Credit Card News
Advertising Disclosure
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from many credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.
Credit Card Applications » News » Other » Sun Trust to Impose $5 Monthly Debit Card Fee

Sun Trust to Impose $5 Monthly Debit Card Fee

By
Add to Favorites:
Sun Trust to Impose $5 Monthly Debit Card Fee

Florida’s third largest bank, SunTrust, recently announced plans to impose a $5 fee upon all its “everyday checking” customers if they use their debit card at the register to make their purchases. That’s an extra $60 a year people will pay for the privilege of using their own money. The bank has also indicated that next year the fee will be expanded to student checking accounts, which are currently offered free of charge.

Hugh Suhr, a spokesperson for SunTrust, pointed out that the company’s new debit card fee is not per card but per checking account. Should a single checking account have several debit cards attached to it, only one $5 monthly fee would post to the account if any or all of those cards were used for a PIN point-of-sale, signature, or recurring transaction.

“If a client chooses not to use the card for purchases during a particular month, there is no monthly usage fee,” Suhr said to the Herald Tribune’s website. “There is no fee for using the card at a SunTrust ATM.”

Current SunTrust customers are being made aware of the forthcoming changes. Many of the bank’s other account options, for example, accounts that have higher minimum balance requirements, will not be subjected to the new debit-card fee.

“We are engaging our clients and educating them on the features of the new accounts so they have the opportunity to select the one that best suits their personal financial needs,” the Herald Tribune reports Suhr as saying.

SunTrust has also discontinued the reward point programs that were tied into debit cards as a perk for customers who used them frequently.

The latest in a growing list of lenders affecting such debit card usage fees, but Sun Trust is the first to levy a fee for a standard checking account.

These fees have been imposed by the banks in an attempt to recoup some of the revenue that was lost under new federal regulations that capped the “swipe fees” they could collect from merchants per debit card transaction.

Wells Fargo will test a $3 monthly fee for its debit cards in a handful of select states starting this October.

Add to Favorites:

Related News:

Global Fraud On Hackers To-Do List This Season

By Dar Dowling, Posted: December 2, 2016

With the holiday shopping season upon us, retailers around the world can expect a 12% bump in online fraud when compared with data from the holiday season last year. Continue reading
Chase Pay Launched

By Dar Dowling, Posted: December 1, 2016

Chase Pay, the new digital payment system from Chase, is now open for business. Chase Pay lets people pay for purchases with their credit cards. Continue reading
Blowing The Holiday Budget is a Holiday Tradition

By Dar Dowling, Posted: November 30, 2016

If year after year you find your self overspending at holiday time you are not alone, with eight out of 10 consumers (78%) indicating that they are in the same boat. Continue reading
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
Get 0% Intro APR on Balance Transfers and Purchases for 21 months. After that, the APR will be 12.24%-22.24% based upon your creditworthiness.
For Excellent/Good Credit
Earn 1% cash back on gas and grocery purchases. Terms apply.
For Fair Credit
Guaranteed $500 Unsecured Credit Limit
For Bad Credit