Numerous media outlets today are repoerting that JP Morgan Chase will not 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. Heck Yeah Consumer Power!!
We have heard from thousands of you from all over America who are outraged that Bank of America is instituting the $5 monthly debit card fee. Now it is time for Bank of America to listen to its customers who are saying loud and clear: drop the fee or we’ll drop you.
BoA's fee is the highest and is more insulting after we bailed them out but all the banks should drop plans to charge customers to access their own money. SunTrust has also started rolling out a similar debit card fee and Wells Fargo has been testing one in select markets. We have written letters to all these banks calling on them to drop their fee.
The real power comes when customers are willing to walk away. We published a set of tips for consumers who want to switch banks.
Saturday, November 5, has been dubbed Bank Transfer Day by grassroots activists upset with rising bank fees, including the new $5 debit card fee that Bank of America will start charging its customers in 2012. Consumers are being encouraged by Bank Transfer Day organizers to switch their accounts to credit unions or community banks on that day.