Bank of America Cancels Planned Debit Card Fee

Bank of America has scrapped plans to charge debit card consumers a $5 per month fee.

This follows a flurry of activity during the last few days from other banks that also dropped a debit card fee.

Yesterday, two banks that had already instituted the fee reversed their decisions. Regions Financial Corp ended their $4 monthly charges that had started October 1. SunTrust dropped their $5 per month fee which began in June. Both banks said they will reimburse their customers.

Last Friday, Chase and Wells Fargo announced they were ending the monthly debit card fees they were testing in various states.

“This is great news for consumers, but this is not the end of new fees,” says Bill Hardekopf, CEO of LowCards.com. “Banks are still losing billions of dollars in revenue from the interchange fee regulations. They will find more subtle ways to make up for this lost revenue, increases that may fly under the radar. Banks may increase existing fees or raise the introductory interest rates on credit cards. They will find some way to increase their revenue, and it’s always the consumer that will end up paying for these increases.”

Photo by Bravo Six Niner Delta

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About the Author: Bill Hardekopf

Bill Hardekopf is the CEO of LowCards.com a free, independent website that simplifies the confusion of shopping for credit cards and helps consumers easily compare cards in a variety of categories.

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