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Wells Fargo & Co. became the largest big bank to abandon plans to start charging customers for using their debit cards, in the wake of a widespread backlash against new bank fees.
October 28 -
Bank of America Corp., the largest bank by assets, plans to start charging its checking customers $5 per month, or $60 annually, if they use their debit cards to make purchases. The fees will go into effect early next year.
September 29
Responding to an outcry from its customers, SunTrust Banks Inc. in Atlanta no longer plans to charge customers $5 per month to use its debit cards.
SunTrust said in a news release Monday that the fee will be eliminated starting Wednesday and that it will issue full refunds to customers who have already incurred the fee.
"We believe banking is a relationship business and recognize the importance of responding to client preferences," Brad Dinsmore, consumer banking and private wealth management executive at SunTrust, said in the news release. "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."
SunTrust's about-face comes about a month after Bank of America Corp. stirred up a hornets' nest of trouble with consumers with its own $5 monthly debit-card fee.
Wells Fargo & Co. last week dumped its $3 monthly debit-card fee. Media reports surfaced last week that said JPMorgan Chase & Co. would also end its fee, and that Bank of America Corp. was exploring ways to roll back its proposed fee.
