Anger Grows Over Debit Card Fees

Anger Grows Over Debit Card Fees

October 20, 2011         Written By Lynn Oldshue

People are angry at the proposed debit card fees and nearly one-in-three consumers say they will take their money elsewhere.

According to a new study by The Research Intelligence Group, 30% of banking customers say they will leave their institution should the bank start charging a monthly fee for debit card use. This anger is even more pronounced with younger (35%) or more affluent (37%) consumers.

Another 43% of consumers said they would choose a different method of payment. 28% said they would pay by cash, while 15% claimed they would use a credit card.

Regions and SunTrust have already started assessing a monthly fee on debit card usage. Bank of America will begin charging a $5 per month fee in 2012. Chase (one state) and Wells Fargo (five states) are testing this fee in various areas.

The survey was performed by The Research Intelligence Group from a representative sample of 1,000 U.S. adults in early October.

Consumers do not like paying a monthly fee for using their own money. These fees are also being assessed by some banks that we, the taxpayers, bailed out a few years ago. This is not
sitting well with the American public.

Lawmakers are also upset.

After Wells Fargo announced a 21% increase in their third quarter profits, Senator Dick Durbin sent a letter asking the bank’s CEO to explain the need for a new debit fee. Durbin had previously sent a letter to Bank of America, reprimanding the bank after it announced plans to charge consumers for debit card usage.

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The information contained within this article was accurate as of October 20, 2011. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.


About Lynn Oldshue

Lynn Oldshue has written personal finance stories for for twelve years. She majored in public relations at Mississippi State University.
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