Atlanta-based SunTrust Bank is eliminating its monthly debit card fee, the latest major bank to rethink its fee structure in the wake of consumer furor over Bank of America’s decision to charge $5 a month for checking card purchases
The big consumer blowback from Bank of America’s planned $5-a-month debit card fee may have had a widespread impact as JPMorgan Chase and other big banks have reportedly decided not to pursue similar fees. Even Bank of America is back-peddling somewhat on its decision, but has not decided to rescind the $5-a-month fee that would be triggered by a single purchase with a debit card beginning in January.
The backlash over Bank of America’s debit card fee persists with a bill proposed by a state legislator that would ban such bank fees for Florida customers. The proposal from Lake Worth Rep. Jeff Clemens, a Democrat, comes as the furor over bank fees is fueling customer ire and even the Occupy Wall Street protests against “corporate greed.”