Some big banks back down from debit-card fee

[sinkingfeeling]

http://bottomline.msnbc.msn.com/_news/2011/10/28/8523537-some-big-banks-back-down-from-debit-card-fee

According to The Wall Street Journal:

Following eight months of consumer testing, J.P. Morgan Chase & Co. has decided that it won't charge customers who use their debit cards to make purchases, according to a person familiar with the bank's plans. The New York bank's Chase retail unit is one of the largest U.S. consumer banks, with 26.5 million checking accounts and 5,300 branches.

Several other banks, including Citigroup and Bancorp, have also decided against charging the fee.

[atreides1]

1. It's a good strategy

They just provided Bank of America customers who are pissed about the new charge, with other options!

[tridim]

3. Chase is not a good option for many other reasons.

JPM Chase is still an organized criminal organization.

[closeupready]

2. For NOW, sure. What about six months from now?

nt

[BrendaBrick]

4. Three cheers for all this 'brouhaha"

It means that social pressure is working! As to now giving these other banks consideration, I think (hope?) most Americans are too smart to fall for that...all things considered ~

[RebelOne]

5. I hope Bank of America follows suit.

I have been a customer with BofA for over 15 years and I have been very satisfied. Their customer service is excellent. I have both checking and savings accounts there. And all my direct deposits go there. Plus, my local branch is just around the corner from my house, and I am not going to drive 12 miles from Woodstock, GA, into Marietta, GA, through heavy traffic to go to the closest credit union. So, I think with all the backlash, BoA may just reverse the $5 charge.