×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Tags: Bank | America | Debit | Fee

Bank of America Drops $5 Debit-Card Fee Plan

Tuesday, 01 November 2011 11:44 AM

Bank of America Corp. is dropping plans to charge a $5 monthly fee for debit card use, a source familiar with the matter said on Tuesday.

The second-biggest U.S. bank becomes the last big bank to backtrack from plans to charge customers a monthly fee for using their debit cards.

JPMorgan Chase & Co. and Wells Fargo & Co. last week decided to cancel test programs, while SunTrust Banks Inc. and Regions Financial Corp. said on Monday they would end monthly charges and reimburse customers.

Bank of America had planned to start charging customers next year. Banks began crafting the monthly charges to make up revenue lost to a law that slashes the fees they charge retailers when consumers swipe their cards. The fees sparked a firestorm of criticism from consumers and politicians, and many smaller banks and credit unions shunned the practice.

Bank of America began softening its stance on the fee last week. The Charlotte, North Carolina, bank planned to give customers more ways to avoid the charge, such as maintaining minimum balances, having a paycheck direct-deposited or using their Bank of America credit card.

© 2022 Thomson/Reuters. All rights reserved.


FinanceNews
Bank of America Corp. is dropping plans to charge a $5 monthly fee for debit card use, a source familiar with the matter said on Tuesday. The second-biggest U.S. bank becomes the last big bank to backtrack from plans to charge customers a monthly fee for using their debit...
Bank,America,Debit,Fee
187
2011-44-01
Tuesday, 01 November 2011 11:44 AM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
Get Newsmax Text Alerts
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved