May 18, 2011
InvestorPlace featured a nice recap this week of exactly how several major financial institutions plan to recoup lost debit interchange fees:
“Come May 24, Bank of America (NYSE: BAC) will raise the monthly fee on its most popular checking account from $8.95 to $12. It also plans to start charging customers a $35 fee if they overdraw their account by less than $10 and replace its basic checking account with an account that comes with a monthly fee that cannot be avoided.
JP Chase Morgan (NYSE: JPM) already raised fees on most of its customers, charging $10 to $12 per month on basic checking accounts. Only those customers who maintain a minimum daily balance of $1,500 or set up a direct deposit of $500 or more each month into their account can avoid the fee. Well Fargo & Company (NYSE: WFC), meanwhile, is discontinuing Wachovia’s free checking for new customers.”
JPMorgan Chase had briefly tested $4 or $5 ATM fees for non-Chase customers in Illinois and Texas, respectively. Click here to read more on means banks are considering to recover lost debit swipe fee revenue.
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