More Banks Scrap Debit Card Fee Idea
Now Sun Trust and and Regions Financial have joined Wells Fargo and J.P. Morgan Chase & Co. in deciding that charging customers debit card fees on purchases is a stupid idea, the Wall Street Journal reports. This makes Bank of America the only loser bank among America's largest loser banks to keep its $5 fee plan. Way to stay strong, guys!
Will B of A eventually heed the demands of the 99 percent, and the zombies, and get rid of its imprudent fee before all of its customers flock to one of the other banks, or the nearest credit union? Perhaps when it's ready, which is not today. B of A doesn't give in to peer pressure or follow trends—it innovates, which is why it's still looking for ways to charge customers the fee. "The bank will reportedly drop a $5 monthly charge for customers who use direct deposit for their paychecks and maintain a still-to-be determined minimum balance," reports CBS. So that's a waiver for all B of A customers who still have jobs and/or can find enough pennies on the sidewalk to maintain a bank account—about 174 people, by most estimates.
Update: Bank of America is dropping its $5 fee plans. See, banks care. Now let's begin placing bets on how long it will take them to resurrect the fees or introduce a new type of charge.
