Friday, October 7, 2011

Bank of America competitors promote free debit cards

To the surprise of many bankers, consumers are up in arms over Bank of America’s plan to charge $60 a year for using debit cards. Some are even calling the move to charge fees the biggest marketing blunder since Coke launched “New Coke”.  The bank’s competitors are smelling blood and have launched advertising campaigns touting free debit cards in an unprecedented opportunity to move market share.

One consumer group has even compiled a list of financial institutions that are promoting that they are not planning to follow Bank of America's lead. Banks promoting their Fee-free debit cards include, in no particular order:

·         Ally Bank

·         ING Direct

·         Arvest Bank

·         Bancorp South

·         Eastern Bank

·         First Bank

·         Hapo Credit Union

·         Yakima Federal Credit Union

·         Gesa Credit Union

·         M&I Bank

·         BMO Harris Bank

·         North Jersey Community Bank

·         Penn State Employees Credit Union

·         Redwood Credit Union

·         Exchange Bank

·         Summit State Bank

·         Bank of Marin

·         Renasant Bank

·         State Farm

·         Washington Mutual

·         USAA

·         U.S. Bank

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