Bank of America and Chase have abandoned controversial fees that were under consideration. But now banks are quietly calculating which other fees can take their place
Debit card fees
Bank Transfer Day: The Tally Is In
Americans fed up with their banks voted with their wallets last Saturday, and we finally have some numbers to go along with the anecdotal reports of people ditching their old bank for a better alternative. Credit unions around the country acquired 40,000 new members, and roughly 80 percent of credit unions added members, according to the …
650,000 Americans Switched to Credit Unions Last Month
According to a survey conducted by the trade association that represents credit unions, fed-up customers of big banks aren’t waiting until this Saturday’s “Bank Transfer Day” to cash out and take their banking business somewhere else.
Still Reason to Drop Big Banks, Even After They Drop Debit Card Fees
Weeks after stirring up consumer outrage with a proposed $5 monthly fee for debit card usage, Bank of America is now following its big bank colleagues by abandoning plans for the fee. Throughout the debit card fee saga, smaller …
Bank of America Not Charging a Debit Fee After All
After a month-long firestorm in reaction to its plans to charge most customers $5 a month to use their debit cards for purchases beginning next year, Bank of America just announced that it’s abandoning plans for the fee.
Banks Back Off Unpopular Debit Card Fees
Updated Oct. 31, 3:30 p.m.
A month after Bank of America announced plans for a widely derided $5 monthly fee for debit card use, BofA, Wells Fargo and Chase are all backing off their plans to charge for debit card use. It’s a rare about-face prompted by a groundswell of consumer anger. Will it placate furious customers, or is the …
The Big Banks That Aren’t Adding Debit Card Fees*
*What’s the asterisk for? Well, while several big banks say they won’t start charging monthly fees for debit cards a la Bank of America, in most cases they are adding other fees or changing account requirements to increase …
Credit Union Guarantees Free Checking and No Debit Card Fees—Forever
One reason people give for sticking with their bank even as it adds absurd debit card fees is that soon, all financial institutions are likely to charge for these services. So why bother going through the hassle of switching banks at all? Small banks, online banks, and credit unions understand that the absence of fees helps them woo …
Is There Any Point Begging Banks to Drop Debit Card Fees?
In the aftermath of Bank of America’s new $5 monthly debit card fee, politicians, consumer groups, and plain old angry consumers have denounced such fees as unfair and arbitrary, and pleaded with BofA and other financial …
ING Direct Account Openings Skyrocket After BofA, Citi Fee Hikes
After Bank of America and Citibank said they would charge for debit card use and raise fees and balance requirements, respectively, consumers went online to proclaim that they would change banks rather than pay. But talk is cheap (and switching banks can be a pain), so TIME Moneyland talked to Todd Sandler, head of product strategy at …
Was Bank of America Hacked?
Seven days after Bank of America instituted a hugely unpopular $5 fee for debit card use and six days into widespread reports from customers about error messages, slow service and other problems accessing the home page or other …
Bank of America to Charge $5 a Month For Debit Card Use Next Year
Wells Fargo and Chase each stuck a toe in the water with the announcements that both were testing a $3 fee for debit card usage in limited markets. Bank of America, on the other hand, just cannonballed into the pool with the announcement that it will charge most of its deposit account customers a $5 fee for debit card usage starting …
