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02/11/2011 -
A number of banks are either rescinding on proposals for new debit card fees or establishing policies to firmly oppose such measures in the future.For the period of a few weeks, it appeared as though the tradition of free checking and debit card use was to end, as a number of major banks - including Bank of America, Citibank, Wells Fargo and SunTrust - reported they were considering new fees on once-free services.
The announcements were not met with indifference among consumers, a number of whom vowed to switch banks or eliminate debit card use altogether. The result was a PR backfire to a banking industry already suffering from decaying consumer confidence and stock prices.
Even Bank of America, the country's largest bank, has reconsidered its proposed $5-per-month debit card fee.
"It's time for Bank of America to listen to its customers who are saying loud and clear, 'Drop the fee or we'll drop you,'" Forbes quotes Norma Garcia of the Consumers Union as saying. "All banks that are considering debit card fees should ditch those plans."
