The big banks' race to backpedal on controversial debit card fees has picked up speed.
SunTrust (STI, Fortune 500), a large regional bank based in Atlanta, announced Monday that it will no longer charge $5 a month for debit card purchases starting Wednesday. Shortly afterward, Alabama-headquartered Regions Bank (RF, Fortune 500) said it will nix its $4 monthly fee on Tuesday.
Additionally, both banks said they will refund any customers previously charged the fee. SunTrust began charging the fees in June, Regions in October.
"We've listened to our clients' feedback and will provide the convenience and security of check cards at no additional charge as part of all of our checking accounts," said Brad Dinsmore, a consumer banking executive at SunTrust.
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