As of last week I spoke to A Vice President at Chase bank and it was confirmed that Chase bank has NO PLANS follow Bank of America;s charging $5.00 fee for all debit cards..
http://abcnews.go.com/blogs/business/2011/09/bank-of-america-hits-debit-card-users-with-5-fee/
Bank of America will slap a $5 monthly fee on some customers who use their debit cards to make purchases starting early next year, reports Dow Jones Newswires.
“The economics of offering a debit card have changed with recent regulations,” a spokeswoman told Dow Jones.
Most basic checking accounts at BofA will see a 40 percent jump in monthly costs and the bank says the debit fee will be waived for customers that upgrade to “premium” accounts which require higher minimum balances.
In October, the Dodd-Frank financial reform law will lower “interchange fees,” which is the amount banks can charge retailers for debit transactions. Fees for retailers will shrink from 44 cents to a cap of 24 cents, which has led some debit card issuers to seek other ways to make up that revenue.
“This new fee allows us to continue to offer the convenience of a debit card with the full range of added features customers have come to expect,” including fraud protection and monitoring, special savings programs and other services, a bank memo stated, according to Dow Jones.
Until this BofA decision, less than 2 percent of checking accounts charged a monthly or annual fee for using a debit card, says Bankrate.com. The multinational bank serves one in two households in the United States, according to its 2010 annual report.
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