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SECOND THOUGHTS Big Banks Backtrack on Debit Fees Ted S. Warren / AP Photo

Big Banks Backtrack on Debit Fees

It looks like Bank of America might be on its own. After the nation’s second-largest bank by assets got excoriated by consumers and politicians for planning to charge debit-card users an additional fee for purchases, other major banks indicated Friday they are canceling their plans to adopt similar programs. JPMorgan Chase, one of the first big banks to test such fees, has decided it won't adopt them. U.S. Bancorp, Citigroup, PNC Financial Services, and KeyCorp also say they won't use the fees. Wells Fargo, however, is still testing a $3 monthly fee in five states. "I generally think customers don't want to be nickeled and dimed," said the head of retail products at PNC.

October 28, 2011 6:36 AM