We have blogged here, here, and here about Bank of America's decision to impose a $5-per-month fee on its debit card users. Now, the Wall Street Journal reports that some of the country's biggest banks, including Citigroup and J.P. Morgan Chase, are not going to follow suit. Other banks, however, including Suntrust and Regions Financial, have plans to impose monthly fees on at least some of their card users. And Wells Fargo is "testing" a $3-per-month fee in five states.
J.P. Morgan Chase says that its decision not to impose a monthly fee came after "eight months of consumer testing." As one would expect, the bank did not attribute its decision to the negative publicity surrounding the Bank of America fee.
But of course monthly debit-card fees are not the only fees that a bank can impose. The WSJ article notes that
Banks are loading fees onto customer accounts in an attempt to recover billions of dollars in revenue that will be lost from new restrictions on debit cards, credit cards and overdrafts. Most big banks have already eliminated free checking for customers who don't meet certain criteria on their accounts, such as minimum balances or a certain number of direct deposit transactions.