BoA $5 Debit Fee
October 28, 2011 by staff
BoA $5 Debit Fee, JPMorgan Chase has decided it will not charge customers who use their debit cards for purchases, joining a growing list of banks that do not follow the example of the financial giant Bank of America, which announced a rate of 5 and month past.
JPMorgan Chase, Citigroup, Bank of America, PNC Financial and Key Bank have confirmed that there is thinking about charging customers fees debit card when shopping.
JPMorgan Chase, the largest bank by total assets, began testing a 3 and parts of Wisconsin and Georgia, in February. However, the bank decided not to extend the quota for the rest of the country, as first reported by The Wall Street Journal.
A person familiar with the Chase confirmed to ABC News that he does not intend to charge fees debit card due to customer preferences.
Many in the banking industry warned that rising rates would Durbin consumers the Dodd-Frank amendment, which entered into force on October 1. Amendment debit cap card interchange fees for merchants 21 cents per transaction earlier this year. Before the amendment, the debit card companies charged merchants an average interchange fee of 44 cents per transaction.
Bank of America, the second largest bank, announced in late September that will be charged a monthly fee and five debit cards from next year. The announcement sparked outrage among consumers, including a petition against Bank of America plans. The petition had more than 153,000 signatures from angry customers across the country.
The bank has said that the reasoning behind the change was that the “economy” to offer a debit card have changed with the recent legislation.
Bank of America CEO Brian Moynihan told ABC News earlier this month that the tariff “is intended to provide an excellent service” and that customers with a balance of over 5,000 and will be exempt.
Wells Fargo began testing one and three “activity rate” on 14 October with customers in Georgia, Oregon, Nevada, New Mexico and Washington to make a purchase or payment with your debit card, according to spokeswoman Richele Messick.
However, many banks offer checking accounts without charge. Smaller, community banks and credit unions have promoted the services and the free services of debit cards. The more than 7,000 credit unions across the country have seen an increase in new members and announced that Bank of America office.
Internet banking are also alternatives for customers who are heavy users of debit cards. Ally Bank and Charles Schwab Bank offers its customers free debit cards and checking accounts with interest. Both banks also reimburse ATM fees charged by other banks around the country and offer unlimited check writing.
Many banks have said that free payment plans were not related to the backlash against Bank of America debit your ad cost of the card.
Citibank announced that it intended to charge fees debit card on September 16, based on customer feedback.
“The main reason behind this is that our customers told us it would be a huge source of irritation,” said Catherine Pulley, spokeswoman for Citibank, ABC News.
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