By the time last week ended, Chase, Wells Fargo, SunTrust, Regions Banks, and several others had called off plans to add a debit card fee or ended current pilot programs. Bank of America was the lone hold-out, but bowed to pressure today.

A little over a month after announcing a fee to use their debit cards, Bank of America reversed it’s plans, citing “negative customer feedback”.

A small victory, to be sure, but not the end of the war. This just means that banks will find sneakier, less obvious ways to make money. With the restrictions placed on the amount of money banks can charge merchants for credit card transactions, profits will need to come from somewhere. So I still think that credit unions are the place to be.

Sources:
Bank of America axes $5 debit card fee
Jason Kessler and Blake Ellis | Nov 1, 2011
http://money.cnn.com/2011/11/01/pf/bank_of_america_debit_fee/

Bank of America Customers – Time to Move Your Money!
Invest-Safely | September 19, 2011
https://blog.invest-safely.com/2011/09/29/time-to-move-your-money/

Banks Charge for Deposits – Part 2
Invest-Safely | September 19, 2011
https://blog.invest-safely.com/2011/09/19/banks-charge-for-deposits-part-2/

Banks Charge for Deposits
Invest-Safely | August 20, 2011
https://blog.invest-safely.com/2011/08/20/banks-charge-for-deposits/