July 21, 2011
U.S. banks should begin assessing fees for debit use, Reuters reports BB&T Corp Chief Executive Kelly King said on Thursday during the company’s second-quarter earnings call.
“My guess is when it settles out it will be something in that neighborhood,” said the leader of the North Carolina-based regional bank.
King noted that annual usage charges are customary for credit cards and suggested a fee of $25 for a debit card.
The bank is moving away from free checking accounts as part of efforts to replace revenue that will be lost when the Fed’s new debit rules go into effect, added King.
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