Saturday, October 29, 2011
NEW YORK
Chase won’t be charging customers to use their debit cards, as the backlash over Bank of America’s planned $5 monthly fee continues.
The retail banking arm of JPMorgan Chase & Co. will stop charging $3-per-month fees when a pilot program is completed in November.
Such fees sparked a huge backlash, with vocal protests and customers flocking to credit unions and community banks in an effort to move their money to no-fee options.
The anger appears to be resonating.
On Friday, Bank of America bent. A source at the bank, who asked not to be identified because the policy is still evolving, said it likely will offer ways for its customers to avoid debit-card fees through using direct deposit, maintaining minimum balances or using Bank of America credit cards.