Some banks heard irate customers about debit card fees.

[Guest PapaB]

I heard this on Fox this morning and found an article at the WSJ about it. Some major banks are cancelling the planned debit card monthly fees.

Retreat From Debit-Card Fees Continues - WSJ.com

Customers finally got their voices heard, by some banks at least.

[Guest BenderBendingRodriguez]

Nice to hear that some of them (including my current bank) are backing down. Didn't really have any effect on me as I don't use a debit card (and avoid other fees they were planning on imposing because I have direct deposit), but it's still good to see them taking at least one or two fewer steps to screw over their customers.

[KahrMan]

Reigons has backtracked. As of yesterday afternoon, they are not charging these extra fees for debit cards. I was setting my son up a checking account and the lady told me they had just gotten the memo that they would not be charging this fee.

[ls3_kid]

Looks like First Tennessee is still holding strong, glad I switched to Smart Bank.

[Capbyrd]

Too late. I have already replaced Regions for checking. The only thing that I still have active with them is my auto loan. Once that is paid off, I look forward to never having to deal with them again.

[Guest nysos]

I was with suntrust, but they gave their customers other options in order to opt out of getting the debit card fee. One of which, was sign up for direct deposit with your employer (which I have been doing for the last 5 years). So my fee would have been waved. They had a few other options, so in reality many people could have not gotten the fee with suntrust if they took advantage of some of their offers that really wouldn't set the person back in any way. Them backing out of the fees that most of which they wouldn't have been collecting on is probably to look better in the eyes of the public.

[sigmtnman]

You have to laugh at this part

to drop customer tests of the new fees.

I don't recall them saying they were tests when they rolled the fees out...

We went ahead an made the jump to a credit union from Regions because of it.

[Will H]

Glad to see my banks have both backed off. I mainly bank with Wells Fargo as they pay interest on checking accounts and have awesome customer service. Until recently there was not a branch within several hundred miles of me, so I opened a local account with Regions. Compared to Wells Fargo Regions sucks. Now that Wells bought out Wachovia there is now a branch 40 miles from me so I can end my relationship with Regions.

[Garufa]

Looks like First Tennessee is still holding strong, glad I switched to Smart Bank.

They are dropping the fees too.

As banks announce no debit card fees, First Tennessee follows suit | Nooga.com

[TLRMADE]

Yayyyyyyy!!!!!

[Guest uofmeet]

Woot woot

[Fivestring63]

You have to laugh at this part

I don't recall them saying they were tests when they rolled the fees out...

We went ahead an made the jump to a credit union from Regions because of it.

I also dropped Regions about 2 weeks ago and went to a Credit Union.

Even if they didn't start that charge, I was leaving them anyways because they started posting the Gunbuster sign.

When I was closing my account, I made sure that they knew about it.

BTW, they still got the last laugh charging me $8 for a cashiers check. Good riddance.

[NRA]

lets all not get to crazy, I am sure they will get more out of us one way or another.

[Guest db99wj]

Saw a news report on that this morning, a lot might be charging "other" fees to still get it, unless you have this or that service. Or you might not have a free checking or you might have to keep a minimum balance. Be careful and read the fine print on anything that comes your way. They interviews BofA and they were shocked that people were mad about the fee on each card transaction....I mean really, they thought a fee up to $5 on a transaction wouldn't piss people off. Banks are out of touch with their customers. Trust me, I worked for one....or two.

[ls3_kid]

They are dropping the fees too.

As banks announce no debit card fees, First Tennessee follows suit | Nooga.com

Just got the e-mail yesterday, oh well Smart Bank = no ATM fees.

[Guest 6.8 AR]

It's all just another piece of bad legislation that needs to be repealed.

[Guest spoolie]

I wouldn't hesitate to pay 5 per month for all the services they offer to me, do you think that stuff is free? Smokers/drinkers spend more than that on a daily basis....and complain about a small fee to provide services.

[Garufa]

Smoking and drinking is a choice. Being nickled and dimed to death is most often not.

[Capbyrd]

I wouldn't hesitate to pay 5 per month for all the services they offer to me, do you think that stuff is free? Smokers/drinkers spend more than that on a daily basis....and complain about a small fee to provide services.

They use my money to earn interest. The free services they are offer should be a mandatory part of that loan that they gave me. Its not like they just can't make money. They just want MORE money.

[Guest spoolie]

Smoking and drinking is a choice. Being nickled and dimed to death is most often not.

I don't live that close to the edge....5 bucks for internet banking and other services is nothing.

[Oh Shoot]

They use my money to earn interest. The free services they are offer should be a mandatory part of that loan that they gave me. Its not like they just can't make money. They just want MORE money.

Yeah, the idea of a business just successfully functioning year after year with roughly the same stable level of profitability seems to have become outdated in America. One of the drawbacks of public trading of companies, they have to grow big time each year to be "successful".

Yes, interest rates are down. They're down for the banks that make a daily investment of my money and they're down for my own investments. Just the facts, Jack, that's biz. Who can I bill extra to compensate for my loss of income?

- OS

Edited November 2, 2011 by OhShoot

[Capbyrd]

I don't live that close to the edge....5 bucks for internet banking and other services is nothing.

Well good for you. Not everyone can be so lucky. And while 5 bucks may not be a ton of money, 60 bucks a year is for a lot of people. Thats an extra tank of gas or the ability to take the family out to a nice® dinner or a movie. When you consider that there are other banks out there NOT charging those fees and you can switch for free, it makes it an easy choice for a lot of families.

Personally, the added fee was the straw that broke the camel's back, if you will. Regions has done me wrong so often in the past but I stuck with them because it was free. Then they posted at all of their locations. That wasn't a huge deal because I rarely need to spend time in a branch. But the fee was enough that it pushed me past my breaking point. Now I don't have to worry about it.

But I think its very rude to act high and mighty because you are so well off. Congratulations. The rest of us that aren't swimming in money like McDuck will continue making our choices based on trivial amounts of money.

[Seaslug]

Just capped Regions last week after 13 years. It's not the fee--it's the principle. I've had an account with ORNL since I was born, and frankly, there was nothing that I could get from Regions that I couldn't from ORNL--at much better rates, to boot. It was a pain in the arse to cancel my direct deposit and switch over all my automatic drafts, but at least it was just a one-time hassle. I'm glad to hear that Regions finally saw the light, but it was too late to keep my business.

[Guest BenderBendingRodriguez]

Swimming in money is highly overrated and can be quite painful if not done correctly. If I want to do some sort of water-related activity with mine I just make it rain.

[Guest Don't-Tread-On-Me]

Looks like First Tennessee is still holding strong, glad I switched to Smart Bank.

I got an Email from 1st Tenn that they were NOT charging the fee...Otherwise I would be CLOSING my account!