Public Outrage Prompts Banks to Blink on Debit Card Fees
November 1st, 2011haha.
Via: Daily Ticker:
As one Occupy Wall Street protester so eloquently wrote on a sign recently: “I bailed out the banks and all I got was a $5 debit card fee.”
Well, thanks to protests of millions of other Americans, that $5 fee for debit card purchases may never see the light of day. Having felt the wrath of consumers and politicians alike, Wells Fargo and JPMorgan Chase have decided to drop the charge. And, now add Suntrust to the list of banks revoking the monthly fee.
Bank of America, the first bank to announce the charge and the one that suffered the biggest backlash, is also amending its policy to exempt many customers from the $5 monthly fee. Customers who hold Bank of America credit cards, use directly deposit or hold a minimum balance will not be charged under a new plan.
