Debit Fee Drama
Published November 3, 2011 12:40 PM
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Updated October 20, 2016 11:04 AM
1 Min Read
Backing Down
BofA finally succumbed to pressure to cancel its $5 per month debit card fee on Nov. 1.
Finally Caved
Atlanta-based SunTrust Banks Inc. on Oct. 31 became one of the last remaining holdouts to cave, telling customers it would discontinue its $5 monthly fee and refund those customers who already had started paying to use their debit cards.
Backlash
San Francisco-based Wells Fargo & Co. on Oct. 28 became the latest big bank to abandon plans to start charging customers for using debit cards in the wake of a widespread backlash against new bank fees.
Following Suit
Unnamed sources at New York-based JPMorgan Chase told the Wall Street Journal in late October it would not charge the fees after testing them the past eight months in Georgia and Wisconsin.
Political Criticism
Politicians as high up as President Obama blasted BofA for its decision, which came amid widespread, ongoing protests against Wall Street and the banking industry. Obama later backed down on his criticism.
