Saturday, October 29, 2011

Banks Backing Away From Debit Fees

Posted By on Sat, Oct 29, 2011 at 9:21 AM

Bank of America is rethinking its controversial move to charge customers for using their debit cards.

The New York Times reports today that the nation's largest bank, facing a firestorm of criticism from consumers, is considering a broader base of customers that would be exempt from the $5 monthly fee. The new plan is expected to exempt B of A customers who have bank-affiliated credit cards, directly deposit wages into the bank or hold a minimum balance of $20,000.

Wells Fargo Bank said Friday that it would cancel its proposed monthly charge on debit card holders. JPMorgan Chase, which was testing a similar fee, also canceled its debit card charge to its customers.

President Barack Obama said in September that customers should not be "mistreated in pursuit of profits" when asked about the proposed fees.

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