Chase, Wells Fargo drop debit card fees

Posted Oct. 28, 2011, at 8:30 p.m.

NEW YORK — Chase and Wells Fargo are joining the list of banks that won’t be charging customers to use their debit cards, as the backlash over Bank of America’s planned $5 monthly fee continues.

The retail banking arm of JPMorgan Chase & Co. will stop charging $3-per-month fees for using debit cards when its current pilot in Wisconsin and Georgia is completed in November, a source with knowledge of the bank’s plans told The Associated Press. The individual asked not to be identified because the bank has not officially announced the program will not go forward.

Chase, which operates in 23 states, began its test in February.

And it’s not alone in rethinking its actions. Wells Fargo & Co. began a similar pilot in five states on Oct. 14, testing a flat $3 fee for using debit for purchases. On Friday it also announced that it is cancelling its test program.

Other banks already have more widespread fee policies. SunTrust Banks charges $5 a month for debit cards used to make purchases, and Regions Financial Corp. charges $4.

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