Banks Backing Away from Fees? | The Frugalista

Banks Backing Away from Fees?

by frugalista on October 31, 2011

The Huffington Post has an article saying that Bank of America may be looking for ways to help its customers avoid debit card fees. The article says that Bank of America may ask customers to maintain minimum balances, use its credit card or use direct deposit to avoid debit card fees.

Another article in the Wall Street Journal is saying that JP Morgan Chase is backing away from debit card fees after testing them for eight months in some markets. A few other banks such as Citigroup Inc., PNC Financial Services Group Inc., and KeyCorp have opted to not charge fees for using debit cards, according to the article.

Is this a step in the right direction? I know a lot of people on Twitter were saying that they had already changed over to credit unions or online banks. It’s nice to see the banks respond to consumer sentiment, even if they say it’s not because of the outcry.

Now that some banks appear to be moving away from debit card fees, would that make you stay at a Big Bank? Are you skeptical?

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