Banks Rescind Debit Card Fees
After bank customers have sounded off in frustration about recent debit card fees, several banks are now dismissing their decisions. Regions Bank and First Tennessee are two Jackson banks that announced last month they would be charging their customers to use debit cards. However, Monday Regions officials announced in a press release they were no longer implementing the $4 per month fee and will be refunding their customers for any fees from the past month. First Tennessee was supposed to start changing $.14 per swipe with a $3 per month maximum starting last week, but announced Tuesday morning they too are withdrawing their plans. Local bankers said this debit card roller coaster is a result of the Durbin Amendment to the Dodd-Frank Act. “You go to Walmart and use your debit card..the banks receive a fee for precession that transaction. The Durbin Amendment cut those fees basically in half for the banking industry,” said Jackson Bancorp South President Gary Grisham. Sun Trust, Wells Fargo, and J.P. Morgan Chase are also retreating from their previously planned fees.