Outcry causes banks to backtrack on debit card fees - WMC Action News 5 - Memphis, Tennessee

Outcry causes banks to backtrack on debit card fees

Debit card fees could be a thing of the past thanks to customer outrage. Debit card fees could be a thing of the past thanks to customer outrage.

(WMC-TV) - Millions of bank customers got bad news last month when they found out their debit cards would soon carry a fee. However, it seems that outrage over the charges is forcing some banks to backtrack and drop the charges.

Banks started charging debit cards users because of a federal law that went into effect October 1. The law cut the fees banks could charge stores every time customers swiped their debit card. Banks made up for the lost revenue by making their customers pay a debit card fee.

But at least some banks are dropping the charges.

SunTrust announced Monday that it will stop charging its customers $5 a month. The bank has been charging the fee since June and says it will refund all of its customers. Regions followed suit Monday and announced it will stop charging the fee November 1. The bank's customers will also be refunded for last month's charges.

Two other big banks, Wells Fargo and JP Morgan Chase, tested the fees in a few states, but both have announced an end to the tests and representatives say they won't roll out the fees nationwide.

Bank of America says it's still going to charge for debit cards, but will give customers ways to avoid the charges.

Copyright 2011 WMC-TV. All rights reserved.

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