J.P. Morgan Chase And Other Big Banks Are Backing Off Of Debit Card Fees

Source: Dino Grandoni / The Atlantic

J.P. Morgan and other major banks in the U.S. have decided that they’re not going to try and pull a Bank of America by adding any new fees to their already cash-strapped debit-card customers.

“Following eight months of consumer testing, J.P. Morgan Chase & Co. has decided that it won’t charge customers who use their debit cards to make purchases, according to a person familiar with the bank’s plans,” The Wall Street Journal reports. The bank joins “U.S. Bancorp, Citigroup Inc., PNC Financial Services Group Inc., KeyCorp and other large banks” in forgoing the new fees, given the lack of love American’s big banks have been receiving recently.

Customers rolled Bank of America a month ago have it decided to start charging debit-card customers $5 every month, stemming from a new Dodd-Frank rule that would curb the amount banks were allowed to charge merchants for debit-card purchases.

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