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A look at major banks' fee changes

A look at major banks' recent fee changes

Here are some fees and charges recently added or being added at the four largest U.S. banks:

BANK OF AMERICA

• A new $5 fee to replace debit cards took effect in September; a rush overnight order costs $20. Previously, both services were free.

• In May, the monthly fee on a basic MyAccess account rose to $12, from the previous $8.95. Customers can still avoid the fee by setting up direct deposit of at least $250 or maintaining a balance of $1,500.

CHASE

• The bank ended its debit rewards program in July.

• In February, Chase introduced a new basic checking account with a $12 monthly fee, up from the previous $6. The fee is waived for customers who make direct deposits that total $500 a month or maintain a minimum balance of $1,500.

• The bank is testing a $3 monthly fee for debit cards in northern Wisconsin.

• Chase is also testing a $15 monthly fee for basic checking accounts in Georgia.

CITIBANK

• Starting in December, Citi will raise the fee on a basic checking account to $10 a month, up from $8. Customers will have to maintain a balance of at least $1,500 or sign up for direct deposit and online bill pay to avoid the fee.

• Citi also said it will no longer give rewards points for debit card purchases.

• Following the Bank of America announcement this week, Citi noted that it has no plans to introduce a debit card fee.

WELLS FARGO

• The bank is ending its debit rewards program this month.

• The bank also plans to test a $3 monthly debit card fee starting Oct. 14. The fee will be applied to checking accounts opened in Georgia, Nevada, New Mexico, Oregon and Washington.

• The bank stopped offering free checking accounts with no strings attached in July 2010.

Associated Press

A look at major banks' fee changes 09/30/11 [Last modified: Friday, September 30, 2011 11:02pm]
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