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A scorecard for debit card fees

By Claes Bell ·
Tuesday, October 25, 2011
Posted: 3 pm ET

I've been getting a lot of questions lately, both online and "IRL," about which banks have introduced debit card fees. This blog will be an attempt to create an informal scorecard to answer that question. I'm going to be addressing the top 25 retail banks by deposits in the U.S. that offer consumer checking accounts, as listed by the FDIC. I'd love to see some Bankrate readers provide details on their smaller banks or credit unions in the comments section, or correct any mistakes I may have made.

One caveat: While debit card fees are the hot button of the moment, banks are likely to take different approaches to increasing their fees, including bumping monthly maintenance fees and charging for paper statements, teller deposits and other features of checking accounts, so it's important to look at the overall monthly cost when making checking decisions. Also, banks listed as charging a debit card fee on one type of account may still offer some checking products without debit card fees, or offer exemptions to accountholders who meet certain conditions.

Without further ado, here's the list.

1. JPMorgan Chase: Testing a $3 monthly fee in limited markets. None

2. Bank of America: $5 monthly fee starting Jan. 1

3. Citibank: None

4. Wells Fargo: Testing a $3 monthly fee in limited markets beginning Oct. 14 None

5. U.S. Bank: None

6. PNC Bank: None

7. TD Bank: None

8. HSBC North America: None

9. SunTrust Bank: $5 monthly fee starting Nov. 10 Debit card fees cancelled and any fees charged to date will be refunded.

10.  BB&T: None

11.  Regions Bank: $4 monthly fee

12.  Capital One: None

13.  Fifth Third Bank: None

14.  ING Bank: None

15.  RBS Citizens Bank: None

16.  KeyBank: None

17.  M&T Bank: No monthly fee; 50 cent transaction fee if you use your PIN when making a purchase at a merchant self-service payment terminal.

18.  Union Bank: None

19.  Charles Schwab Bank: None

20.  Sovereign Bank: None

21.  BBVA Compass Bank: None

22.  USAA Federal Savings Bank: None

23.  Comerica Bank: None

24.  Huntington National Bank: None

25. Bank of the West: None

Update: Chase said today it won't impose a debit card fee in the foreseeable future.

Update: Wells Fargo said it's shutting down its debit card fee plans, and SunTrust has removed its debit card fee from all accounts and will refund any such fees customers have already paid.

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Les Goodger
December 20, 2011 at 1:27 pm

You guys that do pay Debit card charges in the U S A are very lucky my bank in the U K charges (Nationwide Building Society) £1 per transaction plus 2% on the amount withdrawn when used in South Africa which means that if I withdraw the limit allowed per day (£250)I pay £6 ($9 U S Dollars) and of course no interest is payed on the money left in the account

November 01, 2011 at 7:33 pm

I use Wells Fargo bank. If the bank requires me to pay a fee, I am moving my account to a credit union. I started not using my debit card this month. I passed with flying colors. Paying in cash was a challenge. I kept track of what I spent and walla, I do not owe anything @ the end of the month.Good bye debit card . I don't miss u. If I can do it, you all can do it. Good luck.

andrea mathe
October 29, 2011 at 3:03 pm

PLEASE ADD CITY NATIONAL BANK (CYN) to the list. They took the fee change issue to another level!!!

October 26, 2011 at 12:44 pm

My local credit union is still maintenance and debit card fee-free! Looks like Credit Unions can benefit from the Durbin Amendment with education and marketing programs focused on the surrounding community. I also have a Suntrust account and will be transferring my checking and savings accounts to my local CU before the Nov.10th fee implementation.