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.