Three major banks have bowed to pressure and will drop their recently announced debit card fees.
Bank of America, Wells Fargo and Chase all announced that they would change or drop entirely their debit card fees, BizJournals.com reports.
Bank of America announced on Oct.1 that it would begin charging a $5 monthly fee for debit card use beginning in 2012. Following negative reactions from consumers and politicians, the bank is now considering a new plan to allow consumers to avoid the fee. Under the original plan, customers with mortgages or high-end accounts with $20,000 on deposit would not be charged. With the proposed tweaks, customers who have direct deposit at the bank or open a credit card will not face the fees.
Wells Fargo and Chase announced this weekend that they would suspend their pilot program that charged similar fees, with Wells Fargo calling the move a "response to customer feedback the bank has received," BizJournals.com reports.
“As we adjust to changes in our business, we will continue to stay attuned to what our customers want,” Ed Kadletz, the head of Wells Fargo’s debit and prepaid cards, said, according to BizJournals.com. “This means understanding their needs as we continue to deliver the world-class service, convenience, and value they have come to expect from Wells Fargo.”