Banks, Debit Card | featured news

Bank of America Corp. is scrapping its plan to charge a $5 monthly debit card fee. The bank's decision to drop the fee came after a roar of customer outrage in recent weeks over the fee. Other major banks, including JPMorgan Chase & Co. and Wells Fargo & Co., already canceled tests of similar debit card fees last week.

Bank of America is reconsidering its plan to charge $5 monthly debit card fees after public outrage has caused several other large banks to drop their own plans to charge similar fees.

Sometimes, the big banks can hear their customers. J.P. Morgan Chase & Co. has decided that it won't charge customers who use their debit cards to make purchases.

Its planned $5 fee for using a debit card has driven out into the open other fees that were long hidden to consumers. This may be a very unpopular thing to say about Bank of America and its planned $5 monthly debit card fee, but it's worth saying anyway: Thank you, Bank of America.

President Barack Obama launched a broad onslaught against banks on Thursday, tapping into public anger over rising fees to garner populist support ahead of his 2012 re-election campaign.

President Obama slammed Bank of America’s $5 debit card card fee in an interview with ABCnews.com and Yahoo on Monday, calling the charge “not good business practice.”

Bank of America will charge debit card customers a $5 monthly fee for using their plastic to make purchases starting next year, a move to recover recently reduced fees paid by merchants.

Consumers are wedged in the middle of a fight between bankers and merchants as the Senate stages a showdown vote over whether to limit fees that stores pay financial institutions...

Wells Fargo is no longer making their debit card rewards program available to new customers.

Bank of America customers will soon be unable to spend more than they have in the accounts linked to their debit cards. It's a step that may become a common move ahead of new regulations limiting overdraft fees....