Bank of America, Chase, Wells Fargo, SunTrust Banks, & Regions Financial ALL Drop Debit Card Fees!!

Well I don't know if it was the backlash from people, the "occupy" movement (kinda doubt it), or just profit loss from all the negative media, but all the major banks are dropping their $3, $4, and $5 dollar debit card fees.

I think the most notable one is Bank of America because they were sticking pretty firm on it. Chase and Wells Fargo were just doing "pilots" in a few states in which they are ending their programs early because all the unhappy people.

"What we have basically proven is that with transparency and competition, consumers will make a choice about where they want to do business and walk away from those they think are not treating them fairly or are overcharging them," the Illinois Democrat [U.S. Sen. Richard Durbin] said. "I hope the banking industry learns from this."

Ultimately though, they already did a lot of damage to themselves. Bank transfer day is still coming up, so I'm sure they will will continue to lose more profits than normal over the next few quarters

One of the quotes from the article that I found pretty funny was
"I bailed out the banks and all I got was a $5 debit card fee" which was apparently on signs at occupy protests.


If you'd like to read the articles,

Bank of America drops $5 debit card fee plan

and

Chase, Wells Fargo drop debit fees

BOA has a 35$ fee I think...

Ah it seems they are closing these fees so that they can make up for the 35$ overdraft fee regulations. So nothing really won I guess.

I think this might just be a temporary thing in order to give OWS a sense of accomplishment and a win.

After the streets have gone quiet, watch those fees start to appear on your statements again. Banks do nothing without a gain down the road somehow.

Just my thoughts.

Peace

reply to post by mr10k


Yeah, I don't necessarily think it's a huge victory, but at least it's some kind of victory.

I think as long as people actually follow through with shuttin out their bank accounts with all these places; that action will speak louder then words ever could...

complete proof WE DO have power

come on folks, its not just banks..its all these greedy corporations as well..who mark up products 300-1000%

refuse to buy their products...unless they support what we want..which is limited government, more freedom, less raping of the population and earth, etc



only pay up for products MADE IN AMERICA

we can do this

I still say switch
A bank is a business like any other: run for profit, by people who answer to their investors
A Credit Union is an organized association of workers formed to protect and further their rights and interests "common purpose"
With a bank your essentially giving them your money to invest and redistribute among everyone for payout while with a credit union you are essentially buying a share and becoming part owner.
In depth Look

Too late on this end! I already moved my money out of Regions when they charged me $4.00 for using my debit card. I'll be darned if I switch back!

I feel safer anyway using the credit union. With the financial condition our world is in, I don't want my money in a big bank....too afraid it will disappear! These banks are too corrupt for me.

OWS? I doubt it.. Prob the people sitting here complaining about OWS got it done.

Well done to the people who moved their accounts and wouldnt be trodden upon.

Charging to use your own money which is in credit is totally unacceptable.

yaaaaaaaaaaaaaaay

too little, too late

...and people say that taking a stand for change is pointless and never works. If it worked for banks, lets try the government next. Take part in government and get out and vote. Hold your reps accountible.

Why so little replies when US the people actually accomplished something.

reply to post by mnmcandiez


I know, seriously. I expected more reaction from people on this one...

Originally posted by mnmcandiez
Why so little replies when US the people actually accomplished something.

Because by acknowledging it, you are giving kudos to the banks.

And we can't have that...the banks must remain as the evil people so we have someone to blame all of our irresponsible choices on.


Come on guys...why not give the banks some credit huh???

Good job ...banks realising that without people they are BIG ZERO

power to the people