Banks backpedaling on debit card fees...political and consumer pressure having an impact (or perhaps consumers are voting with their wallets and banks trying to stem the exodus?). From Wall Street Journal:
In August, Wells Fargo started a pilot in five states, informing customers that the bank would start in November to charge $3 per month for their debit card. Wells Fargo at the time said it didn't expect the fee to be popular, but the backlash was evidently more substantial: It said in a statement the end of the program is "a response to customer feedback."...Even Bank of America Corp. (BAC), which is among the few banks to have already started charging a monthly fee, is now considering adding options that will reduce the number of customers affected by the fee, according to a person familiar with the matter."
Bank of America later rescinded their plans also (from Business Week):
"Bank of America Corp. is scrapping its plan to charge a $5 monthly fee for making debit card purchases after an uproar and threatened exodus by customers."
"Know Before You Owe" worksheet available on government's Consumer Finance site. Michelle Singletary at Washington Post noted the importance of showing students how much they would be expected to owe at graduation:
