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Big Banks Respond to Outrage
Bank of America Will Not Implement Debit Usage Fee
Bank of America
In response to customer feedback and the changing competitive marketplace, Bank of America no longer intends to implement a debit usage fee.
Debit-Fee ‘Flop’ Leaves Banks Seeking $8 Billion in Revenue
Moynihan, 52, had defended Bank of America’s plans, saying Oct. 18 that the debit-card fee would encourage customers to use more services with the company to avoid the levy. He has also emphasized the convenience and safety of using the lender’s debit cards -- an argument that may not have swayed consumers, said Narter of Celent.
Regions Bank Eliminates Checkcard Fee in Response to Customer Feedback
Customers who previously incurred a CheckCard fee will not need to take any action to receive their refund and it will be credited to their account on Nov. 4.
SunTrust Responds to Client Feedback, Eliminates Check Card Fee
"We believe banking is a relationship business and recognize the importance of responding to client preferences," said Brad Dinsmore, Consumer Banking and Private Wealth Management executive at SunTrust. "We've listened to our clients' feedback and will provide the convenience and security of check cards at no additional charge as part of all of our checking accounts."
Retreat From Debit-Card Fees Continues
Wall Street Journal
The about-face by the four big banks represents a rare concession to customer sensitivities over lucrative fees.
Big Banks Blink on New Card Fees
Wall Street Journal
Many banks will likely increase charges in other areas to make up the lost revenue but some banks said they will focus on winning over more customers and convincing them to sign up for more financial products.
Wells Fargo Cancels Pilot of Monthly Fee for Debit Cards
Wells Fargo & Company (NYSE:WFC) said today it is cancelling its planned five-state pilot of a monthly $3 fee for users of its debit cards as a response to customer feedback the bank has received.