Posts Tagged ‘Consumers Union’

Hurray! Chase Bank Announces it Won’t Charge Customers a Monthly Debit Card Fee – Thanks Chase!

Friday, October 28th, 2011

Say what you will about our corporate overlords at Morgan Chase, you can’t deny that they can tell which way the winds are blowing these days.

Proof of that is this announcement, below.

My favorite Chase Bank is the one on Oak and Divisadero. Isn’t it kewl? 

Click to expand

That’s right, it’s hella cool.

On a somewhat serious note, thanks for Chase Community Giving, Chase. That’s better than spending your money on a Super Bowl commercial or whathaveyou.

(But don’t get on my bad side, Chase, else it will be smashy smashy like what happened to your nearby competitor on Fell a couple Halloweens back.)

Anyway, you all can join the boycott,* I don’t care. As long as the Chase customers can have their bank branch on Oak, that’s fine.

Or take your money to a credit union, I don’t care.

And, oh, goran nasai, Amerika no Ginkoo. Mite, mite:

“Chase Announces it Won’t Charge Customers a Debit Card Fee - Consumers Union Calls On Bank of America to Drop its Plan to Charge a $5 Fee for Debit Card Purchases

SAN FRANCISCO, Oct. 28, 2011 — JP Morgan Chase announced today that it will not charge its customers a $3 monthly debit card fee after testing the charge in Wisconsin and Georgia.  The bank announced that it would drop the idea following negative reaction from its customers.

Consumers Union, the nonprofit advocacy arm of Consumer Reports, today commended Chase for its decision and reiterated its call on Bank of America to end its plan to charge a $5 debit card fee beginning in 2012.

“Consumers Union has heard from thousands of consumers across the country who are outraged that Bank of America is instituting the $5 monthly debit card fee,” said Norma Garcia, manager of Consumers Union’s financial services program.  “It’s time for Bank of America to listen to its customers who are saying loud and clear: drop the fee or we’ll drop you.  All banks that are considering debit card fees should ditch those plans.”

SunTrust has also started rolling out a similar debit card fee and Wells Fargo has been testing one in select markets.  Earlier this month, Consumers Union called on Chase, Bank of America and these other banks to abandon plans to charge customers a fee for debit card purchases.

“It’s unfair for banks to stick consumers with a monthly fee just to use their own money,” said Garcia.  “The banks that charge debit card fees risk losing customers who are fed up with financial institutions that got bailed out that are now turning around and hiking fees.”

Consumers Union has published a set of tips for consumers who want to switch banks.

Saturday, November 5, has been dubbed Bank Transfer Day by grassroots activists upset with rising bank fees, including the new $5 debit card fee that Bank of America will start charging its customers in 2012. Consumers are being encouraged by Bank Transfer Day organizers to switch their accounts to credit unions or community banks on that day.

SOURCE  Consumers Union”

Oh, there’s an updated version of this release. See it after the jump.

*Facebook, really? Heh. Home of the ephemeral…

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It Will Cost You Five Dollars a Month to Use Your Debit Card Starting Next Year, But Here’s a Call to Stop That

Tuesday, October 18th, 2011

Consumers Union is on the case.

They’re trying the old moral suasion - perhaps some enterprising pols will join in?

All the deets:

“Consumers Union Calls on Bank of America & Other Major Banks to Drop Unfair Debit Card Fees

CU: It’s Unfair to Charge Customers When Banks Collect Enough From Retailers to Cover Debit Card Costs

SAN FRANCISCO, Oct. 18, 2011 — Consumers Union called on Bank of America and other banks to drop plans to charge consumers monthly debit card fees. Bank of America recently announced it would charge its customers $5 each month starting in 2012 to make debit card purchases. SunTrust has started rolling out its own $5 fee and Wells Fargo and Chase are testing debit card fees in select markets.

“Americans are tired of being hit with new banking fees, especially since they’ve already paid to rescue firms like Bank of America, whose behavior helped spark the economic meltdown,” said Norma Garcia, director of Consumers Union’s financial services program. “This debit card fee just adds insult to injury. It’s unfair for the banks to stick consumers with a monthly fee just to use their own money. Bank of America and other banks can still collect enough money from retailers to cover debit card costs.”

Garcia added, “If Bank of America and the other banks refuse to drop the debit card fee, consumers should consider dropping them. There are plenty of banks and credit unions that don’t charge debit card fees that will be more than happy to accept new customers.”

Consumers Union has published a set of tips for consumers who want to switch banks.

Below is Consumers Union’s letter to Bank of America urging it to drop its debit card fee. Similar letters were sent to Chase, SunTrust, and Wells Fargo.”

See the letter after the jump.

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