Wells Fargo, Bank of America Dropping Debit Card Fee Plans

Non-profit group urges other banks to do the same.

today joined at least two banks that heard the outcry of consumers disgusted with the monthly debit card fee and decided to pull back on those charges.

"We have listened to our customers very closely over the last few weeks and recognize their concern with our proposed debit usage fee," said David Darnell, Bank of America's co-chief operating officer. "Our customers' voices are most important to us. As a result, we are not currently charging the fee and will not be moving forward with any additional plans to do so."

According to a news release issued by on Friday, Oct. 28, for users of its debit cards as a response to customer feedback the bank has received.

“As we adjust to changes in our business, we will continue to stay attuned to what our customers want,” said Ed Kadletz, head of Wells Fargo’s Debit and Prepaid Cards. “This means understanding their needs as we continue to deliver the world-class service, convenience, and value they have come to expect from Wells Fargo.”

Consumers Union reports on its Web site that has decided not to charge its customers a $3 monthly debit card fee after testing the charge in Wisconsin and Georgia. The bank is abandoning its plans following widespread protest from consumers over debit card fee proposals.

, has started rolling out a similar debit card fee.

“It’s unfair for banks to stick consumers with a monthly fee just to use their own money,” said Norma Garcia, manager of Consumers Union’s financial services program. “The banks that charge debit card fees risk losing customers who are fed up with financial institutions that got bailed out that are now turning around and hiking fees.”

Consumers Union has published a set of tips for consumers who want to switch banks.

Grassroots activists, upset with rising bank fees, have organized a movement called "Bank Transfer Day" to be held on Saturday, Nov. 5. On their Facebook page they are urging consumers to switch their banking accounts to credit unions or community banks on that day.

Dan November 01, 2011 at 08:23 PM
Leave your Big Bank and move your $$ to a small local bank or credit union. It's the patriotic thing to do!


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