October 31, 2011
The debit fee about-face continues: SunTrust is the latest FI to reverse its decision to assess a monthly usage fee. The bank had been charging customers $5 per month for debit card usage since June.
Customers will no longer be charged beginning Wednesday, November 2, 2011, and all who have previously incurred the fee prior to that date will receive a full refund, said the company in a press release.
“We believe banking is a relationship business and recognize the importance of responding to client preferences,” said Brad Dinsmore, Consumer Banking and Private Wealth Management executive at SunTrust. “We’ve listened to our clients’ feedback and will provide the convenience and security of check cards at no additional charge as part of all of our checking accounts.”
The move follows news that J.P. Morgan Chase and Wells Fargo will also be ending $3 monthly debit charges in certain states where the fee program was being piloted. (More details)
Bank of America, one of the world’s largest banks, plans to begin charging $5 per month to customers who make purchases with a debit card.
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Related: Wells Fargo Cancels Pilot of Monthly Fee for Debit Cards
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