Chase drops fee for debit cards

Chase drops fee for debit cards

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.

Stocks finish mixed

A quiet day on Wall Street ended Friday with major stock indexes little changed after a big rally the day before. The Dow Jones industrial average closed out its fifth week of gains, its longest winning streak since January.

The Dow edged up 23 points, or 0.2 percent, to finish at 12,231.11. Stock indexes jumped more than 3 percent Thursday after European leaders unveiled a plan to expand their regional bailout fund and take other steps to contain the debt crisis in Greece.

Optimism ebbed Friday as analysts raised questions about the plan, which left out many key details about how the fund would work. European markets mostly fell, and the euro declined against the dollar.

Oil prices lower day after big gains

NEW YORK

Oil prices dropped Friday as investors acknowledged that Europe needs to tighten its belt for years to work through a credit crisis and factory production stalled in Japan.

Benchmark crude fell 64 cents to end the day at $93.32 per barrel in New York. Brent crude, which is used to price foreign oil, lost $2.17 to finish at $109.91 per barrel in London.

Prices have seesawed for weeks while Europe tried to deal with Greece’s debt troubles.

Selected local stocks

STOCK, DIVIDENDCLOSECHANGE

Aqua America, .66, 22.28 .00

Avalon Holdings,2.20—.01

Clear Channel, .65 56.72 .13

Cortland Bancorp, 7.00—.35

Farmers Nat.4.26 .00

First Energy, 2.20, 45.41—.18

FirstMerit Corp., .64,14.37 —.45

First Niles Financial, .32,7.25—.05

First Place Fin., .8001—.05

FNB Corp., .48,10.30—.19

General Motors,26.45.39

General Electric, .60,17.25.02

Motors Liquidation, .0422.00

Huntington Bank, .16, 5.47.07

JP Morgan Chase, 1.00,36.69.02

Key Corp, .12,7.33—.15

LaFarge, 10.77 —.29

Macy’s, .40, 31.46—.46

Parker Hannifin, 1.48, 83.891.89

PNC, 1.40,55.07—.92

RTI Intl. Metals,28.771.56

Simon Prop. Grp.,3.20,129.432.34

Stoneridge 8.30 —.10

United Community Fin. 1.16—.01

Selected prices at 4 p.m. Friday. Provided by Stifel Nicolaus. Not to be construed as an offer or recommendation to buy or sell any security.