
      by Anonymous on Nov 1, 2011 at 10:42 AM in reply to Voice of Reason
      It's worse than that. There is a cost to develop polocies and program changes to charge these fees. This eats into prifits and now that these changes are scrapped, there will be additional costs to create new revenue drom customers. All these changes will be passed onto customers.
  • by BOA Customer Location: Tallahassee on Nov 1, 2011 at 07:31 AM
    Bank of America should have been on this list...looks like it's time for a far as my banking choice goes.
    • reply
      by Anonymous on Nov 1, 2011 at 10:25 AM in reply to BOA Customer
      BOA won't be charging the fee either. Read it On CNN
      • reply
        by BOA Customer on Nov 1, 2011 at 01:24 PM in reply to
        Thank you Anonymous!
  • by ms.jones Location: tally on Nov 1, 2011 at 07:13 AM
    Banks are losing their minds, these fees were a crazy idea to begin with.
    • reply
      by M on Nov 1, 2011 at 01:30 PM in reply to ms.jones
      Banks are a business. Business is to create profits for investors. You are not forced to utilize a bank.
  • by Thanks Occupy Wallstreet Protesters! Location: Tallahassee on Nov 1, 2011 at 06:37 AM
    Occupy Wallstreet Protesters rock rejecting debit card use and non-use fees from banks. It is paying off big time. With Congress now imposes student loan modifications and the banks are now taking your movement serious with your massive numbers and profound message. Keep it up and stay warm. May God bless and keep all of you safe! These positive results are in the best interest of the American people and far outweigh any security cost during your untiring journey.
    • reply
      by Jack on Nov 1, 2011 at 10:23 AM in reply to Thanks Occupy Wallstreet Protesters!
      Yes, we owe this all to the OWS protestors. Can they all go home now?
      • reply
        by M on Nov 1, 2011 at 01:30 PM in reply to Jack
        Those fools don't have shoes much less bank accounts.
  • by Michelle Location: Tallahasee on Nov 1, 2011 at 06:22 AM
    I hope the damage is done. Credit Unions and small banks have continually treated their customers much better than the greedy big banks who only care about numbers.
    • reply
      by M on Nov 1, 2011 at 01:31 PM in reply to Michelle
      Don't kid yourself Michelle; all banks are in business to turn a profit. If you are upset then why don't you buy some bank stock and profit with them? So many whiners in Tallahassee.
  • by TallyChick on Nov 1, 2011 at 06:18 AM
    I think this is fantastic news! The banks did the smart thing and finally listened to their customers because many people were ready to leave their banks over this! I already opened up an account with a credit union because I refuse to pay Suntrust a fee for using my bank card! Looks like I may stay with Suntrust after all and just use that new account with the CU as a savings account! Way to go consumers and thanks for listening banks!!
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