It is consumer victory yet again as SunTrust Banks and Regions
Financial have announced the elimination of a monthly debit card
fee,
following Wells Fargo and JP Morgan Chase.
SunTrust, the ninth-largest US bank by deposits, and Regions, the
thirteenth-largest US bank by deposits, will drop the card fee
on its Everyday Checking account and CheckCard service
respectively.
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The debit card fees elimination will be
effective for SunTrust as of 2 November, and all charges incurred
before 2 November will be refunded to customers. The refunds will
automatically take place during the next 30 days, SunTrust has said
in a statement.
“We believe banking is a relationship business
and recognise the importance of responding to client preferences.
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,” said Brad Dinsmore, consumer banking and private
wealth management executive at SunTrust, in the
statement.
Regions will drop charges 1 November onwards, and
all previously incurred fees will be refunded on 4 November.
Despite consumer backlash,
Bank of America (BofA) is planning to charge some customers a $5
monthly fee for debit-card use. BofA is reportedly considering
adding ways for customers to avoid paying a $5 monthly fee.
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By GlobalDataBanks are looking for new sources of revenue
after the Federal Reserve capped fees they charge to merchants on
debit cards.
