SunTrust latest to reverse $5 monthly debit fee

[November 01, 2011]  NEW YORK (AP) -- SunTrust Banks Inc. says it will stop charging a $5-per-month fee for using debit cards and return the fees it's collected since June to its customers.

The Atlanta-based bank follows larger rivals like Chase and Wells Fargo in backing off the fees. Bank of America also said it plans to offer ways to avoid the fees, which angered customers and helped fuel a movement that encourages consumers to switch to credit unions and community banks that don't charge such fees.

Regional bank SunTrust says it "listened to our clients' feedback" in making the decision to stop charging the fees.

The announcement leaves only Regions Financial Corp. among large banks charging such fees. Regions began charging $4 per month in October.

[Associated Press]

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