SunTrust Ends Debit Card Fee, Cites Customer Feedback

Atlanta-based SunTrust Bank is eliminating its monthly debit card fee, the latest major bank to rethink its fee structure in the wake of consumer furor over Bank of America’s decision to charge $5 a month for checking card purchases
Chase, the nation’s largest bank, has reportedly abandoned plans for a debit card fee after several months of limited testing. Wells Fargo has canceled plans for a pilot program with a $3 debit card fee.
SunTrust’s decision goes further by granting refunds to customers already charged its $5-a-month card fee for purchases.
The fee will no longer be charged beginning Wednesday, Nov. 2, but “all clients who incur – or have previously incurred – the fee prior to that date” will get their money back in full, SunTrust said.
“We believe banking is a relationship business and recognize the importance of responding to client preferences,” said Brad Dinsmore, Consumer Banking and Private Wealth Management executive at SunTrust. “We’ve listened to our clients’ feedback and will provide the convenience and security of check cards at no additional charge as part of all of our checking accounts.”
SunTrust said customers do not need to take any action. Their refunds will automatically take place in the next 30 days, Dinsmore said.
As of June 30, 2011, SunTrust was the 12th-largest U.S. bank with $172 billion in total assets.

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