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The debit-card fee dominoes are falling, leaving Bank of America Corp. increasingly alone in its controversial efforts to make customers pay for using their debit cards.
October 31 -
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.
October 31 -
The attempt by large banks to impose debit card fees wasn't just about wringing a bit of extra revenue out of existing customers. It was an effort by Bank of America and its competitors to rework their basic retail account business model.
October 31 -
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's recent announcement that it plans on charging most of its customers a $5 monthly fee to make debit card purchases has touched off a firestorm of protest across the country. And for good reason. For most Americans, who have already paid dearly for the economic mess touched off by risky bank practices, this latest fee just adds insult to injury.
October 28 -
Understanding the management of Bank of America is now next to impossible. What makes them want to anger 50 plus million solid retail customers while their entire operation is in damage control? Five million customers from the bank I headed joined this group when B of A acquired it in 1992.
October 3
Bank of America Corp. is dropping its plan to charge customers $5 a month for making purchases with their debit cards, said a person familiar with the situation.
The move is a dramatic retreat following decisions by several rivals in recent days to drop customer tests of the new fees. SunTrust Banks Inc. and Regions Financial Corp. also said Monday they will stop charging customers for debit-card transactions.
Bank of America decided against the fees due to negative customer feedback on the plan and the moves by rivals, which left the Charlotte, N.C. lender as the only big bank planning to levy the fee on some customers next year.
Bank of America will announce the decision today, this person said.
The announcements follow decisions last week by Wells Fargo & Co. and JPMorgan Chase & Co. to drop customer tests of the new fees.
The about-face represents a rare concession to customer sensitivities over lucrative fees. Hit hard by a soft economy and tightening regulations, banks have been adding fees on services, charging for instance for many checking accounts that used to be free.
