Bloomberg News

Regions Financial Eliminates Monthly Customer Fee on Debit Cards

November 01, 2011

Oct. 31 (Bloomberg) -- Regions Financial Corp., ranked 10th by deposits among U.S. commercial lenders, won’t charge its customers a monthly fee for using debit cards, effective Nov. 1.

Regions will refund fees already incurred, according to a statement today from the Birmingham, Alabama-based lender. The change follows a similar move by Atlanta-based SunTrust Banks Inc. as lenders react to a backlash from customers and lawmakers over the fees. The extra charge was designed to replace revenue lost after the U.S. capped how much banks could charge merchants for debit-card transactions.

To contact the reporter on this story: Laura Marcinek in New York at lmarcinek3@bloomberg.net

To contact the editor responsible for this story: Rick Green at rgreen18@bloomberg.net


Race, Class, and the Future of Ferguson
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

 
blog comments powered by Disqus