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In the wake of the recent backlash against Bank of America for it’s $5 debit card fee that is scheduled to begin in 2012, Chase and Wells Fargo have decided not to pursue similar fees. Both companies were testing such fees in select markets.
Chase began testing a debit card fee in 2 states in February of this year. The company will stop charging $3 per month to use debit cards in Wisconsin and Georgia, which are it’s current testing grounds. They plan to stop charging the fee by the end of November.
Wells Fargo, which began it’s testing less than a month ago, will also abandon the fee.
As both companies are major competitors of Bank of America, this can be expected to put additional pressure on an already-stumbling BOA to reduce or end their planned debit card fees. BOA appears to be budging, and suggested that they’d offer ways to avoid debit card fees. However, they have yet to announce a cancellation of them.
Although the company has received billions in taxpayer bailouts and an injection of capital from Warren Buffett, they still appear to be on shaky ground – and customers are voting with their feet.
This will be welcome news for Chase and Wells Fargo customers.
However, if you already have no fees on your Chase or Wells Fargo debit card, you aren’t getting anything new – just avoiding a fee. Still, it will be interesting to see if Chase and Wells Fargo end up pulling customers away from Bank of America and other companies who have announced plans to add debit card fees.