US Bank Shuns Debit Fees
October 28, 2011 by staff
US Bank Shuns Debit Fees, U.S. Bank announced that it will not charge fees to customers to use debit cards. The move comes as other banks – including Bank of America and Wells Fargo – are carrying out tests or fees for using debit cards.
Banks are trying to recover the lost revenue after the federal government ordered large cuts in debit cad rates merchants pay banks.
U.S. said the bank will lose about a year and 300 million in fee income from traders. That’s not reason enough to charge fees to consumers for debit cards, said spokesman Tom Joyce.
“I do not really have to turn around and the establishment of a commission at this time is the right move. Obviously, we were against the law of debit interchange happened,” said Joyce. “But we will not only advance just turn around and establish a commission at this time.”
Bank of America sparked a storm over its plan to charge customers 5 per month for using their debit cards. Wells Fargo & Co. is testing a monthly fee and 3 for debit cards on Friday in five states. Consumers Union has urged customers to switch to other banks or credit unions if they hit the big banks with debit card fees.
Wells Fargo does not charge its Minnesota customers to use debit card. But the bank is testing the debit card fees in other states. TCF charges 30 cents for some debit card transactions, depending on the network handles the payment transaction.
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