US Bank has cast its verdict in the post-Durbin, debit fee debate. The FI announced this week it will not charge customers for debit card usage, according to
Minnesota Public Radio.
The station reports that US Bank predicts revenue will decrease by $300 million annually due to the new swipe fee caps. Even so, spokesman Tom Joyce said the FI does not feel new debit charges are justified.
“We really don’t think that turning around and instituting a fee right now is the right move. Obviously, we were against the debit interchange law that passed,” Joyce said. “But moving forward we’re not just going to simply turn around and institute a fee at this point.”
Beginning next year, Bank of America plans to assess a $5 monthly debit charge for purchases made via debit. Wells Fargo is also among the FIs testing debit fees in various states.
