Monday, October 31, 2011
Banks dump those debit-card fees in advance of Bank Transfer Day
Posted by Kevin Allman on Mon, Oct 31, 2011 at 6:43 PM
Our lead news story this week is about "Bank Transfer Day" — the consumer movement in which bank customers are urged to close their accounts at megabanks and establish new accounts at community credit unions or small local banks. The impetus was the new "debit card fees," which some banks were about to start charging for customers who like to use their debit cards for purchases. (Read the story here — along with the reasons the banks may not care about losing your puny account, peasant.)
Now several banks are making an about-face, including Regions (which has branches in New Orleans) and SunTrust, which is even going so far as to refund the debit card fees they've been charging customers since June.
Learn more about Bank Transfer Day here — or get a musical lesson in how to move your money from the cheerfully dorky The Disclosures (who have also recorded "98 Problems — But a Bank Ain't One):
Comments (1)
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Too late for Regions for me. The manager tried to tell me that all the major banks would be instituting a fee, tried to blame it all on the government for not allowing them to continue to collect outrageous debit card transaction and overdraft fees, so I closed my account and told her that they wouldn't have a dime of my money until they offered me a product that was the best deal around, and good luck with that! Took my money to another bank and they are paying me to use my debit card! Haven't looked back.
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