Banks turning away from new debit card fees

Banks turning away from new debit card fees

POSTED: Tuesday, November 1, 2011 - 12:43pm

UPDATED: Monday, December 26, 2011 - 4:42am

New information in the $5 monthly fee that Bank of America was going to charge its debit card customers. They've changed their mind. That's according to a statement from the nation's largest bank.

The decision comes after a loud outcry from customers, and politicians, such as Illinois Senator Dick Durbin, urging them to take their business elsewhere.

The move follows suit with other large banks, which dropped similar fees yesterday.

The same story here closer to home with Regions Bank.

Regions says they're going away with their $4 fee and refunding customers who have already been charged.

The fees at Regions started on Oct 1, 2011. As of today, Tuesday, Nov. 1 they are no more.

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Countrywide Financial was one of the largest mortgage lenders until 2008, when the lender nearly went belly-up. Bank of America obtained the lender, and is now on the hook for $335 million. Source for this article: Bank of America to pay $335 million to settle unfair lending suit. Suits are being filed o the BoA. This is a bad indication for the lowest rate for debit cards.

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