Banks Back Away From Debit Card Fees

by Mercator Advisory Group 0

If there’s one thing big banks don’t need these days, it’s more negative publicity. While each issuer has done their due diligence regarding the question of if and how to charge a fee for debit cards or their use, they are not immune to recognizing the risk these new fee structures have introduced into their retail markets. JPMorganChase is the most recent top bank to announce that they have decided not to charge a debit card fee, based on the results of their pilot. This could signal a shift in thinking away from debit card fees towards checking account fees as it appears unlikely that any other large financial institution will run the risk of adding fuel to the consumer fires already burning around the country.

J.P. Morgan joins U.S. Bancorp, Citigroup Inc., PNC Financial Services Group Inc., KeyCorp and other large banks that have said in recent days that they won’t impose monthly fees on debit cards. None of those banks said they made their decisions because of the outcry over Bank of America’s fees.

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