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.
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